🧬8.2 Lifecycle of an Insurance-Ready NFT

The lifecycle of an Insurance-Ready NFT is simple, transparent, and streamlined. Here are the key steps to creating, minting, and launching these innovative insurance-backed NFTs:

Step 1: Select a Verified Node

To begin, select a Verified Node that best matches your DApp’s risk profile. These nodes represent the coverage modules that will define the scope and terms of the insurance coverage.

• Fast Claims Processing: Verified Nodes ensure claims are processed quickly and efficiently, with premium calculations based on real-time market data.

Step 2: Define Insurance Pool Parameters

Once you’ve selected a Verified Node, define the key parameters for your insurance pool:

• Insurance Pool Value: The total value of coverage for the entire NFT collection, divided into individual insurance-backed NFTs.

• Number of NFTs: Specify how many NFTs will be created from the insurance pool. Each NFT will represent a share of the coverage value.

• Insurance Amount per NFT: Determine the coverage value for each individual NFT, expressed in arrUSD.

Step 3: Set Coverage Terms

Customize the coverage terms for your insurance-backed NFTs. Choose from various options, such as smart contract vulnerabilities, oracle failures, economic attacks, and custodial risks. These coverage terms are directly tied to the insurance pool and define the type of protection each NFT will offer.

Step 4: Customize NFT Artwork

Upload custom artwork for your Insurance-Ready NFTs. This allows for personalized branding while integrating the insurance functionality, ensuring each NFT collection maintains its unique identity while providing real protection.

Step 5: Mint and Launch the NFT Collection

Once you’ve configured the insurance pool and customized the NFT artwork, you can mint the NFTs and launch them to the market. Investors can purchase these NFTs, securing both a collectible digital asset and insurance coverage.

---

The Insurance-Ready NFT Launchpad is a groundbreaking innovation in decentralized insurance. By minting NFTs with built-in insurance coverage, you are offering your community and investors true security in the form of digital assets. This approach combines the power of blockchain technology, financial protection, and the growing NFT market to create a seamless integration of real-world value and digital ownership.

With insurance-backed NFTs, you are not just creating digital collectibles—you are transforming the insurance landscape, offering an entirely new way of decentralized protection to your community.