Analysis of Insurance Mechanisms for Non-Fungible Tokens

Securing cyberspace and ensuring its security against the risks that exist is one of the most important human challenges in today's societies. New laws need to be legislated and passed so as to enable legal solutions to come into existence to combat the potential and actual risks of cyberspace, giving rise to a safer and more secure space. In order to make this happen, nowadays insurance companies have started offering virtual insurance services related to cyberspace. With the advancement of blockchain technology, non-fungible tokens are becoming more and more valuable. Therefore, insurance for valuable products worth millions of dollars is essential. This article seeks to explain the strategies and methods for applying insurance to non-fungible tokens. In this article, we seek to investigate and evaluate the feasibility of insurance for non-fungible tokens inspired by similar examples employing analytical descriptive methods. As a general conclusion, it can be stated that the insurance of these products requires widespread popularity of these products, establishment of appropriate laws, creation of systematic platforms and creation of desire in insurance companies to insure non-fungible tokens.