The Golden Age of Metaverse and NFT Insurance is Upon Us!

Two of the most exciting concepts made possible by DeFi are Metaverses and NFTs. Both spaces are constantly expanding due to the ever-growing interest of investors and developers. Both concepts are viewed as predecessors of our future lifestyle that is anticipated to take a huge shift towards digital realms.

The concept of the Metaverse is based on the idea that in the future, our physical reality will be digitally mirrored and augmented by technology in the online domain. The rapid development of Augmented Reality and Virtual Reality technologies are fueling the hype train to make it go even faster. Note that nowadays, the term “hype train” is not only referring to growing bubbles, in fact, since DeFi projects usually grow shoulder to shoulder with their communities, it often positively affects the project.

Metaverses are exciting because they already give us an idea of what the future will be like with new interfacing technologies that are likely to change the human experience, specifically in the ways we merge our physical reality with digital and virtual spaces.

Metaverses are also relying on decentralization technologies, specifically those that allow users to move or trade their assets ranging from cryptocurrencies to NFTs. So, NFTs and Metaverses go hand-in-hand as they complement each other, but their weaknesses are also matching. Since both NFTs and Metaverses are built on blockchains and utilize smart contract interactions to function, any bug or flaw in the smart contract can lead to assets being stolen by hackers.

DeFi is no stranger to hacks. Given, there are a total of 83 DeFi exploits that have occurred, with lost funds amounting to a total of approximately $2.3 billion at the time of these exploits at the time of writing, Metaverses, and NFT marketplaces or any platform featuring NFTs can be targeted by hackers.

In fact, there have been several incidents where Metaverse and NFT users fell victim to smart-contract hacks. In February 2022, OpenSea- the world’s largest NFT marketplace got hacked, resulting in 32 users losing their assets worth $1.7m.

A Sandbox Metaverse user has reported that his digital land was stolen and sold without his consent. Such incidents are worrying news for both experienced and new users, because without insurance protection in place, usually nothing can be done to compensate for losses.

Uno Re is aiming to safeguard NFTs and assets in the Metaverses

Uno Re will help Metaverse and NFT users stay safe under any circumstances by offering them customised insurance cover for their assets.

We are exploring Metaverses and the NFT space to provide insurance coverage. Our partner ecosystem is expanding day by day with new NFT marketplaces and Metaverses coming onboard our platform. Our Metaverse partners include Gamerse, FEAR, and Netvrk. We are also providing insurance coverage for numerous NFT marketplaces, operating across different blockchains, such as Babylon, ClosedSea, BOT Planet, Kephi Gallery, Arcade Network, and many more.

Metaverses are immensely promising as both startups and huge companies such as Google, Nvidia, and Microsoft have invested big in them. NFT space is also expanding at an equally exciting pace. Yet, the history of crypto and DeFi has thought us that smart contract hacks do the biggest damage to users. Multi-billion dollar companies can take a couple of hits without flinching, but for users, the hit can be devastating. We acknowledge this fact and take action to protect users’ investments within Metaverses and NFT spaces.

About Uno Re

Uno Re is the world’s first decentralised insurance and reinsurance platform, allowing the community to invest and trade in ‘risk’ and receive sizable returns on their investments in one of the safest asset classes in the world. The platform will break barriers to entry for the retail investor by doing away with the historic pre-requisite of absurdly high capital generally needed to invest into the market while also introducing much-needed transparency into the industry as a whole. Uno Re will also allow the community to propose innovative insurance products to the space, thus propelling a new generation of Insurtech companies powered by the Uno Re ecosystem.

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