HARTi and Mitsui Sumitomo roll out NFT insurance coverage for claims

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HARTi and Mitsui Sumitomo roll out NFT insurance coverage for claims
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As announced Tuesday, Japanese NFT platform HARTi and insurance group Sumitomo Mitsui Marine (SMMI) will introduce non-fungible tokens or NFT insurance for all digital artworks displayed in the HARTi app. Insurance will be attached to the NFT piece displayed by the seller for free, and HARTi is responsible for paying the premium.

Under the program, if Sumitomo Mitsui’s digital assets are damaged by unauthorized third-party access (such as through phishing, theft, or wallet hacking) or if there is an eavesdropping or malfunction in the transfer process, Sumitomo Mitsui will compensate the insured NFT’s owner. In this case, the policy will pay compensation to the NFT owner based on the exhibit price of each item, up to a maximum of 500,000 yen ($3,661). The two parties hope to expand cooperation in reducing the risk of NFTs, and will provide policies with higher compensation limits in the future.

Regarding the development, HARTi founder and CEO Yuya Yoshida said:

“The theme of safety and security is critical to encouraging the entry of major Japanese companies into NFTs, including department stores, commercial facilities and major brands. Therefore, we hope that this new service will play a role in the security of the domestic NFT secondary market. “

Yoshida continued: “Considering the importance of insurance to the healthy development of the domestic NFT secondary market, Sumitomo Mitsui Insurance developed this policy from scratch, becoming the first in Japan.” Other Japanese corporate giants involved in the crypto and NFT space include investing in Bank Nomura Securities and video game publisher Square Enix.

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