NFTs, also known as Non-Fungible Tokens, are becoming increasingly popular in the crypto space. Certified as a unique digital asset stored on the Blockchain, NFTs can resemble real-world objects like art, music, in-game items, gifs, videos, or even tweets. Each asset has a digital signature that makes it impossible for NFTs to be exchanged, hence non-fungible.
Not only are they just unique; NFTs are stored on a Blockchain, giving them indisputable authenticity. Since NFTs store previous history and ownership data, they are fully verifiable and can be traced back to their original authors.
The possibility of forging documents and information on the Internet has become so easy that it is important for buyers to have unique and secure Certificates of Authenticity. In this way, NFTs provide buyers with the security and credibility of their purchases. Also, being a non-fungible token, this technology contains a simple verification facility to differentiate the NFT assets from each other.
Potential risks for NFTs are cyber attacks, impermanent loss (value of deposited assets changes compared to when a user deposits them), and smart contract failures. Since the popularity of NFTs is rising, so is the demand for NFT Insurance Covers. NFTs are the latest demand on Blockchain, and PolkaCover will be the first-ever to provide coverage against such risks.
PolkaCover has already partnered with Gourmet Galaxy (GUM) to provide NFT Covers to protect their gaming NFTs, preventing impermanent losses and safeguarding creativity. Phantasma Chain is also one of PolkaCover’s NFT partners aiming to build products around the NFTs marketplace.
These are a few examples, and many more are to come!
PolkaCover is the First DeFi insurance marketplace for the global crypto ecosystem. Our aim is to lower transactional and administrative costs of insurance policies and coverage while providing high-value, cost-effective insurance products for the crypto world.
Our platform will be connecting users with multinational insurance providers for all global insurance products such as crypto-related protection, health, life and travel policies. The platform will include a frictionless insurance marketplace experience that incorporates next-generation blockchain technology and tokenized incentives.