Polygon Network Supporting NFTs Buy Now Pay Later

Polygon Network Supporting NFTs Buy Now Pay Later
  • A buy-now, pay-later option for NFTs has been introduced by Teller.
  • 10 prominent NFT projects are supported by the Polygon network.

Teller Finance, a decentralized finance (DeFi) lending platform, has introduced a new feature that allows users to buy now pay later (BNLP) for non-fungible tokens. “Ape Now, Pay Later” is the name of Teller’s NFT BNLP service, which is based on the Polygon Ethereum scaling platform.

How The Feature will Work?

Teller currently supports NFT projects are Bored Ape Yacht Club, Mutant Ape Yacht Club, Moonbirds, Doodles, Cool Cats, Azuki, Meebits, Adidas Originals that Into the Metaverse, RTFKT-MNLTH, and Murakami.Flowers Seed. 

However, the offer is only accessible to a limited number of major NFT projects, and the funds are provided by potential lenders of all types who provide liquidity through the platform.

Depending on the project, Teller finance required down payment on an NFT, then they will match the potential borrower to a lender, and the buyers can pay the remaining balance in installments. 

The down payment will be pooled with the remainder of the lender’s funds, the NFT bought from OpenSea is kept in an escrow wallet. If all payments are paid on time, the borrower receives the acquired NFT from the escrow wallet 

The minimum down payment for any other blue-chip collection is 50%, and the Adidas NFTs have the lowest required down payment of 25% on the total cost in ETH, both RTFKT-MNLTH and Murakami require a 33% down payment.

Lending platforms like NFTfi and Arcade, Teller’s service NFT-focused financial infrastructures. These services enable NFT owners to borrow cryptocurrency using the NFTs they hold as security.

A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.