One way to easily enter the world of NFTs is knowing how to buy an NFT in installments, thus overcoming one of its main barriers to entry: the price of NFTs.
En the beginning the prices of the NFTs were very low, some were even given away to the communities for following them and being faithful to it, but as the market grew and a huge wave of interest was generated about them, the low prices they ran out and began to appreciate rapidly.
We now have NFTs that have literally gone from being worth a few tens of euros to being worth millions, directly competing with physical art representations. To get a clearer idea, an NFT work like The Merge, a composition created by the famous artist Pak, reached a staggering $91 million, making it the most expensive NFT in history so far.
Another work known as Everydays: The First 5000 Days, was auctioned for 69,3 million dollars. This work created by Beeple, is the second most valuable NFT in the world and is a composition of 5000 pieces of work that the artist has been making every day since 2007. The achievement of this sale is not only in its enormous quantity, but also The auction was carried out by Christie's, making clear the interest that exists in this type of artistic expression.
Of course, there are much cheaper NFTs, it all depends on the work behind them, the community that supports them, their usefulness and the artistic quality that can be seen in them. There, it is where certain tools can help us obtain a good NFT and pay it in installments, aiming at its revaluation, just as if we were talking about buying and selling art.
Platforms to buy NFTs in installments
Now, what platforms are we talking about? Actually, there are several platforms that allow us to buy NFTs in installments, in addition to offering other special functions, such as granting us credits using our NFTs as collateral. In the decentralized world of blockchain, the opportunities to develop these applications are many and that is precisely what the community has done: build applications that respond to needs.
Thus, we can highlight platforms such as:
Ape Now, Pay Later (ANPL)
Ape Now, Pay Later or ANPL, is an NFT installment platform created with a simple objective: to allow you to buy top-tier NFTs and pay them in installments. ANPL allows holders and buyers of NFTs to create a common market in which holders can present different NFTs from high-quality collections and offer them in installments, which are reviewed by buyers in order to choose the one that is most suitable. suit what they are looking for. The interesting thing about this platform is that APNL is completely decentralized, so the process is carried out without trust and with the guarantees that the parties must comply with the conditions described to avoid situations that may affect them (such as an attempted default and theft of the work).
The idea allows buyers to obtain the NFT without needing to have all the necessary capital for the purchase. Thus, you only have to have an initial fee (given by the platform) and the rest is financed through a loan. At this point, ANPL generates another functionality and that is that the lenders (associated in a liquidity pool) can lend the necessary tokens for said purchase, and with the return, they obtain interest for said loan. Thus, a dynamic is created in which not only NFTs are the protagonists, but also decentralized finance (DeFi) makes its appearance.
Among the NFTs that we can find on this platform are:
- Bored Ape Yacht Club (Bayce)
- Mutant Ape Yacht Club (Mayca)
- Azuki
- moonbirds
- Doodles
- meebits
- cool cats
All of them considered top-tier NFT collections, with huge community and markets built around them.
Plate
Plate it is not only a decentralized platform that allows us to buy NFTs in installments, but it is also a powerful protocol to design other applications for that purpose. The Teller Protocol is defined as a decentralized software, which allows the lending of DeFi digital assets without collateral, through an open order book model. Through the protocol, borrowers can match off-chain data with on-chain loan applications.
Thus, those who request assets propose a loan request and those who supply assets commit them to the loan requests of their choice. Lenders who agree to loan terms requested by borrowers, based on data provided or requested, carry out transactions directly.
On the other hand, the information that is attached to a loan application is at the discretion of the borrower. It can include details of the financial situation of the borrower, his social status, his identity or other relevant data. A big plus point for Teller is that its protocol is data agnostic and has no opinion on the user.
Teller is perhaps the most advanced protocol for the purchase of NFTs in installments that exists at the moment, in fact, ANPL is built using Teller, but this protocol with all its potential allows us to access credits for other goods represented by NFTs.
For example, a tokenized house or apartment can be purchased using Teller, since the protocol allows the connection between sellers (with ownership of the house and the NFT that represents it) and buyers (who require a loan to get it). In this sense, Teller acts as a mortgage broker, allowing the parties to negotiate with conditions with which both agree and which leads to the closing of a successful economic operation. We can see this specific function, for example, in Teller's USDC Homes market.
How can I buy my first installment NFT?
Buying an NFT in installments is quite simple, all you need to have on hand is a MetaMask wallet and visit a site like APNL to search for the NFT that interests you. In this case, the first thing to do is go to the APNL DApps.
At this point we must click on "Buy NFT", in order to start the process with the purchase process.
We will quickly be before the sample of collections available to buy in APNL, where we must choose the collection of NFTs that we are interested in buying. In our case, as an example, we will choose Otherdeed, the metaverse project of the Bored Ape Yacht Club (BAYC).
Once there, we must choose an NFT from the collection. At this point you must know the project, the usefulness of NFTs and what you are looking for, in order to choose an NFT according to your needs and objectives. Notice that two prices appear in the NFT:
- Now: which refers to the installment purchase. This is the minimum price to pay in order to obtain the NFT you want, the rest of the NFT will be paid in installments as specified by the current NFT holder.
- Price: which is the real price of the NFT in the OpenSea market.
Thus, when you have located the NFT you want, you just have to click on "Buy NFT".
Once you read all the information about the NFT and the payment conditions, you just have to click on "Buy Now, Pay Later", and perform the interaction with your MetaMask wallet. In this way you will completely close the purchase of your NFT using APNL and you will only have to pay the remaining installments periodically.
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