Day By Day is reimagining the insurance industry in an innovative way through Web3, launching its platform in Australia. Among the multiple benefits that it offers to users, in this first stage, it offers the possibility of «mint» an NFT policy to become its creators and obtain passive income, which is open to participants from all over the world. In this article we tell you all the details.
Enabling people to be policy makers
The insurance industry is one of the oldest in the world. Its creation is based on providing coverage to the patrimony of the people, placing its beginnings in the need to provide protection to the merchant ships of antiquity, to later extend towards a complete evolution that allows insuring innumerable risks on the part of the people before a unforeseen fortuitous event.
However, this industry has maintained ancient precepts that extend to our time, even when the digital age has introduced some improvements and advantages. Thus, through new technologies and the path that the Web3 industry is opening, «Day By Day» emerges, an insurance platform through blockchain that allows people to obtain greater transparency in the processes, eliminating intermediaries, while introducing a more direct way to obtain insurance and a reduction in insurance costs.
Among the advantages that the platform offers, we have the possibility of «mint» our own policies through NFT tokenization, becoming their creators, so that later other users who decide to insure their assets can select them, and at that time we will receive benefits of up to 20%. At the same time, it is necessary to emphasize that the people who mint the policies do not run the risk of supporting the insurance against claims, since this procedure is carried out through other mechanisms that we will describe in future articles.
Modalities to mint an NFT policy
Users have two ways to mint an NFT policy:
- Random mode: using this mode, a policy can be created randomly, without having to take any extra steps.
- Advanced mode: through the advanced mode, users can configure the creation of a policy by selecting precise parameters (type of coverage, event to cover, duration of the policy, etc.).
Undoubtedly, this is a project with great growth prospects, which offers users the possibility of becoming «policy creators». Day By Day operates with the Algorand and Polygon blockchain networks, therefore, users can choose the network they want and start trading through their assets, such as MATIC, ALGO or USDC.
To start minting an NFT policy, all you have to do is enter the application, then go to the «Mint NFT Policy» section and select the preferred blockchain network (Algorand or Polygon). Below we will describe the necessary steps in each modality available to start being «policy creators».
«Random» modality to mint an NFT policy
Upon entering the platform, we will find the «Random» mode to start creating an insurance policy through NFT tokenization. This modality is the most appropriate for those users who wish to create an NFT policy, without having to carry out many steps or procedures, that is, quickly and randomly.
Step 1: The first thing we must do is select how many policies we want to «create» through NFT tokenization, within the «Choose How Many NFT Policies To Mint» section, where we will place the number of policies to mint (1,2,3, etc):
Step 2: Once the number of policies to be minted has been indicated, we must proceed to choose the asset with which to mint it, according to the blockchain network that we have chosen, from the «Select Payment Token» section:
Ready! We are already in a position to become creators of our own policies in a random way, according to the risks, coverage and terms that the system automatically assigns, to then begin to receive passive income, once the user opts for our policy at the moment of covering his assets.
To start minting your policy in a «random» way, enter here.
“Advanced” mode: create the NFT policy with your own conditions
This is a very interesting modality, since it allows you to mint an NFT policy by establishing the conditions in a personalized way, which gives you the possibility of establishing the parameters that we believe are most required by users who decide to take out insurance in the future.
To start creating a policy under this modality, within the platform, we must go to the «Mint NFT Policy» menu section, and then enter the «Advanced Options – Build Your Own Policy» option, just below the Random Mint dashboard, we select the blockchain network of our preference (Algorand or Polygon) and we will be ready to start minting an NFT policy.
Step 1: Once inside this option, the platform will allow us to select the necessary attributes for the configuration of the NFT policy. First of all, we must choose the category of assets that can be insured under the policy (electronics, art, furniture, etc.). It is allowed to select as many as necessary:
Step 2: Next, we must select the risk that we want the policy to cover, in the moment of a certain event (theft, water damage, fire, etc.):
Step 3: Finally, we only have to select the term for the coverage of the policy, which can be established in a range from 1 day to 3 years, and the period of ownership of the same:
We are ready! Now we can proceed to mint the NFT policy and start receiving passive income for 20%, when a user decides to take out the coverage through our policy.
In the example, we have «created» an NFT policy that covers electronics and art, against theft and fire for a period of 60 days. In this way, a new era opens for the insurance industry, empowering users to become active participants in all procedures and thanks to blockchain technology.
To start minting your NFT policies in a personalized way, enter here.
Day By Day is reimagining the insurance industry, allowing individuals to actively participate in proceedings, as well as providing policyholders with an innovative way to purchase coverage using Web3 technology. The modalities for minting policies allow people to become true creators and obtain passive income when someone contracts coverage to protect their assets.
For more information of “Day By Day”, visit their website: https://daybyday.io/