Great, buy now, pay later for NFT

For those who desperately want to own a certificate of authenticity point to an ugly ape illustration or another popular image , has a buy now, pay later (BNPL) service that they can use to fund their purchases. Offers from Teller work with some of the more notable NFT collections, such as Bored Ape . Yacht ClubMutant Ape Yacht Club and Adidas Originals: Enter the Metaverse. It runs on the Polygon blockchain and has a horribly fitting name: .

“Buying NFTs is one of the core things Web3 consumers want to do right now,” says Teller founder and CEO Ryan Berkun. . “Buy now, pay later is undisputed”. No tricking devices are needed at this point.

Like other BNPL services, Tether requires prepayment. When someone sees a compatible NFT, they want on market, they may use the Seller’s services to signal their intent to purchase it. He or she will need to reduce the price of the NFT by 25 to 50% from the start. The merchant’s platform will then try to match them with the lender, which is another user.

If the lender accepts the proposal, they will transfer the remaining cryptocurrency needed to purchase NFT from OpenSea. The NFT will then be held in an escrow wallet. If the buyer pays off what they borrowed on time, they will receive the NFT. If not, the lender can claim the NFT and sell it if they want. Lenders can also set interest rates on repayments.

Considering the volatility of the cryptocurrency market and the state of the global economy, buying NFTs through a BNPL service seems like a bad idea. Undoubtedly, the price of cryptocurrencies has dropped in recent months (playing a role in the victims of Axie Infinity cheat ), but there’s a chance they could jump back again. Suddenly, those BNPL payouts can be a lot more expensive. Buyer to repay the debt.

The NFT market has also bottomed. note that the base price for a Bored Ape Yacht Club NFT is around 90 Ethereum (about $110,000 at press time). This number is down about 40% since May.