Ape now, pay later is a type of short-term financing method that allows users to make purchases and pay on a later date.

As the world gradually moves towards a cashless society, buy now, pay later (BNPL) payment methods are becoming increasingly popular.

This payment method has become so popular that it is now available in the crypto space. Teller just introduced its very own buy now, pay later feature called ape now, pay later.

What is Teller?

Image Credit: Teller

Founded in 2020, Teller is a decentralized lending platform where users can borrow without any collateral. The Polygon-based lending protocol enables unsecured DeFi lending through an open order book model.

The DeFi protocol uses traditional metrics like a credit score to measure the borrower’s creditworthiness. The creditworthiness of the borrower is also used to determine the interest rate of the loan.

Ape Now, Pay Later

Teller is the first DeFi protocol that allows users to purchase an NFT with as little as a 25% down payment.

The platform is so easy to use that you can purchase your favourite NFT collections in three easy steps:

  1. Select the NFT
  2. Accept the loan terms and agreements
  3. Make the transaction

Once the borrower selected the NFT and made the down payment, the system would match the borrower to a lender. If there is a successful match, the NFT will be purchased and placed in an escrow wallet. The borrower will only get the NFT when all the payments are made.

Image Credit: OpenSea

Currently, this payment method is only available for these 10 selected blue-chip NFTs only:

  1. Bored Ape Yacht Club
  2. Mutant Ape Yacht Club
  3. Moonbirds
  4. Doodles
  5. Cool Cats
  6. Azuki
  7. Meebits
  8. Adidas Originals: Into the Metaverse
  10. Murakami.Flowers Seed

Among all the NFTs available, Adidas Original NFT has the lowest down payment cost at only 25%. RTFKT-MNLTH and Murakami would need a 33% downpayment and the other blue chips would need a minimum 50% down payment.

Golden opportunity?

Image Credit: Apenow

The million-dollar question: Is this a golden opportunity to get blue-chip NFTs at a discount or a golden opportunity for abusers to get rich?

This presents a good opportunity to buy your favourite blue-chip NFTs at as much as a 50% discount. If you’re eyeing a particular NFT but feel that it is overpriced, you can consider lending out your money for the NFT.

If the borrower doesn’t default, you get to earn interest for lending. If the borrower default on payment, you get to keep the NFT that was purchased. You can either sell the NFT for a profit or be happy that you bought the NFT at a discount.

At the same time, it lowers the barrier of entry for insider trading as bad actors can buy NFTs in bulks without much initial capital output.


All in all, the introduction of this new buy now pay later feature shows that crypto is progressing in the right direction. This financing solution could be a core pillar of Web3.0.

That being said, this is still very new in the crypto space and it needs some fine-tuning to prevent bad actors from exploiting the system.

[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]

Featured Image Credit: Chain Debrief

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