HomeTechnologyWorld’s First NFT Vending Machine Arrives in New York City

World’s First NFT Vending Machine Arrives in New York City

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Neon NFT marketplace has installed a first-of-its-kind vending machine for non-fungible tokens (NFTs) on 29 John Street of US’ New York City. People will be able to use fiat currency, credit cards, and debit cards to purchase digital collectibles or NFTs from this machine. This vending machine opens the NFT sector to a wider set of buyers because most NFT marketplaces usually accept payments in only cryptocurrencies, and not everybody wishes to own an NFT is a crypto investor.

Built on the Solana blockchain, Neon is a crypto startup, that operates as an NFT marketplace and gallery. Its NFT vending machine, made of glass, glows in neon pink and blue lights making for a visual spectacle in NYC’s Financial District.

Jordan Birnholtz, the co-founder of Neon, intends to demystify the procedure of owning NFTs for all, crypto-holders as well as non-crypto owners.

“You shouldn’t be required to hold Ethereum, write a smart contract, pay gas costs or bridge blockchains to participate. NFT buying and selling doesn’t need to be a mystery,” Birnholtz said in an official statement.

This NFT vending machine concept will also scale the visibility of artists, who are creating these pieces and selling them as digital collectibles.

Currently, artists who are selling their works as NFTs on platforms like OpenSea and LooksRare, only have crypto owners as their buyers.

“While only two percent of Americans have digital wallets, 80 percent have a credit card or debit card. Our goal is to support artists and creators by letting them sell digital art to everyone, and to help anyone who wants to become a collector,” Birnholtz added.

The public reaction to the vending machine on social media seems to an encouraging sign.

The sales of NFTs reached some $25 billion (roughly Rs. 1,84,700 crore) in 2021 as the speculative crypto asset exploded in popularity, data from market tracker DappRadar showed.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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