Decentralized financial lending platform Teller has introduced a “buy now, pay later” business model to help users split payments to buy non-reciprocal tokens (NFTs).
The feature, called “Ape Now, Pay Later,” will run on Ethereum’s Polygon scaling platform. The service will allow users to make an upfront payment of 25% to 50% on select NFTs from the Bored Ape Yacht Club, Meebits and Doodles collections.
The Teller team said the new feature is useful for those who want to buy NFTs but don’t have enough capital. As a result, buyers will be able to pay a small portion of the price as a down payment and the rest will be financed by a loan.
“Buy now, pay later” is a buyers’ dream. This method has grown dramatically in popularity in recent years, and it continues to gain traction with retailers and brands looking to offer lucrative and flexible ways to shop online.
Since 2018, the number of method users in the U.S. has grown more than 300% per year to reach 45 million active users in 2021, who have spent more than $20.8 billion.
Teller Finance CEO Ryan Berkun noted that “buying NFT is one of the main things Web 3.0 consumers want to do right now.”