Great, there’s a buy now, pay later service for NFTs

For those desperate to own a certificate of authenticity that hints at an ugly monkey illustration or another popular one, there’s a Buy Now, Pay Later (BNPL) service to help fund their purchases. Teller’s offering works with some of the more notable NFT collections such as Bored Ape Yacht Club, Mutant Ape Yacht Club and Adidas Originals: Into the Metaverse. It runs on the Polygon blockchain and has a suitably awful name: .

“Buying NFTs is one of the most important things Web3 consumers are looking to do right now,” said Teller Founder and CEO Ryan Berkun . “Buy now, pay later is a piece of cake.” No prankster needed here.

Like other BNPL services, Tether requires a deposit. If someone sees a compatible NFT on the marketplace that they want, they can use Teller’s service to signal their intent to buy. This person must initially raise between 25 and 50 percent of the NFT price. Teller’s platform will then attempt to match them with a lender that is another user.

If the lender accepts the offer, they will transfer the remaining cryptocurrency needed to purchase OpenSea’s NFT. The NFT is then held in an escrow wallet. If the buyer pays back the borrowed item on time, he will receive the NFT. Otherwise, the lender can claim and sell the NFT if they wish. Lenders can also set interest rates on the repayments.

Considering the volatility of the cryptocurrency market and the state of the global economy, buying an NFT through a BNPL service seems like a bad idea. Sure, cryptocurrency prices have plummeted in recent months (which plays a part in victims of the Axe Infinity hack ), but there’s a chance they’ll pop up again. Suddenly, those BNPL payments could become a lot more expensive. Buyers to make the repayments.

The NFT market has also bottomed out. notes that the base price for a Bored Ape Yacht Club NFT was about 90 Ethereum (about $110,000 at the time of writing). That’s a drop of around 40 percent since May.

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https://www.engadget.com/nft-buy-now-pay-later-definitely-not-going-to-end-in-tears-201139997.html?src=rss Great, there’s a buy now, pay later service for NFTs

Russell Falcon

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