CARDIFF, UK – July 19, 2022 – NFTboxes and world-renowned NFT ambassador, Pranksy, has today launched NFT Vault, the world’s first NFT protection service in collaboration with Coincover, the leading digital asset protection technology company.
NFTboxes are curated by Pranksy, one of Fortune Magazine’s top 50 most influential people in NFTs, and his wife, Magpie. Pranksy and his team are striving to build “best in class” products and offerings in the NFT market.
From today, all NFTboxes which are bought on the primary market via https://www.NFTboxes.io will include Coincover’s NFT consumer protection free of charge for up to 12 months (depending upon the subscription purchased) for those who opt-in to the service.
This innovative service currently offers essential solutions including consumer protection of NFTs from both theft and lost access. Coincover will continue to work with Pranksy and the NFTboxes team to ensure the product evolves alongside the ever-changing needs of the NFT market. NFTbox collectors can contact Coincover to activate their NFT Vault protection at no additional cost for the duration of their NFTbox subscription plan.
The world-first partnership comes as research* from Coincover reveals that more than two-thirds (70%) of consumers would be more open to purchasing NFTs if they were protected against loss and theft.
Highlighting NFT traders’ major concerns, the survey of 1,000 US and UK consumers revealed nearly two-thirds (65%) are aware of the rise of fraud in the space and want to guard themselves against purchasing fake NFTs. The market has become an attractive place to financial scammers, such as a phishing attack in February 2022, where £1.7m was stolen from Opensea users when a hacker exploited an aspect of the Wyvern Protocol (an open-source asset exchange protocol running on Ethereum) designed to give flexibility. This was reflected in the survey where 37% of respondents said they worried about NFTs being stolen.
Current safeguards among NFT owners include backing-up seed phrases online (a tactic used by 51% of purchasers) and creating complex passwords that include phrases, numbers and symbols (47%). Despite complex passwords being highly used, on Metamask these only protect should someone access your computer locally and have little effect against hacks, such as the phishing scam in February 2022. Lack of sufficient safeguards remains a top concern, with 44% of survey participants wanting to ensure they don’t lose access to their NFT account.
Josephine Dwyer-Mann at NFTboxes said:
Pranksy is always looking for a new way to bring truly exciting ideas to the NFT market and Coincover’s world’s first NFT protection is a revolutionary step within the space. The NFT community is important to us and, by offering them protection through this partnership, it was a way for us to give back to our fantastic NFTbox customers and the wider community overall.”
David Janczewski, co-founder and CEO at Coincover, said: “We are thrilled to partner with NFTboxes and Pranksy to launch the first product that offers protection for NFTs. Digital assets have soared in popularity, but as our research shows, there is still warranted concern about the safety of these assets. As a result, we have expanded our crypto protection offerings to give artists, marketplaces and consumers the confidence and peace of mind to buy NFTs and store them safely.”
Token explosion
NFTs have exploded in popularity over the past 12 months, with celebrities including Reece Witherspoon, Gwyneth Paltrow and Snoop Dogg displaying NFT art as their Twitter profile pictures and sports stars, such as NBA legend, Shaquille O’Neal, dropping their own collection. World-renowned artist, Damien Hirst, has used the growing market to explore how valued NFT art truly is in comparison to non-NFT art, through his collection, ‘The Currency’.
All of this in a market built on a technology that prides itself on holding information long-term has meant that people are buying and selling NFTs specifically for their collectability.
The new protection solution addresses the burgeoning digital art community’s understandable concerns around the safety nets of these digital assets. All art NFT owners (100%) in Coincover’s research said they would be more open to buying another NFT if they were protected against lost and theft.
For more information on Coincover’s new NFT Vault offering, please visit: https://www.coincover.com/nftboxes-vault
For more information on NFTboxes, please visit: https://www.nftboxes.io
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Digital Asset Services Ltd (trading as Coincover) is incorporated in England and Wales with registered number 11356137 whose registered office is at Capital Building, Tyndall Street, Cardiff, Wales, CF10 4AZ
Digital Asset Services Ltd (trading as Coincover) is an appointed representative of Costero Brokers Limited for insurance distribution activities. Costero Brokers Limited is authorised and regulated by the Financial Conduct Authority with firm reference number 309528. You can check this via the Financial Services Register at https://register.fca.org.uk