Wert, the payment solution provider enabling fiat payments in Web3, today announced their partnership with Avata, an InsurTech service provider and expert in digital asset insurance solutions, to offer customers first-of-its-kind protection for consumers purchasing NFTs on platforms leveraging Wert’s checkout solution. The opt-in warranty option backed by insurance-on-blockchain pioneer YAS ensures customers that the value of their digital assets are protected in case of potential losses and will cover up to 90% of the digital assets value for any NFTs that are stolen due to smart contract hacks.
It is projected that the NFT industry will hit a valuation of $80B by 2027. Despite the market value growth of NFTs, a recent Delphi Digital research found that in 2022, the total amount of funds lost to smart contract hacks was $2.7 billion. This indicates a 1250% increase from 2020. The need for NFT collectors and buyers to have insurance is in high demand and research has shown that 32.7% of consumers will purchase and spend more if they are offered insurance at checkout according to a study conducted by PYMNTS.com.
Wert’s embedded finance technology and recently upgraded NFT check-out tool have made buying NFTs simple. The company’s credit card-enabled checkout solution is currently integrated with over 80 digital asset marketplaces including KnownOriginal and Rarible. The tool offers a 95% payment approval rate for fiat transactions, a steep improvement from the industry average of 50%. Once paired with Avata’s insurance services, customers will feel more safe and secure when purchasing digital assets, making web3 a safer, and more widely adopted, space.
“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 check-out, we aim to boost trust and support to Wert’s ongoing success.”
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