The first physical NFT vending machine is coming to London as MyNFT brings non fungible tokens to the masses
While many tech pundits have predicted the early death of non-fungible tokens (NFTs), it appears the NFT craze is not going away anytime soon. Instead, NFT adoption has accelerated despite the ongoing economic slowdown and crypto winter.
In a clear sign that NFT is no longer a fad, popular brands and big tech companies like Nike, Mastercard, and Nike have also jumped on the NFT bandwagon. Others have also started to introduce NFT goods in the metaverse and gaming. That’s not all.
Now MyNFT, an emerging online multichain NFT marketplace for trading NFTs, is now aiming to take NFT to the next level with the opening of the first physical NFT vending machine in London, England.
Today, MyNFT announced it will exhibit Europe’s first-ever physical NFT vending machine at the NFT.London conference, from November 2nd – 4th. To celebrate the launch of the myNFT platform, their physical NFT vending machine makes it simple for anyone to purchase an NFT in seconds, even without owning a digital wallet. For a flat fee of just £10, customers will be able to choose an NFT from myNFT’s inaugural collection of donated NFTs, some of which have a potential value of up to £1,000.
Customers will be able to choose an NFT from myNFT’s inaugural collection and then they are free to show off their unique new NFT to their friends or alternatively trade it through myNFT’s marketplace.
myNFT is a new kind of NFT platform that’s aiming to make the technology more accessible. It’s a multichain marketplace where myNFT customers will eventually be able to create, trade and migrate NFTs across any blockchain, using any kind of cryptocurrency and at a low cost. This is thanks to myNFTs unique sidechain architecture that leverages the Moonbeam & Polkadot techstack.
The physical NFT vending machine will be located just outside the NFT.London conference venue, at the Queen Elizabeth II Centre, Westminster, London. This means it’s not only ticket holders who’ll be able to use it but also anyone who’s passing by will be able to use the machine to purchase up to five NFTs, a limitation that’s designed to ensure everyone who wants to, has the chance to use the machine.
In keeping with myNFT’s charitable roots hailing from Cryptograph and with the team’s hope that NFTs can be used to help the less fortunate, all the NFT vending machine’s proceedings will be donated to Giveth, who fund public goods & services and education in developing nations, and Roald Dahl’s Marvellous Children’s Charity, who provide specialist nurses to seriously ill children.
To buy an NFT through myNFT’s vending machine, customers simply select one of the envelopes on display, then key in the code provided. After paying £10 via Apple Pay, Google Pay or an alternative contactless payment method, they’ll be able to open up the envelope and scan the QR code. Then, they’ll be invited to set up a free myNFT account, complete with an NFT wallet, in which they’ll receive their NFT that could be worth up to £1,000.
myNFT’s first NFT collection will include an assortment of iconic NFTs, created by brands including Dr. Who Worlds Apart, Thunderbirds, Delft Blue Night Watch and many others.
One of myNFT’s major goals is to eliminate any barriers to entry in the NFT space, providing an easy way for anyone who wants to start buying and trading digital assets. Its novel vending machine symbolises the simplicity of myNFT’s platform, creating a fun and engaging process for acquiring NFTs.
To ensure anyone can participate, the myNFT platform will enable customers to buy NFTs using fiat currency via an onramp. Moreover, buying NFTs on the platform will be a fun and rewarding process too, with myNFT’s unique, patent-pending ‘bid-to-earn’ GBM auction system ensuring that users either land the item they’re bidding for, or earn a reward for taking part in the auction.
“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.”
Tony Pearce, Co-Founder at Reality+, which is responsible for some of the NFTs that will be in the machine also commented: “The humble vending machine may seem like an analog, outmoded form of delivery, but far from it! It’s been providing us with wholly owned and decentralised items for years, albeit mostly with items of food and drink we unfortunately cannot yet trade on myNFT. One of the main focuses in this space at the moment is addressing mainstream adoption. In order to bring mainstream on board, this requires simplicity and familiarity which the NFT vending machine enables through a form of distribution that many people around the world are all so familiar with. We’re indeed excited to be a part of this innovative approach to NFT distribution, featuring alongside other fantastic projects and artists to showcase a use case of NFT accessibility in London.”
myNFT is currently live in Beta and so customers can already visit the platform in order to buy and sell any NFT on the Ethereum, Moonbeam, Moonriver, Polygon and Binance Smart Chain Networks. They can also use the new GBM auction system to sell their NFTs. There are also many other features in the pipeline that are coming soon to myNFT, such as next generation NFT minting tools, multi-currency NFT listings, token-gated experiences and the integration of other blockchain networks to the platform.
myNFT was founded by three university friends and entrepreneurs: Hugo McDonaugh, Edouard Bessire, and Guillaume Gonnaud, who have been in the NFT space since the very early days. Their first NFT platform, Cryptograph, was used by dozens of Hollywood stars to create and sell their first NFTs to raise money for charity.
Through their work on Cryptograph, the founders came across multiple barriers to entry in the NFT space, ranging from high gas fees to a clunky user experience, poor cryptocurrency exchange rates and mechanisms and more besides. Their solution to these problems is myNFT, a reimagined NFT marketplace with a smooth UI, fun and engaging auction system and fiat onramp that makes the space easily accessible to everyone.