There’s a company called Teller Finance that’s now allowing you to acquire NFTs with the ‘buy now, pay later’ formula. A lot of people may get in financial trouble with that. Including myself, crucially. Dammit.
I called it a ‘company’ but that’s technically incorrect because Teller is a DeFi lending protocol built on the Polygon blockchain. In crypto terms, it uses non-custodial liquidity pools that users can borrow from (or add funds to) with their bank accounts.
In non-crypto terms. You can basically ‘fuse’ your bank account with the DeFi platform. # trouble
The service, aptly called ‘Ape Now, Pay Later, allows you to buy select NFTs from the Bored Ape Yacht Club, the Mutant Ape Yacht Club, Moonbirds, Doodles, Azuki, Cool Cats, Meebits, Adidas Originals, Murakami Flowers Seed and RTFKT-MNLTH.
A down payment is required, and it varies depending on the project. The ‘cheapest’ one is Adidas Originals, with a 25% down payment.
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