The Hong Kong-based insurtech Neptune Mutual has announced it will be launching a new cover solution to safeguard digital assets for creators, following its latest funding round.
The multi-chain, decentralised cover protocol received funding from its leading investor, Animoco Brands as well as leading insurer Pacific Century Group (PCG), Genesis Block Ventures, Fundamental Labs, GSR, Cambium Grove Capital, and several others.
The blockchain technology company, which was launched in 2021, uses parametric cover models to protect user funds from exploits of cryptocurrency exchanges, custody providers, smart contracts, and also metaverse projects.
However, unlike discretionary mutuals, Neptune Mutual says its parametric cover products provide guaranteed payouts to policyholders following incidents based on an unbiased, on-chain resolution by NPM governance participants.
The developing NFT space
The NFT market has exploded in recent months. Recent reports suggest it is now a $22bn industry and shows no signs of slowing down. Neptune Mutual’s lead funder, Animoco Brands, currently has investments in over 150 metaverse and NFT projects. The company is also is the top global player in building and supporting open metaverse projects that bring digital property rights to online users.
The growing role of gamification
The play-to-earn and creator’s economy models are underpinning a fair and equitable digital framework in which the value of virtual assets is growing rapidly; a solution for protecting these assets is considered a vital part of the metaverse ecosystem.
According to Yat Siu, the executive chairman and co-founder of Animoca Brands, the NFT marketplace is still in its infancy. He explained, “As netizens build their digital properties and social identities in the open metaverse, and as these assets become more valuable, risk mitigation solutions become a necessity.
“We support Neptune Mutual’s initiative to bring decentralised cover solutions to the metaverse and trust the team’s capability to contribute to a safer and better-protected environment for the overall crypto ecosystem.”
Simple solutions to digital asset protection
Commenting on the move, Binod Nirvan, founder of Neptune Mutual, said, “It’s our privilege to gain the trust and support of Animoca Brands, thought leaders in the space of the creators' economy.”
He added, “Neptune Mutual shall endeavor to deliver an efficient, reliable, and easy-to-use solution for creators to safeguard the value of their NFTs and other virtual assets in the metaverse.”