myNFT has announced that it will unveil its innovative non-fungible tokens (NFTs) vending machine during the NFT.London conference slated to hold between November 2, to November 4, 2022. myNFT’s physical NFT vending machine makes it possible for users to buy digital collectibles in seconds at very low fees, even without owning a crypto wallet.
Europe’s First-Ever Physical NFT Vending Machine
myNFT, a low-cost, multichain blockchain-based digital collectibles marketplace focused on breaking the barriers to entry into the metaverse for the masses, has developed an innovative one-of-a-kind NFT vending machine in commemoration of its official launch.
Per a statement shared with crypto.news, the physical NFT vending machine, which will be unveiled during the upcoming NFT.London conference between November 2 to November 4, 2022, is designed to enable anyone to buy NFTs of their choosing in seconds even without owning a digital wallet.
For a flat fee of just GBP 10, attendees at the summit will be able to choose any digital collectible that catches their eye from the expansive collection of NFTs available on the myNFT platform, some of which have a potential value of up to GBP 1,000.
Once a user successfully purchases an NFT from the myNFT physical NFT vending machine, the collectible becomes their property. Collectors will be able to show off their unique NFTs to their friends or trade them at the myNFT marketplace.
myNFT Making NFTs Accessible to All
While the overall gloomy market conditions globally may have taken its toll on the crypto markets, with the combined market cap of crypto assets currently a far cry from the over $2 trillion region hit last November, the NFT and metaverse trends have continued to attract the attention of individuals and brands alike.
Though researchers have predicted that the non-fungible token (NFT) market size will reach $211.72 billion by 2030, at a CAGR of 33.9 percent during the forecast period, the often crazy gas costs associated with minting these NFTs on some marketplaces, and various other factors pose a huge challenge to the growth of the space.
Hugo McDonaugh, co-founder of myNFT said:
“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, and gatekeeping knowledge, to having to set up a complicated digital wallet and more, great opportunities are being denied and squandered to newcomers.”
However, myNFT is aiming to make NFTs more accessible to the masses by enabling them to create, trade, and migrate their digital collectibles across blockchain networks, using any kind of crypto tokens, at a low cost. This is made possible by the platform’s unique sidechain architecture that leverages the Moonbeam and Polkadot tech stack.
On the myNFT platform, users can purchase NFTs with fiat money via an onramp. The NFT marketplace also features a patent-pending ‘bid-to-earn’ GBM auction system designed to ensure that users either get the item they bid for, or earn a reward for participating in the auction.
myNFT platform is now live in Beta and collectors can visit the marketplace to buy and sell NFTs on the Polygon, Ethereum, Moonbeam, Moonriver, and Binance Smart Chain networks. The project is also making plans to launch more innovative features in the coming months, including next-gen NFT minting tools, multi-currency NFT listings, and more.
NFT Proceeds will go to Charity Organizations
Importantly, the team has hinted that both ticket holders and passersby during the NFT.London summit will be able to lay their hands on the unique NFTs on offer, as the myNFT physical NFT vending machine will be positioned just outside the conference venue at the Queen Elizabeth II Centre, Westminster, London.
Each collector will be able to purchase a maximum of five NFTs only, a limitation designed to ensure everyone has the chance to use the machine.
In line with myNFT’s tradition of charity and giving back to society, which dates back to the days of Cryptograph, an NFT platform used by dozens of Hollywood stars to mint and sell NFTs to raise funds for charity, the team has made it clear that the proceeds of the NFT sales via the vending machine will go to the Giveth and Roald Dahl’s Marvellous Children’s charity organizations.
Explaining how the NFT purchase process works, myNFT said:
“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 GBP 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. Collectors will then be invited to set up a free myNFT account, complete with an NFT wallet, in which they’ll receive their NFT that could be with up to 1,000 GBP.”
Tony Pearce, Co-Founder at Reality+, one of the creators of the NFTs in the myNFT vending machine said:
“One of the main focus 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 are indeed excited to be 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.”