author_name|Kris Holt language|en-US provider_name|Engadget region|US site|engadget

Great, there’s a buy now pay later service for NFTs

For those who desperately want to have a certificate of authenticity pointing to an ugly monkey painting or other popular, there is a buy now, pay later (BNPL) service they can use to fund their purchase. Teller’s offering works with some of the more notable NFT collections such as Bored Ape Yacht Club, Mutant Ape Yacht Club, and Adidas Originals: Into the Metaverse. Polygon runs on the blockchain and has an aptly terrible name: .

“Buying NFT is one of the core things Web3 consumers want to do right now,” said Ryan Berkun, Teller founder and CEO. . “Buy now, pay later. No wisecrack is necessary at this point.

Like other BNPL services, Tether requires an upfront payment. When someone sees a compatible NFT on the market that they want, they can use the Teller service to indicate their intention to buy it. This person will need to reserve 25 to 50 percent of the NFT price initially. Teller’s platform will then try to match them with another user, a lender.

If the lender accepts the offer, it will transfer the remaining cryptocurrency required to purchase NFT from OpenSea. The NFT will then be held in an escrow wallet. If the buyer pays the borrowed money on time, he gets the NFT. Otherwise, the lender can claim the NFT and sell it if it wishes. Lenders can also set interest rates for repayments.

Given the volatility of the cryptocurrency market and the state of the global economy, buying an NFT through a BNPL service seems like a bad idea. Of course, cryptocurrency prices have fallen in recent months (which also played a role in victims). axis infinity hack ), but they have a chance to jump back up. Suddenly, these BNPL payments can become much more expensive. buyers to make refunds as well.

The NFT market has also bottomed out. Bored Ape Yacht Club states that the base price for NFT is around 90 Ethereum (about $110,000 at the time of writing). That’s down nearly 40 percent since May.

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