Urgent: Fungify Investment Proposal

Fungify is a dApp in the development stage that will allow users to borrow against their deposited NFTs; it will be a decentralized and permissionless NFT-DeFi protocol. As of today, no clear platform exists that fully serves the critical need of taking out loans against your NFTs based on a reliable valuation system. The best way to think of this platform is that it takes some the elements of NFTx+MakerDAO+Upshot and puts them together in a single protocol which should vastly improve the user experience.

DanKazJazz and Antmn have done some research into the protocol and provided their inputs which can be found on discourse here:

https://community.beetsdao.com/t/urgent-fungify-lydia-investment-opportunity-internal/169

Please feel free to reach out to the proposal creators or curator chat to ask questions if we haven't covered it in our analysis. This is a time sensitive opportunity and we need a decision on this by the end of the day, 10/12/21

For reference our current treasury has around 500eth with another 100eth committed. So the options presented are to not invest, invest 2.5% of treasury, 5%, or roughly 10% of current treasury reserves.

Note: There is additionally a limited allocation available for individual DAO members. A minimum of 30 ETH investment would be required for this option per interested member.