Are NFTs Insurable?

The NFT market is still relatively new and volatile, but its potential is huge. Christie's managed to auction an NFT linked to an artwork for over USD 69 million this March, proving that NFTs are a new asset class that can carry significant value. A value, that needs protection just like any other asset class.

Accordingly, the question arises as to whether NFTs are insurable. What is the legal situation in Austria?

Are NFTs insurable according to Austrian insurance law?

The first question that has to be answered is: When does Austrian insurance law apply? For insurance contract law, the applicability may initially result from a choice of law. Where no choice of law exists, or where an area of law is involved that is not accessible to a choice of law, such as insurance supervisory law, the law applicable is more challenging to determine: The pivotal factor of conflict-of-laws regulations – the "insured risk" – is difficult to define for NFTs, as NFTs do not have a