myNFT simplifies NFTs collecting with physical vending machine

abdelaziz Fathi

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.


Read this next

Retail FX

Malaysia regulator exposes OctaFX clone, shady FB profiles

Malaysia’s financial regulator today warned online investors about the risks of following investment tips made on social-media platforms.

Digital Assets

Crypto trading volume spikes at Swiss bourse amid FTX collapse

The shockwaves from the historic collapse of Sam Bankman-Fried’s crypto empire are still being felt across the industry, but some trading venues are actually doing better because of it.

Executive Moves

CMC Markets adds Camilla Boldracchi to institutional sales

UK’s biggest spread better, CMC Markets has promoted Camilla Boldracchi to take on an expanded role within its institutional sales desk.

Institutional FX

FXSpotStream reports $1.48 trillion in monthly volume for November

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for November 2022, which moved higher on a yearly basis but reflected weak performance across executed trade volumes when weighed against the figures of the prior month.

Retail FX

Interactive Brokers’ client activity drops 30% YoY

Interactive Brokers LLC (NASDAQ:IBKR) saw 1.95 million daily average revenue trades, or DARTS, in November 2022 compared to 1.96 million transactions in the prior month.

Digital Assets

The rise of Crypto ETPs in traditional exchanges as crypto winter deepens

Institutional investors are increasingly looking at traditional regulated exchanges as their first route into digital assets amid market turmoil caused by the crypto winter and the collapse of several big names within the space, including FTX. Acuiti and Eurex surveyed 191 buy and sell-side firms on their views of the digital assets markets in order […]

Digital Assets

TP ICAP’s crypto arm receives FCA’s go-ahead

UK interdealer broker TP ICAP has received a regulatory go-ahead to launch its cryptocurrency services in the UK. The bid shows that the recent collapse of FTX exchange has done little to damp the interest of big names in running their own crypto business.

Industry News

Coin Signals founder to pay $2,847,743 after prison sentence over crypto Ponzi scam

The U. S. District Court for the Southern District of New York has ordered Jeremy Spence, founder of Coin Signals, to pay $2,847,743 in restitution to victims of a fraudulent virtual currency scheme.

Digital Assets

CME Group goes DeFi: Reference rates and real-time indices of Aave, Curve, Synthetix

“These rates are designed to provide traders, institutions and other users transparency and price discovery across a much broader range of tokens, allowing them to confidently and more accurately value cryptocurrency sector specific portfolios and manage price risk around various blockchain-based projects.”