UK-based non fungible token (NFT) marketplace platform myNFT has announced it will exhibit a physical NFT vending machine at the NFT.London conference.
The vending machine, the first of its kind in Europe, makes it easier for anyone to dive into the world of NFTs without having any specialised knowledge of blockchain or cryptocurrency.
Located just off the Queen Elizabeth II Centre, Westminster, the machine accepts Apple Pay, Google Pay or an alternative contactless payment method, then dispenses an envelope with a unique code inside it for the chosen NFT, which is easily redeemable on myNFT platform.
With no cryptocurrency, crypto wallet or specialized knowledge required, customers will be able to choose from myNFT’s collection of donated NFTs for a flat fee of just £10. With hundreds of NFTs up for grabs from November 2nd – 4th, some of the brands featured include Dr. Who Worlds Apart, Thunderbirds, Delft Blue Night Watch and many others. Some of the purchased tokens have a potential value of up to £1,000, the company says.
To ensure anyone can participate, the myNFT platform will enable customers to buy NFTs using fiat currency via an onramp. While the purpose of these minted NFTs is for collecting, buyers will be eligible to enroll into myNFT’s ‘bid-to-earn’ GBM auction system, which allows them either land the item they’re bidding for, or earn a reward for taking part in the auction.
Underlining the rationale behind the acceptance of fiat and mobile payments, myNFT pointed out that one of its major goals is to eliminate any barriers to entry in the NFT space. Its vending machine symbolizes the simplicity of myNFT’s platform, creating a fun and engaging process for acquiring NFTs.
“There is so much potential in the NFT market and it’s such a shame to see some of that go to waste when possible new entrants are put off getting involved by various unnecessary and complicated barriers. From gas fees, gatekeeping knowledge, to having to set up a complicated digital wallet and more, great opportunities are being denied and squandered to newcomers,” Hugo McDonaugh, co-founder of myNFT, said in a statement.
“We’re determined to turn NFTs into an everyday activity for everyone, and break it out of its current clique”, McDonaugh added. “The best way for the sector to grow is through popular involvement, and we’re only going to achieve that by breaking down barriers. Our unique vending machine, the only one in Europe, is a fun and quirky way to demonstrate that.”
MyNFT believes that the current NFT industry holds barriers, blocking the technology from widespread access. As such, the concept of NFT vending machines falls into its core mission to lower costs and support multichain payment methods, including fiat and several other features.