Ape Now, Pay Later, a service that allows you to buy now and pay later for NFTs.

Ape Now, Pay Later is a service that allows you to buy now and pay later for NFTs. A strange proposal, to put it mildly, given the volatility of the market and its current state.

For those desperate for a certificate of authenticity for a URL pointing to a monkey artwork or any other popular non-fungible token (NFT), there is now a Buy Now, Pay Later service that can be used to fund those purchases. Tellera works with some of the most famous NFT collections such as Bored Ape Yacht Club, Mutant Ape Yacht Club and Adidas Originals: Into the Metaverse. It runs on the Polygon blockchain and has the ugly name Ape Now, Pay Later.

Ape Now, Pay Later is a service that allows you to buy now and pay later for NFTs.

“Buying an NFT is one of the things web3 customers want to do right now,” Teller founder and CEO Ryan Berkun told Decrypt. “Buy now, pay later, that’s all.”This is the promise of this Ape Now, Pay Later service.

Like other services of the same kind, the service requires a deposit. When someone sees a compatible NFT they want to buy on the OpenSea Marketplace, they can use the teller service to signal their intent to buy. The person then has to pay between 25% and 50% of the NFT price. The Teller platform will then try to find a lender, which is another user.

If the lender accepts the offer, they will transfer the remaining funds to buy NFTs to OpenSea. The NFT will then be stored in a deposit wallet. If the buyer repays what he borrowed on time, he will receive back the NFT. Otherwise, the lender can recover the NFT and sell it if they wish. Lenders can also set interest rates on repayments.

To put it mildly, a strange proposal, given the volatility of the market and its current state.

Given the volatility of the cryptocurrency market and the state of the global economy, buying NFTs through a “buy now, pay later” service seems like a bad idea. Admittedly, the value of crypto has plummeted in recent months, causing the victims of the Axie Infinity hack to lose a lot of money, but it is possible that the market will skyrocket again. These “buy now, pay later” payments can become much more expensive. Buyers also only have 90 days to make a return.

The NFT market also fell. Bloomberg explains that the minimum NFT price for Bored Ape Yacht Club was around 90 Ethereum (around $110,000 at the time of this writing). It has lost about 40% since May.