Uh-oh: you can acquire NFTs with the ‘buy now, pay later’ formula

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.

I’ve crossposted this article on readcash, LeoFinance and Publish0x, a social media platform that pays you small amounts to create and/or read content. You need to sign up but it’s 100% free.

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