Switzerland-based bank SEBA has extended its crypto custody solution to cover storage for blue-chip NFTs.
SEBA announced on Oct. 26 that it will extend its institutional custody solution to protect Ethereum-based (ERC-721) NFTs.
SEBA said the custody solution will help clients protect their valuable NFTs without the hassle of managing the private keys.
A recent Chainalysis report reveals that about $3.7 million worth of Bitcoin has been lost because its holders lost access to their private keys.
The lender’s co-head of markets and investment solutions — Urs Bernegger — said that the new solution will appeal to NFT holders who feel more secure entrusting their NFTs and private keys to custody institutions like SEBA.
“…SEBA is very pleased to be able to support our clients with our expertise in expanding our service by offering NFT custody.”
Market for NFTs
DappRadar’s report indicates that despite the crypto winter, the NFT market has experienced a significant increase. By the end of the third quarter, the total trading volume for NFTs increased by 6% to approximately $21 million, while active NFT traders surged 36%.
Ethereum-based NFTs — including Bored Apes and Cryptopunks — account for over 91% of the reported trading volume.
Increased interest of Celebrities in the Bored Apes collection saw its total trading volume surge to $2.4 billion, according to CryptoSlam data.