How to Buy NFTs in CYAN’s NFT Marketplace? 2 Steps Only

Buying NFTs from Cyan’s marketplace is quite simple!

In this article, we’ll walk you through your first Buy Now, Pay Later NFT purchase. The experience is easier than using other marketplaces, with the added benefit of paying later for the NFTs that you purchase. So you don’t need to have all the funds upfront to buy NFTs on CYAN.

In this guide, we’ll assume you already have a non-custodial wallet, like MetaMask, and have some experience dealing with Ethereum applications like Coinbase, Uniswap, or OpenSea. Remember to have some ETH already to pay for gas and make purchases.

Also Read: How to Buy NFTs with Minimal Gas Fees? 2 Easy Solutions

1. Connect Wallet

Cyan doesn’t require any user to create account to buy NFTs. We allow you to sign up by connecting your wallet through the “Connect Wallet” in the top right corner of the Cyan app. There any many options available, including MetaMask, Wallet Connect, and Unstoppable Domains. Of course, wallets such as Rainbow and Rabbit can be connected as well.

2. Buying Process

Window shopping on Cyan doesn’t require you to connect your wallet. You can start browsing from the first page, Shop. A convenient table is available to scroll through the available collections on Cyan, of which there are currently 107 for Ethereum and 10 for Polygon. Click on any of the collections to dive in and start browsing through the assets available. Once in the marketplace view for the collection, you can choose between the grid view, which shows the pictures in larger form, or toggle to the table view to see NFTs in list format.

Use the filter button to toggle between the traits desired. Using the filter is a great way to see which traits are desirable and how they are priced in the market. Once you’ve chosen an NFT to buy, click on the picture to open up the financing terms. This pop-up makes it easy to pick and choose the terms you’d like, determining the down payment amount and length of the loan. Click on the “+” button in the Payment Schedule section to see further loan details. 

After the terms are selected, you can elect to turn on Automatic Repayments, which automatically deducts funds from either your wallet or your Cyan Wallet. A Cyan Wallet is created on your first loan as an escrow account. This is where NFTs on loan are held, which give you full access to the asset during the loan period. Automatic Repayments are a convenient way to have payments made to ensure you don’t miss any. A missed payment will result in a default, which forfeits control of the NFT and forfeits all payments made to date.

• When you’re ready, you can click on “Start” to begin the buying process.
• As mentioned earlier, a Cyan Wallet will be created on the first purchase or loan made on Cyan. This is a one-time creation, so future loans won’t require this step.
• Once the process is approved from your Main wallet, funds from Cyan Vaults will be transferred and used to buy the target NFT. This step may take up to 15 minutes, as a credit check may be manually conducted from time to time.
• Once the NFT is purchased, it is moved to your Cyan Wallet, and the loan starts. Congratulations, you’ve made your first Buy Now, Pay Later purchase of an NFT!

3. Loan Repayments

Throughout the life of the loan, there are periodic payments required at regular intervals selected by you when initiating. Most loans have a monthly repayment schedule, payable every 30 days. Loans as short as or shorter than one month will have only one repayment.

• To make a payment, head to your Account.
• Select the ‘Loan’ option in the menu.
• From here, locate your loan and click on ‘Pay’,.
• Select multiple if making a bulk repayment.

NOTE: A bulk repayment is a convenient way to make multiple payments in one transaction to save on gas.

There are three options available to you when making repayments.

1. The first is a regular payment, which is due at every interval you’ve set initially.
2. The second method is an early repayment, which ends the loan today by making a full repayment of the principal at a discounted interest rate. This is handy for when you immediately want full control over the NFT to transfer it out of your Cyan Wallet.
3. The last method is the ability to sell the NFT and simultaneously use the proceeds to pay off your loan. This last method is available only when the best bid on the NFT from OpenSea is higher than the owed amount of the loan. Blur is being added as a marketplace option for this method in the coming weeks.

Do’s and Dont’s While You Buy NFTs on CYAN

There aren’t any strong recommendations either way for using the Buy Now, Pay Later feature on Cyan. Here is a quick summary:

Do’s:

• Prepare an adequate amount of ETH or USDC for the down payment
• Research and make sure the NFT you are buying is the correct asset
• Play with the Cyan Demo Wallet first to get a feel for how to use the Cyan Wallet
• Set up your email, discord, and telegram for notifications. Cyan will periodically remind you of upcoming payments

Don’ts

• Blindly buy any NFT without some research
• Miss any payments – a revival is available, but at a penalty of 1% for every 24h the payment is late
• Trust any domain outside of usecyan.com for purchasing via Buy Now, Pay Later

Its Easy to Reach CYAN Customer Support

The easiest way to get in touch with us right away is through our discord channel. Either start a help ticket or reach out to us in the general chat. For private matters, we highly recommend starting a ticket. We usually reply within 15 minutes and have a closure rate of 100%. 

Otherwise, feel free to send an email to [email protected]. You are guaranteed to receive a reply within 24 hours from the sent time. Don’t hesitate to contact us for anything!