What will Trigger the Next NFT Boom?

The Intelligent Insurer 72: Will accessibility and transparency trigger the next NFT boom?

Insured Finance software development update

We remain committed to our goal of pushing the development of our next-gen digital asset insurance platform to the next level in 2022. Therefore, we are pleased to announce that our mainnet release is right around the corner.

Reflecting on the rise of NFTs

Dismissed as a fad early on, NFTs have proved resilient over their short existence and are currently one of the most popular products of the digital asset industry. Traditional and digital artists quickly caught on to the vast potential of this asset class, and NFTs infiltrated the world of fine art. They made their way into Christie’s Auction House, where Beeple’s NFT was sold for $69 million.

NFT issues hinder adoption

Despite their impressive performance over the past few years, NFTs are still largely considered inaccessible. One of the biggest challenges to NFT adoption is the complexity of onboarding processes, including minting, purchasing, and selling them.

Accelerating the next NFT boom

Despite existing challenges, the NFT space is moving into a new era of growth and maturity. The market is starting to mature with an influx of capital from large tech firms. A panel of 30 FinTech experts recently predicted that the NFT market will reach $146 billion in 2025. However, to set off the next NFT boom, project developers need to improve the accessibility and transparency of projects to attract mainstream users.

About Insured Finance

Insured Finance is a decentralized, peer-to-peer insurance marketplace. Users can request customized insurance on a wide variety of digital assets, thereby ensuring full protection. Those fulfilling requests can earn premiums and earn a competitive return on their capital. Claims are fully collateralized and settled instantly.

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A decentralized P2P insurance marketplace with easy claims and instant payouts. Powered by Polkadot.

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Insured Finance

A decentralized P2P insurance marketplace with easy claims and instant payouts. Powered by Polkadot.