9+ Important NFT Insurance Statistics For 2023 & Beyond
NFTs are on the rise and exploding in popularity.
Unfortunately, this has also led to many scams and frauds reported. Insurance for NFTs is the natural next step, but how many people are offering insurance for NFTs?
This article has all of the up-to-date NFT insurance statistics for 2023.
Table Of Contents
NFT Insurance Key Stats
- NFTs are a $41 billion business in 2022. (PYMNTS)
- Coincover is the first (and only) company to offer NFT insurance so far. (Coincover)
- Less than 1% of NFTs are insured currently, although that is expected to change in the coming months and years as insurance products come out.
NFT Insurance Options
There are many different types of things to insure when it comes to digital assets, especially NFTs.
- Digital Wallet
- Identity Protection
- Hacking & Phishing
- Lost Access
- Back-Up Key
- JPEG Protection
- Damage Or Loss
The protection of digital assets is very complex compared to physical assets. NFT insurance comes with many different types of coverage for different needs.
NFT Market Growth
- Trading in NFTs has spiked 21,000% from 2020 to 2021. (CNBC)
- The NFT market is expected to grow 52.1 % in 2022. (Yahoo)
- The total NFT market is expected to reach $82.43 billion by 2026, at a CAGR of 40.2%. (Yahoo)
NFT Theft: An Alert For Insurance
Recent scams and thefts of NFTs have grown the calls for insuring NFTs.
- $1.7 million in NFTs were stolen from OpenSea users in a recent phishing attack. (Verge)
- Thieves stole $2.2 million worth of NFTs from a man’s digital wallet overnight. (ArtNews)
- Artist found her work stolen and produced into NFTs valued at $13.3 billion. (TechTimes)
There are not many options when it comes to NFT insurance as of now. However, many insurers are developing solutions to insuring NFTs as we speak.
Have more questions about NFT insurance or statistics? Let us know in the comments!
We hope these NFT insurance statistics helped you.