The intricate risks and vulnerabilities of NFTs
NFTs have dominated the digital world for a while now and it appears they are here to stay. Despite their volatile nature, the public is positively receptive towards their presence and this has caused quite a stir as some people continue to ask the question, “what exactly are NFT’s?”
Non-fungible tokens or NFTs can be simplified as digitized assets that cannot be replicated. Their uniqueness is their USP but that also remains their bane. As NFTs continue to be valued for millions, hackers and cybercriminals have sought out their own methods in stealing these one-of-a-kind assets.
NiftyGateway, a popular online digital art auction platform, witnessed one of the biggest digital heists, where multiple user accounts were compromised with NFTs worth hundreds of dollars stolen. These digital assets appear complex however, their security is simplified by hackers.
CoverCompared aims to provide a safety net that will safeguard your NFTs from the risks of such security breaches. As the digital world continues to see an increase in phishing, hacking, and other cyber scams, insurance has become a necessity required for all properties that exist within the digital space. We are taking the mighty step in fulfilling this gap by providing adequate coverage that would protect digital asset owners in the case of such unfortunate incidents.
It is always recommended to take precautionary measures especially within the virtual world of digitized assets, where stability is very minimum. Our vast product pool will provide NFT holders with a safe haven of insurance protocols to choose from. It is quite evident that NFTs will continue to remain prevalent for a very long time but the space for their vulnerabilities to be exploited also keeps expanding, as NFT marketplaces remain susceptible to scammers.
As we continue on our path to revolutionize the insurance industry; through our multiple NFT partnerships, we widen our service offerings to safeguard your NFTs from the possibility of such threats to safety and any vulnerabilities.
CoverCompared is the First DeFi insurance marketplace for the global crypto ecosystem. We aim 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.