PolkaCover and Phantasma announced this week a partnership to introduce insurance for NFTs. The insurance products are planned for roll out in 2021. While Phantasma is known for blockchain gaming, its GhostMarket has been attracting involvement from numerous crypto artists in recent weeks.
Yesterday’s announcements from PolkaCover and Phantasma focus on the partnership and future products so it’s unclear when such products will be available. In fact, PolkaCover has not yet launched its planned “global Defi-Insurance marketplace.”
The growing NFT market has yet to attract malicious activities and losses, however the team at Phantasma and Polkacover have assessed the risks that could befall in the future and hence are working together to create protection products around NFTs security against impermanent loss.
Phantasma describes a larger range of products in its announcement:
The Phantasma and PolkaCover teams have assessed the risks inherent to the growing NFT markets, both current and future, and will be working to create innovative new products built around the NFT marketplace.
Among these products is protection against impermanent value loss for NFTs, enabling an opt-in at the minting stage to protect the value of NFTs for creators.
It’s not clearly stated whether or not they will be introducing such products through Phantasma’s GhostMarket, which includes a minting service. Should be worth keeping an eye on as NFTs become increasingly valuable assets.
Phantasma notes that “this partnership also represents the first public step in Phantasma’s work to open our ecosystem to Polkadot dApps and users.”