Great, there’s a buy now, pay later service for NFTs
“Buying NFTs is one of the core things Web3 consumers want to do right now,” Teller founder and CEO Ryan Berkun toldLike other BNPL services, Tether requires a down payment. When someone sees a compatible NFT they want on themarketplace, they can use Teller's service to signal their intention to buy it. That person will need to fork over between 25 and 50 percent of the NFT's price at the outset. Teller's platform will then try to match them with a lender, who is another user.
If the lender accepts the proposal, they'll transfer the remaining cryptocurrency needed to buy the NFT from OpenSea. The NFT will then be held in an escrow wallet. If the buyer pays off what they borrowed on time, they'll receive the NFT. Otherwise, the lender can claim the NFT and sell it if they wish. Lenders can also set interest rates for the repayments.
Considering the volatility of the cryptocurrency market and the state of the global economy, buying an NFT through a BNPL service seems like a bad idea. Sure, cryptocurrency prices have cratered in recent months (which played a role in victims of the
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