By Nathan Ferguson
One of America’s top insurance providers will soon be offering insurance service for NFTs in the digital world of the metaverse.
IMA Finance, a company that is known for its excellent insurance brokerage and asset management services, has planned to introduce a completely new research and development (R&D) lab in the digital world of Decentraland that exists in the Ethereum-powered metaverse.
Financial services and firms have started to take quite the interest in the world of the metaverse, because even huge banks such as JPMorgan have also recently managed to gain a spot in the digital realm, in order to provide their own set of unique services to metaverse users. With banks like JPMorgan operating in Decentraland, now insurance firms are also joining in the party, bringing insurance-based services to users.
Insurance and NFTs
The R&D lab planned to be introduced formally named as, “Web3Labs” is mostly a project that is the result of the massive amounts of interest that has been developed by financial companies, when it comes to the cryptocurrency space, triggered by the fast growth levels of Non-Fungible Tokens.
Senior Vice President, Justin Jacobs from IMA Group, who is also a part of the Web3Labs project stated that immense amount of growth in the NFT sector is the catalyst that provoked IMA to plan this new endeavor. Jacobs also stated during a press interview that this huge asset class, that has a value of nearly $40Billion, is lacking insurance-based services and products, as NFTs are considered by many to be special art pieces having a value and with the current trading trends, it would be useful to have any kind of insurance to protect such assets.
Advisory Services and Risk Reduction
Additionally, Jacobs mentioned that IMA doesn’t only want to develop a presence in the digital world of the metaverse, but also wants to study about how the complete metaverse value chain works and provide users with the necessary advice they need to operate, when it comes to the Decentralized Finance sector.
Jacobs surprisingly compared entire crypto and metaverse industry to the cannabis industry, present in the United States, where many different firms feared working in, however IMA group managed to secure a good presence in it. One of IMA’s heads, Paul Washington mentioned during an interview that asset management is a very important factor in the metaverse, and the digital space is in desperate need of risk reduction.