DeFi Teller Hits NFT Market With “Buy Now, Pay Later” Service

Decentralized finance (DeFi) lender Teller has introduced a buy now, pay later (BNPL) service for blue-chip non-fungible tokens (NFTs) like Bored Ape and others.

Teller Finance, a decentralized finance (DeFi) lending platform, has launched a new feature allowing a “buy now pay later” (BNLP) for non-fungible tokens.

Teller has named the service “Ape Now, Pay Later” and has built it on the Ethereum Layer 2 network, Polygon.

Ryan Berkun, the founder and CEO of Teller, said the service provides NFT enthusiasts with access to affordable financing to buy some of the priciest NFTs like Bored Ape, Mutant Ape, Adidas Originals: Into the Metaverse, Doodles, Meebits, and Azuki.

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.

What’s new in Teller’s BNPL?

The major difference between how this DeFi lender’s BNPL and those of the traditional financial startups like Klarna operate is in the funding style.

According to available information, a user (borrower) that wants a blue-chip NFT can specify the asset he wants to purchase via the Teller platform, then expected to make the required down payment to make the purchase.

Teller proceeds to match the borrower with a lender who funds the purchase. The NFT is held in escrow until the borrower successfully repays his debt. This scheme will allow lenders to earn as much as 30% annually and would also allow easy financing for these blue-chip NFTs, thereby democratizing its access.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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