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Teller Finance: ‘Ape Now, Pay Later’ Feature for NFT Projects on Polygon

source-logo  cryptoknowmics.com 08 July 2022 11:24, UTC

The non-fungible token (NFT) projects supported by Teller Finance include Bored Ape Yacht Club, Mutant Ape Yacht Club, Moonbirds, Doodles, Cool Cats, Azuki, Meebits, Adidas Originals: into the Metaverse, RTFKT-MNLTH, and Murakami. Teller Finance is a decentralized finance (DeFi) lending platform. Floral seeds "Ape Now, Pay Later" is Teller's NFT BNLP service, based on the Polygon network. https://twitter.com/useteller/status/1545086035524472834

Teller Finance Allows to Make Down Payment on NFTs

Teller Finance satisfies the same itch that other companies, like Fractional, have scratched: enabling consumers to pay for pricey NFTs without forking over the $1,000 advertised price upfront. In contrast to Fractional, Teller Finance allows one person to make a down payment on an NFT and pay the remaining balance over time. Fractional "fractionalized" NFTs into smaller, cheaper sections that several individuals might buy. By paying only a percentage of the whole price upfront, BNLP enables users to own a product. The purchase is subsequently made in full over time by the buyer, frequently with interest, as is the case with the BNLP platform Klarna.

NFTs Meet DeFi

The rising wave of NFT-focused financial infrastructures, such as lending platforms like NFTfi and Arcade, includes Teller's service. These services let owners of NFTs borrow cryptocurrencies using the NFTs as security. However, Teller's platform is not the only one that makes it possible to buy NFTs using loans. Another cryptocurrency firm, Cyan, has recently received funding from Animoca Brands, OpenSea, and others and offers a buy now, pay later functionality for financing NFT transactions.