Decentralized Finance (DeFi) lender Teller has introduced a Buy Now, Pay Later (BNPL) service for good non-fungible tokens (NFTs) such as Bored Ape.
according to BloombergThe intended buyer pays an obligation of 25% to 50% of the NFT value, the rest can be distributed in installments.
Teller named the service “Ape Now, Pay Later” and built it on Polygon, the Ethereum Layer 2 network.
Ryan Berkun, founder and CEO of Teller, said the service is affordable for NFT enthusiasts to buy the most expensive NFTs such as Bored Ape, Mutant Ape, Adidas Originals: Into the Metaverse, Doodles, Meebits and Azuki. Said to provide access to a generous amount of money.
How Teller’s BNPL Works
The main difference between Teller’s BNPL and the BNPL of traditional financial startups like Klarna lies in their funding style.
According to the information available, users (borrowers) who want a good NFT can specify the assets they want to buy through the Teller platform. After that, he is expected to pay the down payment required to make the purchase.
Teller will work to match the borrower with the lender who will fund the purchase. NFTs will be deposited in escrow until the borrower successfully repays the debt. This scheme democratizes access by allowing lenders to earn as much as 30% annually and easily fund these good NFTs.
Teller’s new service is coming when the broader crypto market is still trying to recover from the record lows traded in June.
Bitcoin, Ethereum, and other digital assets have lost more than $ 400 billion in value over the last 30 days.
The NFT market was also affected by the crash of this market. This is because the value of some good NFTs has plummeted by as much as 40% due to a broader market decline. According to DappRadar, demand for NFTs continues to grow, despite declining space trading volumes.
This is evidenced by OpenSea, the leading NFT market with major acquisitions and developments to maintain its position as the dominant player in the market.
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