NFTs Too Pricy? Someone Could Fork Out The Money And You Can Pay Them Later

A decentralized finance lending platform, Teller Finance, has created a ‘buy now, pay later’ service for non-fungible tokens for those short on real-life money. But do NFTs need an escrow service? It thinks yes.

The system is called ‘Ape Now, Pay Later’ and matches would-be buyers with potential lenders. Say you find the ape you’ve been dreaming of but unfortunately can’t shell out the money as of right now. No worries. All you need is a 20% to 50% downpayment on it,  and Teller will search through OpenSea for someone to help pay the rest.

Once the other party has accepted the deal, your digital art will be held in an escrow wallet until you can pay back the total amount. As of now, the time limit is set to 90 days, and only then will you receive your NFT.

If not paid on time, the lender will have control over the NFT and can sell it if they wish. They will also earn interest on the deal.   

The current collections under this new scheme include Bored Ape Yacht Club, Mutant Ape Yacht Club, Moonbirds, Cool Cats, Doodles, Azuki, Murakami Flowers Seeds, Meebits, and Adidas Originals: Into the Metaverse. 

Cryptocurrency has recently taken a dive in the market and the introduction of a buy-now-pay-later system may seem counterintuitive. However, digital currencies are on a constant rollercoaster of ups and downs, and what may seem like a bad idea now may literally and figuratively pay off in the future. 

[via Engadget and Bloomberg, Photo 243601831  © Aleksandar Ilic | Dreamstime.com]