As cryptocurrency values fell, non-fungible tokens (NFTs) continued to post big numbers. For example, a Bored Ape Yacht Club NFT is still valued at $104,000 ETH at the low end.
Teller, a decentralized lending protocol, is determine to make the price a little less. Which prohibitive by promoting “blue chip” NFT and allowing people to pay later for the crypto asset.
The protocol’s new Buy Now, Pay Later (BNPL) feature is similar to those pioneered by startups like Affirm and Karna. Which are adapt by major online retailers, with some notable differences.
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The feature is currently only available for a handful of NFT projects, with funds provided by potential lenders offering liquidity through the platform. Dubbed “Ape Now, Pay Later,” the service runs on the Ethereum Polygon scaling platform.
Founder and CEO Ryan Berkun says the platform fills a gap in the market and allows potential buyers to access high-value NFT assets by paying over time.
“Buying NFTs is one of the core things Web3 consumers want to do right now,” he said. “Buy now, pay later is a no-brainer.”
People can enjoy the features when a desire Beored Ape NFT is listed on OpenSea. Using Teller to indicate their desire to purchase the NFT. Users are then require to make a minimum deposit (up to 50% depending on the project). Before the platform attempts to connect the potential borrower with a lender. If a match is successful and the lender agrees to the terms. The deposit and the lender’s remaining funds will be split. Finally, during the redemption cycle, OpenSea buys the NFT and deposits it in an escrow wallet.
If the payment is make on time, the borrower receives the NFT from the escrow wallet.
Ethereum-backed NFT projects include Bored Ape Yacht Club and Mutant Ape Yacht Club, Moonbirds, Doodles, Cool Cats, Azuki, Meebits, Adidas Originals: Into the Metaverse, RTFKT-MNLTH, and Murakami.Flowers Seed.
Berkun explains that interest rates are dependent on the volatility and liquidity of the market. The Adidas NFTs are interchangeable as they look the same and provide the same functionality for all supports. However, despite their similarities in design, Bored Ape or Doodle images are up of a special combination of elements.
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