I’ve been thinking, maybe the very high NFT prices is a trick:

-Alice have X value

-So, Alice hires Bob off-chain to submit a rubbish NFT in an auction

-Alice buyes the NFT at price X

-Alice redeems (X-Y), pays Y to Bob

-Alice put the NFT as an asset&get a loan2/3X

-Alice makes a Profit=2/3X-Y

-If we assume Bob won’t settle for less than half Y=X/2

-Then Alice gains X/3 out of nowhere, probably less than the loan cost ( I mean interest rate)

-Makes me wonder, what are the liquidation rules for NFT assets??