How It Works

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1. NFT Valuation with Oracle Technology

• Ape.Claims integrates with a trusted Oracle to assess and price NFTs listed on ApeChain in real-time.

• The Oracle retrieves market data such as:

  • Floor prices of collections.

  • Recent sale prices.

  • Rarity scores and other metadata.

• This ensures your NFT’s value is accurately assessed for protection policies.

2. Issuing a Protection Policy

• Once the Oracle establishes the current value of your NFT:

  • You can purchase a protection policy for theft or unauthorized transfers.

  • The policy includes details such as:

    • Insured value.

    • Coverage period.

    • Premium amount.

• Each policy is securely recorded on the blockchain for transparency and verification.

3. Linking the Policy to Your NFT

• The protection policy is tied directly to the NFT via a smart contract:

  • If the NFT is sold or transferred, the policy automatically updates to reflect the new owner.

• Policies are held securely in the Ape.Claims Vault, ensuring they cannot be tampered with or lost.

4. Claim Verification Process

• If your NFT is stolen or compromised, here’s how claims work:

  1. File a Claim:

     • Access the Ape.Claims portal and submit a claim.

     • Provide evidence, such as transaction history or proof of theft.

  2. Oracle Verification:

     • The Oracle verifies the NFT’s previous ownership and market value at the time of theft.

     • Cross-checks are performed against blockchain data to prevent fraudulent claims.

  3. Policy Payout:

     • Once verified, the payout is issued in ApeCoin or an equivalent currency, as defined in your policy.