Public blockchain network Zetrix announced the launch of Covinsure, a non-fungible token (NFT)-based insurance product.
According to Zetrix, Covinsure will provide insurance by using blockchain technology and cryptocurrency as a payout. Zetrix has made it easier for users to be insured as the only requirements are their passport and a Zetrix wallet.
The Layer 1 public blockchain network facilitates smart contracts and delivers privacy, security and scalability.
The announcement added that purchasing the Convisure Covid-19 insurance requires only US$1 or 1 USDT and the coverage is valid for up to 1 year.
The NFTs are minted through environmentally-friendly options. The energy utilised to mint NFTs is 100,000 times lower compared to the conventional option of the Ethereum blockchain. Hence, the lower energy required to mint these NFTs has reduced the gas fees of Zetrix-based NFTs.
Zetrix-based NFT was first available for trade on NFT marketplace Pangolin in April, according to Blockchain.News.
NFT Pangolin is a global marketplace for regional creators mainly in Asia to issue and sell their unique crypto secured assets to collectors.
Zetrix also provides connectivity to China and its fundamental infrastructure. It launched its main net on April 15, which seamlessly integrates with the Xinghuo Blockchain International Supernode – China’s largest national-level blockchain network, led by the China Academy of Information and Communications Technology.