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TechFlow reports on June 25 that user wagmiclaims.eth tokenized their $31,307 FTX creditor claim into an NFT representing the right to claim, via Found. They then used this NFT as collateral to obtain a $7,500 loan from Arcade xyz, an NFT lending platform. From this perspective, the market-implied recovery rate for FTX claims appears to be around 20–30%. If the user defaults, the right to the FTX claim will be transferred.
User wagmiclaims.eth tokenized their $31,307 FTX bankruptcy claim on Found, turning it into an NFT representing the right to the claim. They then used this NFT as collateral to obtain a $7,500 loan from Arcade xyz, an NFT-backed lending platform. From this perspective, the market-implied recovery rate for FTX claims is roughly 20–30%. If the user defaults, the FTX claim rights will be transferred.
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