NFT warranties can help mass adoption of the technology, says Web3 exec
A new NFT warranty service says that protecting collectible digital assets of value can help provide “a sense of security and trust” and encourage new users. The Web3 space has seen its fair share of exploits in the recent past with more than $320 million exploited by hackers in the first quarter of 2023 alone. For many users, particularly prospective users, having security for digital assets is a top priority. A new nonfungible token (NFTs) warranty service from Web3 payment provider Wert and InsurTech service Avata is trying to troubleshoot the gap in asset Security for collectors both active and prospective. 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 o...