YAS announced the launch of ‘NFTY’, the world’s first NFT (Non-Fungible Token) microinsurance, leveraging the growing popularity of the advanced blockchain technology that certifies a digital asset such as media, songs, arts and collectibles to be unique and therefore not interchangeable.
‘NFTY’ is regarded as a pioneering microinsurance product, unveiling a new page of the insurance industry as well as setting the trends for its future development. The epoch-making ‘NFTY’ will become the world’s first microinsurance product to cover NFTs. This microinsurance product will be first used to cover the NFT of “Nobody Gets Me”, a non-released song by Hanjin Tan, a famous award-winning Singaporean Chinese songwriter and music composer. The policy covers the theft and loss of the NFT for its buyer.
YAS joined hands with Assicurazioni Generali S.p.A. Hong Kong Branch (Generali) again to co-develop “NFTY’, which is a harmonic combination from YAS’ agile innovation and technology with Generali’s 190 years of industry experience, tapping the uncharted areas of NFT insurance coverage. For example, NFT could help address music creators’ sharp decline in income and the value of their works as a result of the booming free music platforms. It will also open up a new source of income for the new generation musicians and artists. The demand of insurance coverage for NFT assets is expected to increasingly grow with enormous market potential.
With ‘NFTY’, It will add on an extra protection and peace of mind for buyers and to help artists, composers, galleries and industry players reach out to a much wider target audience. ‘NFTY’ by YAS and its Application Programming Interface (API) offers various types of online NFT marketplaces a much needed protection, fostering the development of the NFT industry.
“YAS hopes to create a resonating and delightful customer experience by curating an ecosystem and by leading innovative technology. We understand the importance of driving thought leadership to solve problems and to contribute to the transformation of the insurance industry. YAS products and experience will become the new norm and a seamless integration of insurance into the new generation and emerging economies; microinsurance will be embedded as an essential part of our daily lives,” said William Lee, Co-founder of YAS.
Another YAS Co-founder, Andy Ann, added, “The launch of ‘NFTY’ demonstrates infinite creativity and potential of microinsurance marketplaces and insurtech companies like YAS, which is far beyond the digital distribution channels for traditional insurance of incumbent insurers. YAS is planning to launch a series of microinsurance products covering various NFT assets, such as famous paintings, animations, songs, lyrics, audio visual works, watches, cigars, red wines and photographer’s works, etc., offering the necessary protection for the world’s new economies.”
“We are delighted to move another step further in our strategic partnership with YAS Insurtech to introduce yet another innovative insurance solution to the market, Together with YAS, we have created NFTY as a pilot,” remarked Windian Lai, Head of B2B2C at Generali HK, “This is only the start, as we will continuously put different product ideas with YAS’ “vote to live” feature to gather customers’ needs as part of our design process to make subsequent changes based on market response. Through iteration of this process, we can design products most suitable to the needs of the new generation.”
Cillin O’Flynn, CEO of Generali HK, said “Throughout Generali Group’s 190 years of history, innovation and living the community are amongst our core values. We strive to be a pioneer and an active corporate citizen by partnering with innovative companies to drive change, to help entrepreneurs grow, whilst at the same time, make people’s lives better and be a Lifetime Partner to our customers. We believe that insurtech is the way forward in this industry, and together with YAS, we are playing a part in defining the future of insurance.”
Moving forward, YAS will develop more innovative microinsurance products to meet the needs of the market, making insurance a lifestyle, more personalized and loving again!