Launching the First Insurance Vault for NFTs
Insured Finance introduces IFNFT – a token that gives privileged access to the first NFT Insurance Vault Solution
The market for non-fungible tokens (NFTs) is exploding. Over the past week, NFT trading volume on the Ethereum network broke record levels. At the peak of the 2017 market cycle, roughly $2 million worth of NFTs traded hands. For comparison, over $6 million in NFT value was exchanged during this year’s Valentine's day.
Despite the unabating growth in the NFT market, those that hold these unique tokens remain exposed to a variety of risks. To address these vulnerabilities, Insured Finance is launching the first insurance storage vault for NFT holders. Similar to how immensely valuable real-world assets are stored in insured bank vaults, Insured Finance is giving NFT holders the opportunity to keep their assets in a fully insured vault. NFT holders will keep full ownership of their assets and will keep custody of their NFTs through the management of private keys. All NFTs stored in the vault will be fully insured at their market value.
The Insured Finance NFT vault is lined up to launch alongside the Insured Finance marketplace in Q2 2021. IFNFT tokens are required to access the vault. These tokens will be minted and airdropped to Insured Insiders. Holding over 10,000 INFI tokens is the primary prerequisite to becoming an Insured Insider. IFNFT tokens will be airdropped to Insured Insiders at a 2:1 ratio of their INFI holdings. For instance, an Insured Insider that holds 10,000 INFI tokens will receive 5,000 IFNFT tokens, an Insured Insider that holds 20,000 INFI tokens will receives 10,000 IFNFT tokens.
A maximum of 10,000,000 million IFNFT tokens is allocated for the airdrop. Any IFNFT tokens that are not airdropped will be burned. All of the IFNFT tokens will be initially held by Insured Insiders. Others who wish to access the Insured Finance NFT vault will need to purchase IFNFT tokens on the open-market. With interest in NFTs and trading volume surging, we anticipate that the value of IFNFT tokens will quickly appreciate after their upcoming market listing.
On the 12th of March, IFNFT tokens are lined up to list on Uniswap at a price of $1. To be eligible for the IFNFT airdrop, INFI holders must have Insured Insider status from the 20th of February to the 12th of March. If Insured Insider status is lost, it cannot be reclaimed.