A Buy Now, Pay Later Service for Popular NFTs Such as BAYC is Now Available

NFTs now have a buy now, pay later feature called "Ape Now, Pay Later."

The Ape Now, Pay Later feature will empower numerous enthusiasts to get into owning an NFT.

This buy now and pay later service allows users to finance the purchase of their desired NFT. This product service created by Teller will run on the Polygon blockchain.

NFTs Ape Now, Pay Later Feature

NFTs can now be purchased with much less risk by using Teller Finance's BNPL-like service. This service, called Ape Now, Pay Later, will let users purchase any kind of blue chip NFTs without handing over thousands of dollars in upfront payment.

Teller Finance enables anyone to make an initial payment on an NFT and defer payment of the remaining balance until a later date.

Users of this BNLP service are able to acquire an item while only making an initial payment that covers a portion of its full price.

As tweeted by the decentralized company, buyers will be required to at least have a downpayment of 25 to 50% of the NFT price.

When using the BNLP platform, the buyer is given the option to pay for the item in its entirety over a period of time, typically with interest added.

According to Engadget, Teller's CEO, Ryan Berkun, "Buying NFTs is one of the core things Web3 consumers want to do right now." Berkun added, "Buy now, pay later is a no-brainer."

How Much these NFTs Cost

The Teller's Ape Now, Pay Later feature does not work in all NFTs. The offer, for now, is exclusive to the more notable NFTs in the market.

Some of these NFTs are from RTFKT-MNLTH, Meebits, Mutant Ape Yacht Club, Bored Ape Yacht Club, Doodles, Azuki, Moonbirds, Cool Cats, Murakami, and Adidas Originals: Into the Metaverse.

According to Decrypt, the minimum initial investment for the Adidas NFTs is only 25%of the total price in Ethereum. The minimum initial investment for the RTFKT-MNLTH and Murakami NFTs is 33% each.

A minimum down payment of 50% is required for the purchase of any of the other "blue chip" collections.

Berkun said that the rates were decided upon after considering a number of factors, including the liquidity and volatility of the market.

For instance, the Adidas NFTs are virtually interchangeable with one another because they all have the same design and provide holders with the same set of capabilities.

On the other hand, every single BAYC or Doodle image is composed of a one-of-a-kind combination of characteristics, despite the fact that many of them ultimately have very similar designs.

How Ape Now, Pay Later Feature Works

As Engadget reports, when a user finds a compatible NFT on the OpenSea marketplace that they are interested in purchasing, they have the option of using Teller's service to communicate their desire to purchase the NFT.

That individual will be responsible for making an initial payment equal to between 25 and 50 % of the price.

After that, Teller's decentralized platform will attempt to pair them with a lender who is also a user of the platform.

If the lender decides to go ahead with the deal, they will send OpenSea the remaining cryptocurrency that is required in order to purchase the NFT from them.

After that, the NFT will be stored in a wallet designated for escrow. It will then be given to the buyer if they are able to repay what they borrowed in a timely manner.

If this is not the case, the lender has the right to reclaim the NFT and sell it if they so choose. The interest rates attached to the repayments can also be determined by the lenders.