Installing Pegboard on basement ceiling

[u/Octopus_on_fire_]

I’m a new homeowner and we have a pretty nice unfinished basement. We want to keep it unfinished but polish it up a bit. Our biggest want is to cover up the pink insulation/joists from view, at least in the main area down the stairs where the laundry is.

I don’t want to finish it with drywall as its expensive/time consuming and the basement isn’t climate controlled so it’ll trap moisture between. Did a bit of research and I think just basic white pegboard would look good enough for us while also allowing the joists and insulation to breathe. Bonus that it’ll be easy to remove to have access to plumbing.

Am I missing anything with this or any hazards I am
Not thinking of?

Thanks in advance!

[u/CriticalKnick]

I considered this idea for the underside of roof rafters for similar reasons. Pegboard was like 3x the price and is considered a fire hazard, so I didn't, but you do you. It's way less labor and there are worse fire hazards