Vending machine for buying NFTs appears in London

The device gives users envelopes with a QR code to get the token without using a crypto wallet

04.11.2022 - 13:25

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2 min

A neon purple vending machine dispensing nonfungible tokens for £10 ($11.18) a pop has materialized in the middle of London, drawing frosty stares from passers-by in the British capital.

The glowing gadget is the 21st century iteration of the first coin-operated machines seen in the city in the 1880s, doling out postcards. Sited at the Queen Elizabeth II Centre in Westminster, it will be available between Nov. 3-4 for the NFT.London conference, which brings together the local crypto community for debates and workshops.

Fans have not been put off attending the event even though NFT trading volumes are scraping all-time lows. Trades of the blockchain-based digital art and collectibles have plunged 97% between a record-high seen in January, through September this year. They slid to just $466 million in September from $17 billion at the start of 2022, according to data from Dune Analytics, as investors flee riskier assets amid rate hikes by central banks aimed at curbing inflation.

The rationale for what is being touted as “Europe’s first NFT vending machine” is that it will help make NFTs more accessible and “eliminate any barriers to entry,” Hugo McDonaugh, the co-founder of myNFT -- the venture behind the device -- told Bloomberg News.

The machine accepts contactless payment alongside Apple Pay. Once a fee of £10 has been slotted in, an envelope with a QR code is disbursed, allowing users to then redeem an NFT using the myNFT platform, without the need for a crypto-wallet.

“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 investors are put off getting involved by various unnecessary and complicated barriers,” McDonaugh said in a statement. “We’re determined to turn NFT investment into an everyday activity, and break it out of its current clique.”

This material is taken from the website https://www.bloomberg.com.

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