Rocket LP DAO issues loans backed by non-fungible tokens based on the ERC721 standard
The DAO issued a new loan worth over $1,000 this week backed by rights to an Ethereum Name Service domain
The agreement represents a new frontier in assigning value beyond purely financial considerations
Ethereum-based domain names are incredibly valuable to the right user, and that reality is now being reflected in a new way. Rocket LP DAO issued a $1,000 loan this week, collateralized only by the Ethereum Name Service address “brantly.eth.” The domain name was registered to ENS director of operations Brantly Millegan, who was also the recipient of the loan. He described the transaction as "revolutionary" to Decrypt. The DAO-governed Rocket was founded in January to provide loans backed with non-fungible tokens (NFTs) as collateral. NFTs are tokens created using the ERC721 standard and are used to represent unique physical or digital assets while retaining the advantages of existing in a digital state like ease of transfer and cryptographic security. NFTs are ideal for tokenizing ownership of scarce assets such as rare art, crypto kitties, and of course unique ENS addresses. Read More...