Could Ferenginar Join the UFP?

Lower Decks just dropped a large lore implication into the Federation and Star Trek universe as a whole, the potential admission of the Ferengi into the United Federation of Planets. We already saw Nog pave the way for Starfleet membership, but Grand Nagus Rom seems intent on bringing the Alliance into the UFP too, so let's examine.

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This Video is for critical purposes with commentary.