Try : Insurtech, Application Development

AgriTech(1)

Augmented Reality(20)

Clean Tech(8)

Customer Journey(17)

Design(45)

Solar Industry(8)

User Experience(68)

Edtech(10)

Events(34)

HR Tech(3)

Interviews(10)

Life@mantra(11)

Logistics(5)

Strategy(18)

Testing(9)

Android(48)

Backend(32)

Dev Ops(11)

Enterprise Solution(29)

Technology Modernization(8)

Frontend(29)

iOS(43)

Javascript(15)

AI in Insurance(38)

Insurtech(66)

Product Innovation(57)

Solutions(22)

E-health(12)

HealthTech(24)

mHealth(5)

Telehealth Care(4)

Telemedicine(5)

Artificial Intelligence(146)

Bitcoin(8)

Blockchain(19)

Cognitive Computing(7)

Computer Vision(8)

Data Science(21)

FinTech(51)

Banking(7)

Intelligent Automation(27)

Machine Learning(47)

Natural Language Processing(14)

expand Menu Filters

Can NFTs be insured, and who carries the risk?

Nike and RTFKT launched Nike CryptoKicks in the beginning of the year which is a collection of NFT sneakers called the “RFTKT X Nike Dunk Genesis,”. Owners can personalize these sneakers using ‘skin vials’ from different designers by adding new patterns and effects such as flashing lights and floating swooshes. Some of the NFT sneakers have already fetched more than $100,000. With so much spending in the NFT space, the biggest question that needs to be answered is ‘Can NFTs be insured?’

Nike CryptoKicks

The Past and Present

The first NFT-Quantum was published in 2014, but the NFT world has gained a lot of traction in the past year. The Merge created by an anonymous digital artist Pak was sold for a record-breaking $91.8 million in December’21, making it the most expensive Non-Fungible token (NFT) transaction to date. Beeple’s latest masterpiece artwork was sold for $69 million. 

The Merge

According to NFT stats compiled by Chainalysis Inc., the NFT marketplace grew to almost $41 billion in 2021, closing in on conventional art sales. 

The Scam Game

According to a report in Decrypt, the designers of the Big Daddy Ape Club scammed investors out of $1.13 million, making it the largest ‘rug pull’ in Solana blockchain’s history.

Recently, an attacker hacked into the Instagram account of the Bored Ape Yacht Club (BAYC) and stole about $3 million in NFTs. The hacker used a phishing link to steal tokens from victims’ cryptocurrency wallets. 

Non-Fungible Tokens can’t be traded interchangeably due to their unique numbers and codes. Because NFTs are so expensive, hackers and scammers have been actively eyeing the NFT world for their monetary gains. For buyers, digital security has become a serious concern.

Ensuring digital assets is an absolute necessity now, so the question here is whether NFTs can also be insured? The answer is, yes. Buyers may get compensated for fraudulent activities in the following situations:

a)In case, the private key is lost by the owner.

–When an NFT is created, it has dual keys: private and public. The blockchain ledger maintains the public key whereas the private key acts as proof of ownership.

b)When scammers sell replicas and fake digital assets.

c)Damages caused by intervention on the blockchain.

What’s happening in the NFT Insurance space?

Coincover provides corporate and consumer protection for NFTs through an insurance-backed solution. The company protects its partners’ wallets and the NFTs they possess from hacking, phishing, and other illegal activity, while also providing an insurance-backed guarantee in the event that something goes wrong. This is in addition to their disaster recovery service, which is a backup key recovery service that allows NFTs to be recovered in the event of lost passwords.

Due to increased demand from NFT holders seeking security against hacking and theft, Hong Kong-based virtual insurer OneDegree has teamed up with Munich Re to insure digital assets.

Recently, Amulet has secured $6m in its first funding round to provide insurance coverage in the Web 3.0 world which includes NFTs as well. The first Rust-based decentralized finance (DeFi) insurance protocol will utilize Solana’s PoS network to provide insurance service and stable returns. Using its unique Protocol Controlled Underwriting and Future Yield Backed Claim mechanisms, the firm will reduce the risk for underwriting capital providers.

The Challenges

A report by Technavio predicts that the NFT market will grow by $147.24 billion from 2021 to 2026 at a CAGR of 35.27%. With this growing demand for NFTs, there is a pressing need for NFT protection in the virtual world. Ensuring an NFT would be very different from insuring a conventional product or service. Insurers have three key challenges that they need to address when it comes to insuring NFTs:

  1. Uncertainty is involved in the valuation of NFTs since there isn’t any fixed market price. 
  2. Lack of structured and unified legal framework for ensuring NFTs.
  3. Ambiguity in the scope of the risks associated with NFTs is compounded by the fact that technology is evolving at a rapid pace.

The Road Ahead

The dynamics of the NFT market has changed in the past few months. After witnessing a fall in the NFT prices, user expectations have also changed dramatically where NFT utility is the latest lookout for the NFT customers. One of the most common utility is NFT being used as a gaming asset. Be it an art NFT or utility NFT, its loss may have serious repercussions not just for the owner, but also for the entire ecosystem, as NFT may lose its value if it is not secured. Open Sea – the world’s largest NFT marketplace lost $1.7 million worth of NFTs due to a phishing attack. A Bengaluru-based caricature artist found that one of his artworks was listed on Open Sea, without his knowledge. The media and insurance companies have been paying close attention to massive losses like these. NFT owners and creators will seek insurance to protect them as they become more aware of the risks involved in owning digital assets. With pioneers such as Coincover and Amulet leading the way, it’d be intriguing to see how the development unfolds in the NFT insurance space.

Cancel

Knowledge thats worth delivered in your inbox

Design Systems: Building and Maintaining Consistent UI/UX

In the world of product design, consistency is the cornerstone of delivering a seamless user experience. As digital products evolve and scale, the challenge of maintaining design consistency across multiple platforms, teams, and touchpoints becomes more complex. This is where design systems come in. A design system is a comprehensive set of guidelines, components, and tools that help designers and developers create a consistent and cohesive user interface (UI) and user experience (UX). From a designer’s perspective, building and maintaining a design system requires a strategic approach to ensure scalability, flexibility, and alignment with business goals.

Why Design Systems Matter?

Design systems are more than just style guides or pattern libraries. They offer a unified language for design and development, bridging the gap between creativity and functionality. Here are a few reasons why they are critical:

  1. Consistency Across Products

      One of the primary goals of a design system is to ensure uniformity across different platforms and devices. When users interact with a product, whether on a website or a mobile app, they expect a consistent experience. A well-implemented design system ensures that visual elements, interactions, and behaviors are aligned, offering a familiar and intuitive experience for users.

2. Faster Iteration

      With a design system in place, teams can reuse components and patterns rather than reinventing the wheel for each new feature. This speeds up the design and development process, allowing teams to focus on solving new problems instead of reworking existing designs. For designers, it means less time spent on repetitive tasks and more time dedicated to innovation.

3. Scalability

     As products grow and new features are added, maintaining a coherent UI/UX without a design system can become chaotic. A design system provides a scalable framework, enabling teams to add new elements or modules without compromising the overall consistency of the product.

4. Improved Collaboration

      A design system fosters collaboration between designers, developers, and other stakeholders by providing a shared language and reference point. This ensures that design decisions are communicated effectively, reducing friction and misunderstandings between teams.

Building a Design System: A Designer’s Perspective

Designing a system from scratch can seem like a daunting task, but with a clear roadmap and understanding of core principles, it becomes a powerful tool for creating scalable and user-centered products.

1. Define the Core Principles

Before diving into visual components, it’s essential to establish the core principles of your design system. These principles serve as the foundation and guide decision-making throughout the process. Ask yourself:

• What are the key values of your brand?

• How should the design reflect the needs and emotions of users?

• What goals are you trying to achieve with your design system (e.g., accessibility, flexibility, innovation)?

   For instance, if accessibility is a top priority, you’ll need to ensure that your design system accommodates users with different abilities, by providing color contrast guidelines, clear typographic hierarchies, and accessible components.

2. Create a Unified Visual Language

Once the principles are established, the next step is creating a cohesive visual language. This includes defining elements such as:

Color Palette: A well-structured color palette ensures harmony across different UI components. It’s crucial to include primary, secondary, and accent colors, along with usage guidelines to avoid inconsistency.

Typography: Define a typography system that establishes hierarchies and clarity, including font styles, sizes, line heights, and spacing. Consistent typography helps users navigate content effortlessly.

Spacing and Grids: An established grid system ensures a balanced layout and harmony between different UI elements. Proper spacing guidelines prevent crowded or misaligned components.

Iconography and Illustrations: Design guidelines for icons and illustrations help maintain visual consistency. Icons should follow a standard style (outlined, filled) and size, ensuring they align with the overall visual language.

(I

Iconography and Illustrations: Design guidelines for icons and illustrations help maintain visual consistency. Icons should follow a standard style (outlined, filled) and size, ensuring they align with the overall visual language.

Image Source: https://designerup.co/blog/10-best-design-systems-and-how-to-learn-and-steal-from-them/)

3. Design Reusable Components

A design system is incomplete without reusable UI components. These components include buttons, forms, modals, and navigation elements that can be used across various features and pages. Each component should be:

Modular: Components should be flexible and adaptable for different contexts. For example, a button should have variations for different states (hover, active, disabled) and types (primary, secondary, destructive).

Documented: Each component needs comprehensive documentation that explains how it should be used, its variants, and the rules governing its application. This ensures consistency when different team members use the same component.

4. Implement Accessibility Guidelines

Accessibility should be at the forefront of every design system. As a designer, consider:

Color Contrast: Ensure sufficient contrast between text and background for readability.

Keyboard Navigation: Ensure that interactive components are navigable via keyboard for users who rely on keyboard shortcuts.

Responsive Design: Components should be responsive, adapting seamlessly across different screen sizes and devices.

Assistive Technologies: Design components should be compatible with screen readers and other assistive technologies to provide an inclusive experience.

Maintaining a Design System: Evolving with the Product

Once a design system is in place, the work doesn’t stop there. Maintaining it requires ongoing effort as the product evolves and new design challenges emerge. Here’s how designers can ensure the design system remains relevant and effective:

1. Regular Audits and Updates

A design system should be treated as a living document that evolves with the product. Regular audits are necessary to identify outdated or unused components. Designers should collaborate with developers to ensure new features are aligned with the existing design system, and updates should be documented to avoid fragmentation.

2. Version Control and Documentation

Version control is essential for keeping track of changes in the design system. Documenting why and how changes are made ensures that the design system grows in an organized manner. It also helps onboard new team members quickly, as they can reference updated guidelines.

3. Foster Collaboration Across Teams

Designers need to maintain an open line of communication with developers and other teams using the design system. Tools like Figma, Sketch, and Zeplin allow designers to share components and guidelines in real-time, fostering collaboration and ensuring that everyone is aligned.

Some well-known examples of design systems that have set benchmarks in the industry:

1. Google Material Design

  • URL: Material Design
  • Overview: Google’s Material Design is one of the most comprehensive design systems available. It provides guidelines on how to create visual, motion, and interaction design across platforms and devices. Material Design is known for its grid-based layouts, responsive animations, and depth effects like shadows and lighting.
  • Features:
    • Comprehensive color palettes, typography, and iconography.
    • Extensive component library (buttons, cards, etc.).
    • Customizable UI components for both web and mobile applications.

2. Salesforce Lightning Design System

  • URL: Salesforce Lightning
  • Overview: Salesforce’s Lightning Design System provides a comprehensive library of UI components and resources to help build applications on the Salesforce platform. It ensures a consistent experience across Salesforce products and enables developers to create custom apps easily.
  • Features:
    • Ready-to-use components, design tokens, and code snippets.
    • Comprehensive accessibility guidelines to ensure inclusivity.
    • Detailed documentation for developers to integrate components into Salesforce applications.

3. Microsoft Fluent Design System

  • URL: Fluent Design
  • Overview: Fluent Design is Microsoft’s design system, created to provide an engaging and scalable UI across all Microsoft products. It is heavily focused on interaction, animation, and motion while ensuring accessibility across various device ecosystems.
  • Features:
    • Focus on depth, motion, and light to create modern and interactive UIs.
    • Cross-platform components supporting web, desktop, and mobile applications.
    • Accessible components with detailed guidelines for developers.

Conclusion

Building and maintaining a design system is an investment that pays off in the long run. It ensures consistency across your product, improves collaboration between teams, and allows for faster iteration and scalability. For designers, a design system is more than a collection of reusable components — it’s a framework that enables you to create user-centric products with confidence and clarity. By embracing modularity, documentation, and accessibility, you’ll ensure that your design system remains a valuable asset as your product grows.

About the Author:

Shristi is a creative professional with a passion for visual storytelling. She recently transitioned from the world of video and motion graphics to the exciting field of product design at Mantra Labs. When she’s not designing, she enjoys watching movies, traveling, and sharing her experiences through vlogs.

Cancel

Knowledge thats worth delivered in your inbox

Loading More Posts ...
Go Top
ml floating chatbot