Pranksy and NFTboxes announce the launch of NFT Vault

Today, 19 July 2022, NFTboxes and Pranksy announced the launch of NFT Vault. 

The new NFT Vault solution

NFTboxes is curated by Pranksy and his wife Magpie, who are working hard to create “best in class” products and services for the NFT market.

NFT Vault is the world’s first NFT protection service, created in collaboration with Coincover, a company that focuses specifically on protecting digital assets. 

The NFT protection service comes after numerous NFT thefts and scams in recent years, so much so that Pranksy himself last year paid more than $300,000 for a fake Banksy NFT. 

Through the new service, all NFTboxes purchased on the primary market will include free consumer protection from Coincover for up to 12 months. In addition, current NFTbox collectors can contact Coincover to activate their NFT Vault protection at no additional cost for the duration of their NFTbox subscription plan. 

According to a survey of 1,000 people in the UK and US, nearly two-thirds (65%) said they were concerned about the rise of crypto fraud, and want to protect themselves from buying fake NFTs. And nearly three-quarters (70%) would be more open to buying NFTs if they were protected against loss and theft. 

Current protections are often deemed insufficient, which is why NFT Vault was developed. 

This innovative service offers solutions such as protecting consumers from the theft and loss of NFTs, and will evolve along with the changing needs of this market. 

Statements from NFTboxes and Coincover on the new project

Josephine Dwyer-Mann of NFTboxes stated:

“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”.

Coincover co-founder and CEO David Janczewski added: 

“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”.