In the future, I think is going to become more common to offer WNXM holders options for staking or rewards (like in $SAFE now $COVER).
So definitely an issue that $NXM holders get better rewards/yield by using the token outside the mutual environment. However, there is also a risk associated with these new project.
On the other hand, earning 1.3% APY for staking your $NXM in some super demanding projects doesn’t make any sense and I don’t think it is attractive at all. This should change in the future. There is another forum topic discussing how to change this already! Incentives should be more attractive for $NXM holders and align to market conditions (offer/demand)
The same case with the cover that you bought directly from the mutual or using yearn.finance and then later resell it as NFT for a higher price.