According to a report by Decrypt, Teller Finance, a DeFi lending platform, has introduced a new feature allowing a “buy now pay later” (BNLP) for NFTs.
Bored Ape Yacht Club, Mutant Ape Yacht Club, Moonbirds, Doodles, Cool Cats, Azuki, Meebits, Adidas Originals: Into the Metaverse, RTFKT-MNLTH, and Murakami.Flowers Seed are the NFT projects that Teller currently supports.
“Ape Now, Pay Later” is the name of Teller’s NFT BNLP service, which is based on the Polygon network.
Teller Finance satisfies the same demand as earlier companies like Fractional: enabling consumers to purchase pricey NFTs without paying the whole $1,000 list price up front. Teller Finance allows one person to make a down payment on an NFT and then pay the remaining balance in installments, in contrast to Fractional, which “fractionalized” NFTs into smaller and more affordable sections that several individuals can buy.
By paying only a percentage of the whole price up advance, BNLP enables users to own a product. The purchase is subsequently made in full over time by the customer, frequently with interest as is the case with BNLP platform Klarna.