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

For those who desperately yearn to own a certificate of authenticity for a URL pointing to an ugly ape illustration or another popular non-fungible token, there’s a buy now, pay later (BNPL) service they can use to finance their purchases. The offering from Teller 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. It runs on the Polygon blockchain and has a fittingly terrible name: Ape Now, Pay Later.

“Buying NFTs is one of the core things Web3 consumers want to do right now,” Teller founder and CEO Ryan Berkun told Decrypt. “Buy now, pay later is a no-brainer.” No wisecrack is necessary at this juncture.

Like other BNPL services, Tether requires a down payment. When someone sees a compatible NFT they want on the OpenSea marketplace, they can use Teller’s service to signal their intention to buy it. That person will need to fork over between 25 and 50 percent of the NFT’s price at the outset. Teller’s platform will then try to match them with a lender, who is another user.

If the lender accepts the proposal, they’ll …read more