Neon NFT Marketplace has installed a first of its kind vending machine for non-fungible tokens (NFTs) at 29 John Street in New York City, US. People will be able to use fiat currency, credit cards and debit cards to buy digital collectibles or NFTs from this machine.
This vending machine opens up the NFT sector to a wider group of buyers as most NFT marketplaces usually only accept payments in cryptocurrencies, and not everyone who 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 is made of glass, which glows in neon pink and blue lights.
Neon co-founder Jordan Birnholtz intends to give all crypto-holders as well as the non-crypto public a chance to own an NFT.
Birnholtz says that “you won’t need to own Ethereum, write smart contracts, pay gas costs, or bridge blockchain blockchains to participate. NFTs don’t need to remain a secret.”
This NFT vending machine concept will also serve to increase the reach of those artists. Artists currently selling their work as an NFT on platforms like OpenSea and LookRare only have crypto owners as buyers, but this vending machine will also be able to buy their art from anyone who doesn’t hold crypto.
This NFT vending machine concept will also increase the visibility of the artists who are creating these pieces and selling them as digital collectibles.
Currently, artists who are selling their works on the platform as NFT: open seasand seldom appear to have only 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 allowing everyone to sell digital art, and help anyone who wants to be a collector,” Birnholtz said.
The art pieces sold in the vending machine rely on the Solana blockchain, which ensures carbon-neutral transactions.
And while digital art is mostly offered via cryptocurrencies, Neon’s vending machine accepts fiat currency – you can use a credit card to make a purchase.
The response of the people to the vending machines on social media is an encouraging sign.
NFT sales will reach around $25 billion (approximately Rs 1,84,700 crore) in 2021 as speculative crypto assets explode in popularity, data from market tracker Dappradar has shown.
This NFT vending machine concept will also serve to increase the reach of those artists. Artists currently selling their work as an NFT on platforms like OpenSea and LookRare only have crypto owners as buyers, but this vending machine will also be able to buy their art from anyone who doesn’t hold crypto