Teller Finance, a decentralized finance (DeFi) lending platform, has launched a new feature allowing a ‘buy now pay later’ (BNLP) for non-fungible tokens, according to a report from Decrypt.
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As of right now, the NFT projects Teller supports are Bored Ape Yacht Club, Mutant Ape Yacht Club, Moonbirds, Doodles, Cool Cats, Azuki, Meebits, Adidas Originals: Into the Metaverse, and RTFKT-MNLTH and Murakami.Flowers Seed.
Teller’s NFT BNLP service is called “Ape Now, Pay Later” and is built on the Polygon network.
Teller Finance itches the same impulse that other firms such as Fractional have done in the past: letting users pay for expensive NFTs without forking over the thousand-dollar list price upfront. Unlike Fractional, which ‘fractionalized’ NFTs into smaller and more affordable parts that multiple people can own, Teller Finance permits one individual to pay a down payment on an NFT and pay the rest of the cost later.
BNLP allows users to own an item while only paying a portion of the total cost upfront. The buyer then pays for the item in its entirety over time — often with interest, as is the case with BNLP platform Klarna.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
MK Manoylov is a reporter for The Block covering NFTs, blockchain-based gaming and cybercrime. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP).
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