The logic of layaway is being applied to non-fungible token by the company.
Teller Finance is launching a program called "Ape Now, Pay Later" that will allow users to give each other loans in order to buy NFTs on the ethereum block.
What could happen?
After putting down a down payment of up to 50 percent, borrowers would be matched with a lender who could meet the other half of the loan.
The NFT would be put in an escrow wallet until the borrowers make their loan payments.
Ryan Berkun, the CEO and founder of Teller, said that buying NFTs is one of the core things Web3 consumers want to do. It's a no-brainer to buy now.
He's correct in one way. The concept of layaway, which is a well-known way for predatory companies to extract interest out of cash-poor consumers, isn't surprising given the amount of exploitative schemes and NFT scam already out there.
There are many ways that a lending scheme could turn into an opportunity of abuse.
The idea that you could be forced to pay interest on a loan for a digital image file that is very likely to plummet in value is ludicrous.
You can buy a Bored Ape now and pay later with a new service.
The NFT marketplace admits that 80 percent of its NFTs are fraudulent.
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