Japan’s Sumitomo Mitsui Marine and Fire Insurance Company has launched NFT theft insurance, which can compensate for losses caused by the theft of artwork NFTs. The amount of compensation varies according to the exhibition price of the NFT work, ranging from tens of thousands of yen to 500,000 yen.
It is reported that this insurance product is the first NFT insurance product in Japan, and will be launched first on the App version of HARTi’s NFT platform.
Sumitomo Mitsui Marine & Fire Insurance aims to expand the number of insurance providers to about 30 within three years. With the improvement of insurance products and enterprises entering the domestic NFT market, the circulation market is expected to develop healthily.