General reaction to this is based on discussions with others.
These NFTs have quite variable value. In a great many cases it is almost binary. They have some value, they have no value. I mean these literally are tulips and look to me to be the next value gambling component. Also in a great many cases ‘locking’ up the NFT basically removes it from use (think of the rare swords or armor in some games).
Right now I am basically a no on these because I think the LR/SF would have to be so high as to make borrowing against them pointless. I mean do we really want to get into loaning based on deposits of pancakes with jesus images on them?
I for one would rather focus on key RWAs that are known to retain value than even higher speculative value being created in crypto (NFT or more illiquid speculative investments)
This brings me back to a key thesis here.
Given that Maker productivity is limited shouldn’t we be focusing efforts in key areas to generate real return/value? I mean I know people are chomping at the bit to get more DC in the UNI V2 LPs (almost across the board except for USDT). Growth in DAI is rampaging at 1000%/yr and honestly I’d rather see resources dedicated on Liq2.0, DSChief upgrade, bringing in something more than 50-100 governance voters. Strategic Reserve development so we can both find, hire and retain qualified staff.
I really want to see something in these core units that shows a sense of unification, and general integrity vs. all of them seemingly expanding into their own interests vs. becoming a well unified team focused on laying out and going after the low hanging fruit both organizationally, as well as financially. Right now there is a difficult and massive transition from Foundation to MakerDAO that requires a huge amount of effort.
Lets get some sense of prioritization and focus before going off into really speculative stuff that probably is going to require a huge amount of effort (we don’t have) and give a really crappy yield for effort. I can think of maybe 10 other things Maker should be working on than integrating NFTs atm.
Also don’t get my tone wrong here. I appreciate people thinking of stuff but when I see that ideas I have presented over a year ago just coming up to be addressed now I realized that new ideas wern’t the problem but actually getting anything tangibly done on any ideas much less the most important ones.
Here is a better question: Ask current MakerDAO staff what they need now to help them better achieve their goals of creating a fully self sustaining MakerDAO that can take on everything the Foundation has been doing.? I consider this the first a 2021 priority goal.
Growth here is not a problem. Managing risk is, managing growth is, managing portfolio risk is, communication (both internally and with community) is, engagement is, protection of depositors assets is… etc.