Warranties for digital collectibles will “encourage more non-native crypto users to join the Web3 space with minimal risk,” says George Basiladze, the co-founder and CEO of Wert.
The Web3 space has seen its fair share of exploits in the recent past, with
by hackers in the first quarter of 2023. For many users, particularly prospective users, securing their digital assets is a top priority.warranty service from Web3 payment provider Wert and insurtech service Avata is trying to troubleshoot the asset security gap for both active and prospective collectors.
According to the announcement the opt-in warranty for NFTs will cover up to 90% of the value of the digital assets for any NFTs that are compromised at the hands of a smart contract hack. Cointelegraph spoke with George Basiladze, the co-founder and CEO of Wert, who said a solution like this helps bridge the"trust" gap, while offering needed protection to an array of collectors.
“[NFT warranties] will provide a sense of security and trust, which will encourage more non-native crypto users to join the Web3 space with minimal risk, making it more appealing to a broader audience.”including the KnownOrigin NFT marketplace. According to Basiladze, the NFT protection will be charged at 6% of the asset cost at checkout, and coverage will be calculated by the purchase price rather than the current market value.
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