Adding a New Layer to the Crypto Picture

If there is one thing human beings know best, it’s how to scale up on a consistent basis. This particular ability has allowed us to realize some big milestones throughout our journey so far, and among these very milestones, we have the all-important creation of technology as well. In fact, technology’s emergence stands out from the rest pretty comfortably here, and it does so for bigger reasons than you think. Now, while the creation’s innate skill-set is certainly a pivotal mention in and around such discussions, we cannot go without talking about the versatility of these skills. You see, unlike any other concept, technology was somehow able to impact each and every area across the spectrum. The stated dynamic would help the creation in taking over the landscape from all conceivable directions. However, even after becoming a clear centrepiece of our lives, technology will continue to scale things up in one capacity or the other, with each bid seemingly grander than the last one. This same pattern was reinforced yet again on the back of a recent launch.

The Buy Now, Pay Later has officially hit the cryptocurrency market, as Teller, a decentralized finance lender, recently introduced the feature for various blue-chip non-fungible tokens (NFTs). According to certain reports, the eligible NFTs include Bored Ape Yacht, Mutant Ape Yacht Club, and Adidas Originals: Into the Metaverse, among others. As for how the entire operation will work, once an individual zeroes in upon an NFT that they want to buy from OpenSea marketplace, Teller will try and match them with a compatible lender, who by the way, will be another user and not Teller itself. Assuming the lender approves the proposal, they’ll transfer the remaining cryptocurrency needed to buy the NFT. Mind you, the individual who originally wanted to buy the digital asset still needs to fork out between 25% and 50% of the sum before their purchase can go through. Next up, it gets a little more intriguing, as even after all the proceedings are done, the NFT will remain in an escrow wallet until the borrower clears all the debts. In case, they are unsuccessful in doing so, the lender will have every right to claim the NFT and sell it at their own discretion. Furthermore, the lender will also reserve an option to set interest rates for the repayments.

“Buying NFTs is one of the core things Web3 consumers want to do right now,” Teller founder and CEO Ryan Berkun. “Buy now, pay later is a no-brainer.”

The move from Teller seems to be an attempt dedicated towards fighting a huge crypto slump. As for BNPL, it has really rejuvenated the fintech industry, but what it does within the digital assets’ sphere is something that remains to be seen.

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