In today's announcement, Wert, the payment solution provider for Web3, has partnered with Avata, an InsurTech company and a leader in digital asset insurance solutions, to provide consumers who purchase NFTs on platforms using Wert's checkout solution with the first-of-its-kind protection. When NFTs are stolen due to clever contract hacks, up to 90% of the value of digital assets will be covered. In case of a potential loss, customers are protected by the opt-in warranty option, which YAS, the pioneer in blockchain insurance, backs.
In 2027, the NFT industry is expected to reach a valuation of $80 billion. Despite the growth of NFTs, Delphi Digital found in a recent study that smart contract hacks will result in $2.7 billion in lost funds in 2022. This represents a 1250% increase from 2020. According to a survey conducted by PYMNTS.com, 32.7% of consumers will purchase and spend more if offered insurance at checkout. With Wert's embedded finance technology and recently upgraded NFT checkout tool, you can easily buy NFTs. Over 80 digital asset marketplaces, including KnownOrigin and Rarible, are currently integrated with the company's credit card-enabled checkout solution. In contrast to an industry average of 50%, the tool offers a 95% approval rate for fiat transactions.
“We've always believed that mass adoption of NFTs will happen quickly when blockchain technology is neatly placed 'under the hood' and traditional services and options are weaved in,”
- said George Basiladze, CEO and Founder of Wert.
“Until this partnership with Avata, the lack of warranty protection on NFTs, or any digital asset, was heavily holding the industry back in terms of security and growth. With Avata's added warranty option to Wert's seamless payment solution, customers will have peace of mind and experience a more seamless process within the blockchain space.”
“We're thrilled to join forces with Wert, ensuring customer confidence in NFT purchases. The convenience of traditional online payments makes digital asset buying more appealing, states Avata CEO, Sung Feng Wu. "With an added warranty at checkout, we aim to boost trust and support to Wert's ongoing success."
By pairing web3 with Avata's insurance services, customers can now feel safer and more secure when buying digital assets.