A Japanese platform launches a insurance policy for NFTs

The new insurance policy will provide compensation up to 3,500 USD

On Tuesday, Japanese NFT platform HARTi and Sumitomo Mitsui Banking Corporation Group’s (SMBC group) announced the creation of a partnership that will aim to introduce exclusive insurance that will cover all digital artworks listed on the HARTi app.

The new app insurance will be included free of charge with all HARTi NFT pieces.  The policy will provide compensation free of charge up to 500,000 yen (approximately 3660 USD).

According to Cointelegraph, Mitsui Sumitomo will indemnify insured NFT owners if its digital assets are compromised by unauthorized third-party access or if its NFTs are intercepted or disrupted in transit.

«Considering the importance of insurance for the sound development of the domestic NFT secondary market, Mitsui Sumitomo Insurance has developed the policy from scratch, making it the first case in Japan.»

In this way, HARTi and Mitsui Sumitomo expect a stronger development and further promotion of the NFT market, attacking one of the issues that could scare away a certain segment of users.

About HARTi

HARTi is a new app-based NFT platform from Japan, provided as an iOS / Android app, which aims to provide a simple user experience that does not require any virtual currency or gas fees (commission) at the time of purchase, through functions such as «HARTi Wallet».

HARTi operates as a completely invitation-only, projection-based NFT marketplace. All exhibited works are evaluated by HARTi’s dedicated curator, so you can look for high quality NFT art.