New Microinsurance Policy Covers NFT Collectors: What You Need To Know

April 17, 2021 11:58 am
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New Microinsurance Policy Covers NFT Collectors: What You Need To Know

The Hong Kong-based insurtech company YAS Digital Ltd. and the Italian insurance company Assicurazioni Generali S.p.A. (OTC:ARZGY) have introduced NFTY, which it's promoting as the world’s first microinsurance for non-fungible tokens (NFTs).

What Happened: YAS defines its microinsurance program as “a type of insurance that offers coverage for specific needs at a much more affordable price.” The company introduced the concept last year with RYDE, which provides insurance for passengers taking commuter rides of up to 90 minutes.

YAS initially marketed its microinsurance concept across China, India and Africa, stating it was initially marketed to lower-income households but is now being used by a wider range of consumers.

With the new NFTY policy, the first item covered is the NFT of "Nobody Gets Me", a non-released song by Singaporean songwriter/composer Hanjin Tan. NFTY is currently being offered in Hong Kong, Singapore, Thailand, Malaysia and Vietnam.

Related Link: Mick Jagger Partners With Dave Grohl On NFT Fundraiser For Music Venues

What Happens Next: YAS Co-Founder Andy Ann said the company plans to “launch a series of microinsurance products covering various NFT assets, such as famous paintings, animations, songs, lyrics, audio visual works, watches, cigars, red wines and photographer's works, etc., offering the necessary protection for the world's new economies."

As for Assicurazioni Generali, the company is celebrating its 190th anniversary in business this year. Cillin O'Flynn, CEO of the Hong Kong branch that partnered with YAS, said the company prides itself as being “a pioneer and an active corporate citizen by partnering with innovative companies to drive change.”

See also: Insurtech Companies Disrupting the Insurance Industry

(Photo: The NFT auction for Hanjin Tan’s “Nobody Gets Me,” the first NFT covered by the new NFTY policy. Photo courtesy YAS.