First NFT Vending Machine in Europe Arrives in London

Users of the first NFT vending machine in Europe need to pay £10, after which they will receive an envelope with a QR code.

The first NFT vending machine in Europe has arrived in London, at the Queen Elizabeth II Centre in Westminster. The new vending machine dispensing NFTs for £10 a pop has been the latest attraction for passers-by. The gadget was placed there to be available on the 3rd and 4th of November for the NFT.London conference. Notably, the meeting, which is designed to gather the local crypto community for workshops, debates, and discussions, is happening at a time NFTs are not doing so well. A

Digital collectibles and arts, which were in the limelight last year and early this year, are now at their lows. After reaching a record high in January, NFTs have plunged 97% in less than 12 months. NFT trades, worth around $17 billion at the beginning of the year, have dropped to $466 million. Dune analysts explained that investors are dodging high-risk assets amid central banks’ effort to curb rising inflation.

The First NFT Vending Machine in Europe

Users of the first NFT vending machine in Europe need to pay £10, after which they will receive an envelope with a QR code. Following the envelope, disbursement is the redeemable NFT using the myNFT platform. This process can also be done with contactless payment and without using a crypto wallet. The co-founder of myNFT, Hugo McDonaugh, had something to say about the first NFT vending machine in Europe. He revealed that its present location is not its final destination. The myNFT executive said the search is still on for a place to put the device. Also, he noted that they are considering some bars. McDonaugh said the device is primarily to bring digital collectibles closer to people. That way, it removes any hindrances to enter into the market.

“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. We’re determined to turn NFT investments into an everyday activity, and break it out of its current clique.”

Interestingly, NFTs acquired through the first NFT vending machine in Europe are multichain. That is, users of such digital collectibles can hold them on different blockchains such as Ethereum, BNB Chain, Moonriver, Moonbeam, and Polygon. Also, tokens from Thunderbirds, Delft Blue Night Watch, and Dr. Who Worlds Apart are available for purchase. According to McDonaugh, profits from the same sales of NFTs on the first vending machine in Europe will go to charity. Giveth and Roald Dahl’s Marvelous Children’s Charity.

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Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.