YAS Digital Limited has announced the introduction of ‘NFTY’, the first Non- Fungible Token microinsurance across the globe, leveraging increasing adoption of advanced blockchain solutions that certifies digital assets like songs, media, arts and collectibles to be unique hence interchangeable.
Notably, NFTY is referred to as a prominent microinsurance product, marking an innovation in the vast insurance industry. The epoch-making ‘NFTY’ will emerge as the world’s first microinsurance solution that covers NFTs.
This microinsurance offering will become the first to cover the NFT of Singaporean-Chinese music composer and songwriter- Hanjin Tan’s yet to be released song, “Nobody Gets Me”. Moreover, the policy also covers loss and theft of NFT for its customers.
Sources close to the news claim that YAS joined forces with Assicurazioni Generali S.p.A. Hong Kong Branch to co-develop “NFTY”, which is an amalgamation from YAS’ innovation and technology with Generali’s 190 years of market experience, tapping the untouched areas of NFT insurance coverage.
Elaborating further on the characteristics of NFT, it could help meet music creator’s steady decline in income and the value of their works due to the boom in music platforms. Additionally, it will also generate new avenues of income for the coming generation artists and musicians. The need for insurance coverage for NFT assets is likely to grow with a vast market potential.
In addition to the above, NFTY will add an extra layer of protection for buyers to help artists, galleries, composers, and market players to reach out to a wide target audience. YAS’ NFTY along with its Application Programming Interface provides security to different types of online NFT marketplaces.
Incorporated in June 2019, YAS Digital Limited is a Hong Kong-headquartered regional insurtech company with a goal of becoming a prominent name in insurtech in Asia, carving a new-customized marketplace for both B2C and B2B customers.