Sumitomo Mitsui: Launched the first NFT theft insurance

According to Coinpost, Sumitomo Mitsui Marine and Fire Insurance Company has launched NFT theft insurance, which can cover the loss of art NFT due to theft. The amount of compensation varies depending on the exhibition price of the NFT work, ranging from tens of thousands of yen to 500,000 yen. The insurance product is the first NFT insurance product in Japan and will be launched 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, enterprises will enter the domestic NFT market, and the circulation market is expected to develop healthily.