don't we have an NFT thread
just saw this
https://www.insurancequotes.com/insurance-tips/nft-insurance-non-fungible-tokensHow Does Insurance Work with NFT?
The fact that the NFT is not the artwork itself — instead a digital address for the art — presents some unique challenges from an insurance point of view. Each element introduces some risk, and it all needs to be either managed or insured.
Since the artwork could be housed on an offsite server controlled by someone else, the first danger is that the digital asset itself could be destroyed. If there was only one copy of a photograph, and that photograph is deleted, or its file gets corrupted, or it is locked into a ransomware attack, then that would be the same as an oil painting being destroyed in a fire. The insurance policy would need to protect against that digital “damage or loss.”
There are insurance implications for the NFT itself as well. If the private key is lost, that would mean that the owner no longer has control over the asset. The same goes for if a hacker gains access to the owner’s digital wallet and makes off with the token.
“Are you protecting the Token – the ERC- 721 or ERC-1155 or are you protecting the metadata describing the NFT or are you protecting the JPEG? Are you guaranteeing that the token, metadata and JPEG are always accessible? Are you guaranteeing that the metadata and JPEG have not been compromised? There are a lot more risk vectors that need to be factored in and protection policies need to be clear as to what types of policies exist,” Henley said.
In the case of art or music NFTs where royalties for usage and transfer could potentially be assigned, owners also need to protect against so-called “smart contract failure,” which could mean financial loss if royalties couldn’t be captured or paid down the road.
Being able to transfer the token to an heir after death is another insurance consideration.
With the assets being digital, that introduces an even further quirk into the question of insurance. Most traditional property insurance policies require physical damage to an asset before a claim can be filed. But, in cases of digital artwork, proving physical damage would be difficult, if not impossible.no answers, but some good questions
Still find it's crazy how much money is going into these
as kosmo said, there is some money laundring aspect, but at the same time
if you paid 1 mill for a bored ape #324, conceivably there is no buyer for that at all, so all that money you were hoping to launder could be somewhat useless??
I'm sure there is plenty of speculative money to be made in this stuff
Also, once you make the NFT, that's really the only payout. You don't may any revenue/income off any sales after that
That's my understanding
