Monkey Now Pay Later: Buy Now Pay Later Coming To NFTs – Here Are The Details


A new program offers the possibility to secure a non-fungible token from a series of ‘blue chip’ collections now and pay for it later. Here’s how the popular “buy now, pay later” financing program that has taken over several industries is now moving towards NFTs.

What Happened: Decentralized Loan Protocol Counter, which is based on the Polygon MATIC/USD platform, offers the ability to make a deposit and take out loans on NFTs and pay them off over time, according to a report from Decrypt.

The new service is called “Ape Now, Pay Later”.

Teller CEO and founder Ryan Berkum said the new offering addresses a need in the NFT market, especially for expensive collections.

“Buying NFTs is one of the most important things Web3 consumers want to do right now,” Berkum told Decrypt. “Buy now, pay later is a no-brainer.”

Deposits under the financing can be up to 50% of the price. Users can select an NFT from a collection available on OpenSea and then be matched with potential lenders. The customer pays the deposit and the lender pays the rest. The NFT is purchased and placed in an escrow wallet until all payments are made. The NFT is transferred to the client after the payments have been made.

If the buyer defaults and does not repay the loan, the lender can reclaim the NFT from the escrow and sell it.

Here are the current NFT collections offered as part of Teller’s Ape Now, Pay Later program:

Bored Ape Yacht Club Mutant Ape Yacht Club Moonbirds Doodles Cool Cats Azuki Meebits Adidas Originals: Into the Metaverse RTFKT-MNLTH Murakami Flowers Seed

Investors in Teller include Animoca Brands and OpenSea.

Related Link: Celebrities Who Own Bored Ape Yacht Club NFTs

Why it’s important: Teller’s program is similar to traditional buy now, pay later offerings from companies such as Affirm Holdings AFRM and Klarna who provide the service for retailers.

As the NFT market grows, existing technology from other sectors is permeating. This includes the introduction of buy now, pay later and has also seen several companies offering loans with NFTs as collateral.

With the volatility of the NFT and cryptocurrency market, there can be huge growing pains for a platform like this. If NFT collections see a decline in value, buyers can choose to stop paying the loan.

Berkun called the new offering akin to buying a product with a credit card, or existing buy now, pay later programs for other items.

Mastercard MA recently announced plans to offer credit card purchases on some NFTs.

Price Action: Bored Ape Yacht Club’s bottom price at the time of writing is 99.7 Ethereum ETH/USD or approximately $116,752.

Under the terms of the Ape Now, Pay Later program, a user would pay approximately $58,376 as a deposit on a Bored Ape and make the rest of the payments over time before the Ape is in their wallet.


This post Monkey Now Pay Later: Buy Now Pay Later Coming To NFTs – Here Are The Details was original published at “https://www.benzinga.com/markets/cryptocurrency/22/07/28011760/ape-now-and-pay-later-buy-now-pay-later-comes-to-nfts-here-are-the-details”

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