We are creating a DAPP to enable BUY NOW PAY LATER (BNPL) for NFTs.
The features of our project are:
The DAPP is deployed on Polygon and the transactions are also on the same blockchain network.
A buyer can buy an NFT by paying only some part of the price and pay the remaining part later, thus enabling BNPL.
So here we(our smart contract) holds the NFT but we will issue a note under the address of the buyer.
The note simply depicts that if he pays the remaining amount in the given time, that NFT will belong to him.
A person can even trade the note but in the given time whoever will be the owner of the note(in case he sells the note) must pay the remaining amount to claim the ownership of the NFT.
If the buyer fails to pay the remaining amount in the given time, then the owner can directly claim the NFT back.
Based on the transaction history of a person, credit scores are given.