{"id":1050973,"date":"2023-03-28T01:08:00","date_gmt":"2023-03-28T01:08:00","guid":{"rendered":"https:\/\/www.capgemini.com\/in-en\/?p=1050973"},"modified":"2025-12-04T19:22:26","modified_gmt":"2025-12-04T19:22:26","slug":"riding-the-nft-wave-a-guide-for-insurers","status":"publish","type":"post","link":"https:\/\/www.capgemini.com\/in-en\/insights\/expert-perspectives\/riding-the-nft-wave-a-guide-for-insurers\/","title":{"rendered":"Riding the NFT wave \u2013 a guide for insurers"},"content":{"rendered":"\n<header class=\"wp-block-cg-blocks-hero-blogs header-hero-blogs\"><div class=\"container\"><div class=\"hero-blogs\"><div class=\"hero-blogs-content-wrapper\"><div class=\"row\"><div class=\"col-12\"><div class=\"header-title\"><h1>Riding the NFT wave \u2013 a guide for insurers<\/h1><\/div><\/div><\/div><\/div><div class=\"hero-blogs-bottom\"><div class=\"header-author\"><div class=\"author-img\"><img decoding=\"async\" src=\"\/wp-content\/themes\/capgemini2025\/assets\/images\/cg-logo-white.svg?w=200&amp;quality=10\" alt=\"Capgemini Logo\" loading=\"lazy\"\/><\/div><div class=\"author-name-date\"><h5 class=\"author-name\">Pramit Pal, Rohit Pal, Ayush Sharma<\/h5><h5 class=\"blog-date\">28 Mar 2023<\/h5><\/div><\/div><div class=\"brand-image\"><\/div><\/div><\/div><\/div><\/header>\n\n\n\n<section class=\"wp-block-cg-blocks-group undefined section section--article-content\"><div class=\"article-main-content\"><div class=\"container\"><div class=\"row\"><div class=\"col-12 col-md-1\"><nav class=\"article-social\"><ul class=\"social-nav\"><li class=\"ip-order-fb\"><a href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https:\/\/www.capgemini.com\/in-en\/?p=1050973\" target=\"_blank\" rel=\"noopener noreferrer\" title=\"opens in a new window\"><i aria-hidden=\"true\" class=\"icon-fb\"><\/i><span class=\"sr-only\">Facebook<\/span><\/a><\/li><li class=\"ip-order-tw\"><a href=\"https:\/\/twitter.com\/intent\/tweet?url=https:\/\/www.capgemini.com\/in-en\/?p=1050973&amp;text=\" target=\"_blank\" rel=\"noopener noreferrer\" title=\"opens in a new window\"><i aria-hidden=\"true\" class=\"icon-tw\"><\/i><span class=\"sr-only\">Twitter<\/span><\/a><\/li><li class=\"ip-order-li\"><a href=\"https:\/\/www.linkedin.com\/sharing\/share-offsite\/?url=https:\/\/www.capgemini.com\/in-en\/?p=1050973&amp;text=\" target=\"_blank\" rel=\"noopener noreferrer\" title=\"opens in a new window\"><i aria-hidden=\"true\" class=\"icon-li\"><\/i><span class=\"sr-only\">Linkedin<\/span><\/a><\/li><\/ul><\/nav><\/div><div class=\"col-12 col-md-11 col-lg-10\"><div class=\"article-text article-quote-text\">\n<p>Non-fungible tokens (NFTs) seem to have exploded in the Web3 community (with millions showing excitement to \u2018own\u2019 a digital collectible); and content creators and brands are unlocking various customer engagement mechanisms via NFTs.<\/p>\n\n\n\n<p>This was aptly reflected in the NFT market valuation, which stood at <a href=\"https:\/\/beincrypto.com\/report-nft-market-valuation-to-rise-to-over-13-billion-by-2027\/\" target=\"_blank\" rel=\"noreferrer noopener\">$3 billion in May 2022 and is forecasted to reach $13 billion by 2027<\/a>. Global brands (such as Nike, D&amp;G, Tiffany, Gucci, Adidas, Time Magazine, McLaren, Pepsi, Starbucks, and many others) have already acknowledged the market potential of NFTs through branded NFT drops. Despite the recent NFT market crash, the next up cycle is expected to bring a fundamental shift with utility-focused NFTs taking precedence over artwork.<\/p>\n\n\n\n<p>For the uninitiated, an NFT is a digital asset that represents real-world objects such as art, music, in-game items, and videos. In terms of characteristics, an NFT is rare\/unique, limited, and immutable. Essentially it is a digital stamp that certifies ownership via distributed ledger technology (DLT). <a href=\"https:\/\/www.barrons.com\/articles\/paks-nft-artwork-the-merge-sells-for-91-8-million-01638918205\" target=\"_blank\" rel=\"noreferrer noopener\">The most expensive NFT collection ever sold amounts to about $91.8 million (The Merge)<\/a>.<\/p>\n\n\n\n<section class=\"wp-block-cg-blocks-how-we-do-it section section--howwedoit block-howwedoit\"><div class=\"container\"><div><div class=\"content-title\"><h2 data-maxlength=\"72\" class=\"expandable-heading-tag\"><strong>Entry points for insurers<\/strong><\/h2><\/div><p>In the formative years of the NFT market, content creators and brands in consumer goods, retail, travel, and automotive industries took the early steps to launch digital collectibles. However, the increased valuation of these collectibles brought financial services players into the game. There are possibly three primary avenues for insurers to enter the NFT space, namely:<\/p><\/div><div class=\"section-content\">\n<div class=\"wp-block-cg-blocks-card-howwedoit expanders\"><div class=\"box card-regulated-agreements card-howwedoit\"><div class=\"expander-box filter-box tag-active \"><div class=\"expander-title\" tabindex=\"0\" role=\"button\" aria-pressed=\"false\" aria-expanded=\"false\"><h3 class=\"expander-heading-title\"><strong>New products:<\/strong> Insuring new risks related to NFT ownership<\/h3><\/div><div class=\"expander-content\"><p>While NFTs ensure ownership, they are susceptible to risks related to identity theft and malfunction.<\/p><ul class=\"box-list\"><li><strong>Identity theft: <\/strong>Hacking\/phishing by cyber attackers can make users lose access to their NFTs and cost the global NFT marketplace millions of dollars (E.g., <a href=\"https:\/\/www.theverge.com\/2022\/2\/20\/22943228\/opensea-phishing-hack-smart-contract-bug-stolen-nft\" target=\"_blank\" rel=\"noreferrer noopener\">in February 2022, OpenSea platform users lost $1.7 million in NFT tokens in an apparent phishing attack<\/a>).<\/li><li><strong>Malfunction of smart contracts<\/strong>: A smart contract (a digital code on a blockchain which executes when certain conditions are met) is the backbone of an NFT. A malfunction of this code can lead to an undesired outcome.<\/li><\/ul><div class=\"bg-color video-align-right\"><div class=\"container\"><div class=\"row video-align-left\"><div class=\"col-md-12\"><div class=\"video-align-left row box box--4 box--mini\"><div class=\"col-md-3\"><\/div><div class=\"col-md-8 box-img-wrapper\"><div class=\"video-box\"><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n<p>Risks such as these open avenues for insurers to launch new products and acquire a whole new segment of Web 3.0 customers. Insurers such as <a href=\"https:\/\/unore.io\/\" target=\"_blank\" rel=\"noreferrer noopener\">Uno Re<\/a>, <a href=\"https:\/\/micro-insurance.yas.com.hk\/en\/yascare\/register\/\" target=\"_blank\" rel=\"noreferrer noopener\">YAS micro insurance<\/a> (in partnership with Generali Hong Kong), and <a href=\"https:\/\/www.insurancebusinessmag.com\/asia\/news\/breaking-news\/onedegree-to-offer-digital-asset-insurance-through-munich-re-partnership-402186.aspx\" target=\"_blank\" rel=\"noreferrer noopener\">OneDegree<\/a> (in collaboration with Munich Re) have become early movers in insuring digital asset-related risks.<\/p>\n<div class=\"content-more\"><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-cg-blocks-card-howwedoit expanders\"><div class=\"box card-regulated-agreements card-howwedoit\"><div class=\"expander-box filter-box tag-active \"><div class=\"expander-title\" tabindex=\"0\" role=\"button\" aria-pressed=\"false\" aria-expanded=\"false\"><h3 class=\"expander-heading-title\"><strong>Value-added services (VAS):<\/strong> VAS through the management of purchased NFTs<\/h3><\/div><div class=\"expander-content\"><p>Insurers can provide different value-added services complementing NFT and digital assets insurance.<\/p><ul class=\"box-list\"><li><strong>Custodian Solutions:<\/strong> Insurers have the potential to become custodians of purchased NFTs and provide a bundle of associated services. \u00a0Various digital asset custodians have already forayed into the market by offering insurance coverage e.g., <a href=\"https:\/\/www.coindesk.com\/web3\/2022\/11\/22\/crypto-custodian-aegis-trust-offers-25m-insurance-policy-for-nfts\/\" target=\"_blank\" rel=\"noreferrer noopener\">Aegis<\/a>, <a href=\"https:\/\/www.bitgo.com\/resources\/insurance\/\" target=\"_blank\" rel=\"noreferrer noopener\">Bitgo<\/a>.<\/li><li><strong>NFT authenticity verification:<\/strong> Millions of users are susceptible to scams related to purchase of fraudulent NFTs (NFT rug pulls). These scenarios do not translate to insurance claims, as the purchase is initiated by the user. Insurers can help users take preventive actions by offering algorithms that check the metadata of NFTs, thereby helping \u00a0validate \u00a0authenticity of a digital asset.<\/li><li><strong>Beneficiary management:<\/strong> In case of an NFT owner\u2019s demise, the transfer of ownership rights can be a grey area. Insurers can become custodians of transferring the NFT ownership rights to the beneficiary.<\/li><\/ul><div class=\"bg-color video-align-right\"><div class=\"container\"><div class=\"row video-align-left\"><div class=\"col-md-12\"><div class=\"video-align-left row box box--4 box--mini\"><div class=\"col-md-3\"><\/div><div class=\"col-md-8 box-img-wrapper\"><div class=\"video-box\"><\/div><\/div><\/div><\/div><\/div><\/div><\/div><div class=\"content-more\"><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-cg-blocks-card-howwedoit expanders\"><div class=\"box card-regulated-agreements card-howwedoit\"><div class=\"expander-box filter-box tag-active \"><div class=\"expander-title\" tabindex=\"0\" role=\"button\" aria-pressed=\"false\" aria-expanded=\"false\"><h3 class=\"expander-heading-title\"><strong>Customer engagement: <\/strong>Creating utility-driven NFTs, which help to build communities<\/h3><\/div><div class=\"expander-content\"><p>Traditionally NFTs have been viewed as static collectibles (similar to an expensive image)however, the next era of NFTs will be utility-driven. The smart contracts will soon be sophisticated enough to change the state of the collectibles and unlock rewards based on customer actions throughout their lifetime.<br><br>A utility-focused NFT is beneficial for insurers in more than one way. It can promote customer interaction, reduce policy lapses, and provide avenues for cross selling. An Insurtech player launched a set of artwork-NFT collectibles in 2022however, there was no utility value to be unlocked from the collection.<\/p><div class=\"bg-color video-align-right\"><div class=\"container\"><div class=\"row video-align-left\"><div class=\"col-md-12\"><div class=\"video-align-left row box box--4 box--mini\"><div class=\"col-md-3\"><\/div><div class=\"col-md-8 box-img-wrapper\"><div class=\"video-box\"><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"844\" width=\"1024\" src=\"https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/03\/NFT-inforgraphic.jpg?w=960\" alt=\"\" class=\"wp-image-1050975\" srcset=\"https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/03\/NFT-inforgraphic.jpg 2280w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/03\/NFT-inforgraphic.jpg?resize=300,247 300w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/03\/NFT-inforgraphic.jpg?resize=768,633 768w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/03\/NFT-inforgraphic.jpg?resize=1024,844 1024w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/03\/NFT-inforgraphic.jpg?resize=1536,1267 1536w, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/03\/NFT-inforgraphic.jpg?resize=2048,1689 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Exhibit 1: A utility-focused NFT use case for an insurer<\/em><\/figcaption><\/figure>\n<div class=\"content-more\"><\/div><\/div><\/div><\/div><\/div>\n<\/div><\/div><\/section>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-conclusion\"><strong>Conclusion<\/strong><\/h3>\n\n\n\n<p>&nbsp;It is evident that keeping digital assets safe is increasingly becoming the need of the hour. Depending on the entry point chosen insurers need to &nbsp;focus on a few key areas pertaining to their NFT strategy:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Devising the right risk evaluation approach:<\/strong> The NFT market provides a largely untapped opportunity for the insurers. But underwriting this growing digital asset class can be challenging, as uncertainty remains in establishing the correct valuation for NFTs which have no underlying (tokenized) physical asset. The original NFT purchasing price for virtual assets may not help in appropriate risk level definition during bear markets. Till the digital asset regulations mature, insurers can reduce such uncertainties by selectively covering popular launches and partnering with mature NFT marketplaces.<\/li>\n\n\n\n<li><strong>Crafting a winning launch strategy for NFTs:<\/strong> From recent market launches, it is evident that players offering utilities to their NFT collection, stand out from the competition. Thus, formulating a sound initial and follow-on launch strategy is crucial in building a community or ecosystem, coupled with a strong community engagement approach. Insurance is expected to be embedded in different metaverse worlds in the future; so brand recognition through an insurer initiated NFT launch, could go a long way in reducing policy lapses during the initial years of coverage.<\/li>\n\n\n\n<li><strong>Formulating the right technology strategy:<\/strong> Irrespective of the entry point chosen, insurers would need a strong technology capability supporting these new-age products and operations. &nbsp;An Insurer\u2019s existing IT organization and its suppliers may not be equipped with adequate DLT skills and experience. Hence onboarding the right technology partner would be of strategic importance.<\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div><\/section>\n\n\n\n<div class=\"wp-block-cg-blocks-profile-card undefined profile-card section profile-card-slider\"><section class=\"profile-card section profile-card-slider\"><div class=\"container profileCardContainer\"><div class=\"profile-box\"><div class=\"row\"><div class=\"col-md-6 col-lg-3\"><div class=\"box\"><div class=\"box-author-img\"><img decoding=\"async\" src=\"https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/03\/Pramit-Pal_Photo.jpg?w=500&amp;quality=70\" srcset=\"https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/03\/Pramit-Pal_Photo.jpg?w=500&amp;quality=70 1x, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/03\/Pramit-Pal_Photo.jpg?w=1000&amp;quality=70 2x\" class=\"box-img\" alt=\"\" style=\"object-fit:cover;object-position:50% 50%\" loading=\"lazy\"\/><\/div><\/div><\/div><div class=\"col-md-6 col-lg-9 right-side-box\"><div class=\"row right-box\"><div class=\"col-lg-4 profile\"><h3 class=\"profile-title\">Pramit Pal<\/h3><p class=\"box-position\">Senior Manager \u2013 Insurance, Capgemini Invent India<\/p><ul class=\"social-nav social-nav-icons\"><li><a aria-label=\"LinkedIn\" href=\"https:\/\/www.linkedin.com\/in\/pramitpal\" target=\"_blank\" rel=\"noopener noreferrer\"><i class=\"icon-li\" aria-hidden=\"true\"><\/i><\/a><\/li><li><a aria-label=\"Email\" href=\"mailto:pramit.pal@capgemini.com \"><i aria-hidden=\"true\" class=\"mail-ico\"><\/i><\/a><\/li><\/ul><\/div><\/div><\/div><\/div><\/div><\/div><\/section><\/div>\n\n\n\n<div class=\"wp-block-cg-blocks-profile-card undefined profile-card section profile-card-slider\"><section class=\"profile-card section profile-card-slider\"><div class=\"container profileCardContainer\"><div class=\"profile-box\"><div class=\"row\"><div class=\"col-md-6 col-lg-3\"><div class=\"box\"><div class=\"box-author-img\"><img decoding=\"async\" src=\"https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/03\/Rohit-Pal_Photo.png?w=500&amp;quality=70\" srcset=\"https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/03\/Rohit-Pal_Photo.png?w=500&amp;quality=70 1x, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/03\/Rohit-Pal_Photo.png?w=1000&amp;quality=70 2x\" class=\"box-img\" alt=\"\" style=\"object-fit:cover;object-position:50% 50%\" loading=\"lazy\"\/><\/div><\/div><\/div><div class=\"col-md-6 col-lg-9 right-side-box\"><div class=\"row right-box\"><div class=\"col-lg-4 profile\"><h3 class=\"profile-title\">Rohit Pal<\/h3><p class=\"box-position\">Manager \u2013 Insurance, Capgemini Invent India<\/p><ul class=\"social-nav social-nav-icons\"><li><a aria-label=\"LinkedIn\" href=\"https:\/\/www.linkedin.com\/in\/rohitpal90\/\" target=\"_blank\" rel=\"noopener noreferrer\"><i class=\"icon-li\" aria-hidden=\"true\"><\/i><\/a><\/li><li><a aria-label=\"Email\" href=\"mailto:rohit.c.pal@capgemini.com\"><i aria-hidden=\"true\" class=\"mail-ico\"><\/i><\/a><\/li><\/ul><\/div><\/div><\/div><\/div><\/div><\/div><\/section><\/div>\n\n\n\n<div class=\"wp-block-cg-blocks-profile-card undefined profile-card section profile-card-slider\"><section class=\"profile-card section profile-card-slider\"><div class=\"container profileCardContainer\"><div class=\"profile-box\"><div class=\"row\"><div class=\"col-md-6 col-lg-3\"><div class=\"box\"><div class=\"box-author-img\"><img decoding=\"async\" src=\"https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/03\/Ayush-Sharma_Photo.jpg?w=500&amp;quality=70\" srcset=\"https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/03\/Ayush-Sharma_Photo.jpg?w=500&amp;quality=70 1x, https:\/\/www.capgemini.com\/in-en\/wp-content\/uploads\/sites\/18\/2023\/03\/Ayush-Sharma_Photo.jpg?w=1000&amp;quality=70 2x\" class=\"box-img\" alt=\"\" style=\"object-fit:cover;object-position:50% 50%\" loading=\"lazy\"\/><\/div><\/div><\/div><div class=\"col-md-6 col-lg-9 right-side-box\"><div class=\"row right-box\"><div class=\"col-lg-4 profile\"><h3 class=\"profile-title\">Ayush Sharma<\/h3><p class=\"box-position\">Senior Consultant \u2013 Insurance, Capgemini Invent India<\/p><ul class=\"social-nav social-nav-icons\"><li><a aria-label=\"LinkedIn\" href=\"https:\/\/www.linkedin.com\/in\/ayush2501\/\" target=\"_blank\" rel=\"noopener noreferrer\"><i class=\"icon-li\" aria-hidden=\"true\"><\/i><\/a><\/li><li><a aria-label=\"Email\" href=\"mailto:ayush.e.sharma@capgemini.com\"><i aria-hidden=\"true\" class=\"mail-ico\"><\/i><\/a><\/li><\/ul><\/div><\/div><\/div><\/div><\/div><\/div><\/section><\/div>\n","protected":false},"excerpt":{"rendered":"<p>.<\/p>\n","protected":false},"author":87,"featured_media":1050980,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"cg_dt_proposed_to":[],"cg_seo_hreflang_relations":"[]","cg_seo_canonical_relation":"{\"uuid\":\"31a2cf53-2589-4fee-ad8a-cc8a5526859a\",\"blogId\":\"18\",\"domain\":\"www.capgemini.com\",\"sitePath\":\"\/in-en\/\",\"postLink\":\"https:\/\/www.capgemini.com\/in-en\/insights\/expert-perspectives\/riding-the-nft-wave-a-guide-for-insurers\/\",\"postId\":1050973,\"isSaved\":true,\"isCrossLink\":false,\"hasCrossLink\":false,\"hreflang\":\"\",\"link\":\"\"}","cg_seo_hreflang_x_default_relation":"{\"uuid\":\"5a551e86-930a-4725-a4ff-09b665a18d89\",\"blogId\":\"\",\"domain\":\"\",\"sitePath\":\"\",\"postLink\":\"\",\"postId\":null,\"isSaved\":true,\"isCrossLink\":false,\"hasCrossLink\":false}","cg_dt_approved_content":true,"cg_dt_mandatory_content":false,"cg_dt_notes":"","cg_dg_source_changed":false,"cg_dt_link_disabled":false,"_yoast_wpseo_primary_brand":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","featured_focal_points":""},"categories":[1],"tags":[],"brand":[],"service":[],"industry":[],"partners":[],"blog-topic":[159],"content-group":[],"class_list":["post-1050973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","blog-topic-intelligent-industry"],"yoast_head":"<!-- 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