YAS and Avata announce partnership for NFT cyber risk cover

The two are onboarding several well-known NFT merchants to cover the risk.

Insurance-on-a-blockchain YAS and insurtech firm Avata have joined hands to launch an embedded NFT warranty service worldwide.

The warranty service is purchased and issued at the check-out stage of NFT purchases, to cover certain cyber hacks and risks associated with the potential exploitation of smart contracts of digital assets.

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Together, the two are onboarding merchants, including NIBIRU, Pluck, Bapes, Wert and iKonic whose combined NFT transactional value exceeds $500m. The warranty for the NFTs typically ranges in price from 0.05 - 0.1 ETH. Both YAS and Avata intend to focus on making NFT warranty service essential for every NFT transaction. Their target clients are game publishers, individual artists, museums, and audited NFT project

NFT warranty typically insures the transfer of valuable assets to cover the risk of the asset being intercepted during the process by hackers, a common type of digital crime experienced by game publishers and gamers.