SquiggleDAO, a decentralized autonomous organization focused on NFTs, has successfully secured a $1 million USDC loan using 11 of its Chromie Squiggles as collateral. This transaction, facilitated through Zharta, marks a significant milestone in the NFT finance sector, showcasing growing trust and interest in digital art as a form of collateral. The loan, which includes a rare Hyper Bold Squiggle among the collateral, is noted as the largest Squiggle-backed loan to date. It carries an annual percentage yield (APY) of 17%, has a one-year term, and is viewed by some as leveraging $500k of illiquid collateral in what is criticized as a marketing stunt. This move by SquiggleDAO aims to elevate the Chromie Squiggle as a seminal art project within the culture, highlighting its value beyond the digital realm. The deal has sparked discussions in the NFT community, with some viewing it as a bullish sign for the market, while others criticize it as a marketing stunt leveraging illiquid assets.
ICYMI: @squiggleDAO has taken out a $1 million USDC loan backed by 11 of its treasury's Chromie Squiggles via @ZhartaFinance The loan is good for one year and collateral includes the DAO's rare Hyper Bold Squiggle https://t.co/IgmhxRbcIO
This $1m loan has about $500k of illiquid collateral. It’s just a marketinng stunt to prop up their own bags. Also, taking an NFT loan is like buying a put option. It’s not a real loan. It just puts a floor in the downside at a high cost. Not sure how it’s being spun as bullish? https://t.co/MjOpX5mSNT
SquiggleDAO acquired a 1 million $USDC loan for 11 Squiggles via Zharta. @squiggleDAO 🤝 @ZhartaFinance https://t.co/6R6o3JyIe1
JUST IN: @squiggleDAO has locked in a $1 million, 17% APY loan using 11 Squiggles as collateral This is THE LARGEST ever Squiggle-backed loan Meanwhile, Chromie Squiggles are trading below 5 ETH for the first time since December 2021 SquiggleDAO currently holds 324… https://t.co/Go8uiV4hIr
We are hopping on Spaces tomorrow with @ZhartaFinance to talk about the historic $1M Squiggle backed loan that was announced today. Join us: https://t.co/44owGEbIN8
SquiggleDAO went and did it again 🫡🌈👀 https://t.co/XXirmT3XGy
there was a 1m usd loan originated for a count of 11 squiggles. 1m usd… for 11 (albeit rare) squiggles. think about it. or don’t. up to you!
Seeing bigger and bigger nft loans lately. Hats off to @ZhartaFinance and @squiggleDAO for pulling this off🫡 https://t.co/KQrikUxgKa
$1mn USDC loan for 11 squigs 💅 LFG! @squiggleDAO doing SquiggleDAO things cc: @punk9059 / @Tyler_Did_It https://t.co/pdNfz2G6Dt
NEW: SquiggleDAO secures 1 million $USDC loan via Zharta using 11 Squiggles, including a Hyper Bold. https://t.co/rTLtlMMbO1
More lenders trusting Squiggles with significant amounts of capital. A big win for Squiggles, NFT DeFi and DAOs. ❤️🌈 https://t.co/wMbgrQDPDq
A massive win for Squiggles, DAOs, and the future of NFT Finance 🙌🌈🔥 @squiggleDAO @ZhartaFinance https://t.co/EyqjCF1OQh
Why did we take a record breaking $1M loan with our Squiggles? Our mission can be simplified to elevating the Chromie Squiggle to its rightful place in culture as a beloved and seminal art project. One trait of a beloved and seminal art project is its ability to be a true long… https://t.co/4OIyBVOPVD