DeFi lending platform Teller has launched a buy now, pay later service for NFTs.
The Polygon-based Ape Now, Pay Later service supports 10 notable NFT projects at launch.
Even at deflated prices amid the ongoing crypto market decline, a Bored Ape Yacht Club NFT will run you about $104,000 worth of ETH on the low end. Decentralized lending protocol Teller wants to help make that price tag seem a little less daunting: buy a “blue chip” NFT now… and pay it off later.
Teller’s new NFT buy now, pay later (BNPL) feature is like those spearheaded by startups like Affirm and Klarna and adopted by major online retailers, albeit with some key differences. It’s available only for a select number of notable NFT projects at present, and the funds are provided by potential lenders large and small who offer liquidity through the platform.
The service, called Ape Now, Pay Later, runs on Ethereum scaling platform Polygon. Ryan Berkun, founder and CEO at Teller Finance, says the platform helps fill a need in the market to enable prospective buyers to access pricier NFT assets by paying over time.
“Buying NFTs is one of the core things Web3 consumers want to do right now,” he told Decrypt. “Buy now, pay later is a no-brainer.”
Here’s how it works. If, for example, a Bored Ape Yacht Club NFT that a user wants is listed on the OpenSea marketplace, then they can use Teller’s platform to specify that they want to purchase that asset. The user is required to pay a minimum down payment of as much as 50%, depending on the project, and then the platform attempts to…