NFT-as-collateral has a graveyard behind it — BendDAO's 2022 liquidity crisis, ParaSpace stalling out, NFTfi never clearing meaningful volume even at peak. Bundling NFTs + RWAs + crypto under one autonomous yield layer turns the oracle surface into the attack surface; one bad floor price cascades across every compliance-gated vault. The "AI agent execution" framing also keeps running into the same wall: on-chain composability is deterministic, autonomous decision layers aren't, and liability for a bad rebalance has no legal home when it's "the agent."

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