NFT Trends

What is the NFT Vending Machine?

Digital art platform Neon has launched the first real-life NFT vending machine in New York City, aiming to make digital art pieces as readily available as soda or a pack of chips.

March 4, 2022

Neon is a blockchain startup that is trying to make the NFT trading process easier with an NFT vending machine. Note, that NFT vending machine accepts bank cards and Apple Pay.

What are NFTs?

NFT stands for a non-fungible token. It means that there’s a unique and non-interchangeable unit of data in those quirky artworks. That data is stored on a digital ledger using blockchain technology. And it in its turn establishes proof of ownership. Bitcoin and ether are cryptocurrencies that are used to guarantee the uniqueness of each NFT and to prove who owns it.

Each NFT is completely unique, so it can’t be exchanged like-for-like. NFTs are collectible digital assets that hold value, just like how physical art holds value.

We can make NFTs from almost anything unique that can be stored digitally and holds value. Instead of buying a physical item, you’re paying for a file and proof that you own the original copy.

You Can Now Buy NFTs From a Vending Machine

The first NFT vending machine that is installed in New York City by Neon, allows anyone to purchase an NFT using their credit or debit card, without the need for any cryptocurrency or blockchain wallet hassles.

Trading an NFT is not as easy as it may seem. When an NFT is created, it needs to be registered on a blockchain such as Ethereum. You should pay a charge, known as a gas fee, for registering your NFT.

You can pay the gas fee only through crypto coins and a crypto wallet. Then you should link your crypto wallet to the platform you’re buying the NFT from. Besides, theft incidents or scams are always there.

NFT marketplace Neon has made it easier for practically anyone to dive into the world of NFTs without having any specialized knowledge of blockchain or cryptocurrency.

This NFT ATM lets anyone snap up an NFT using just their credit or debit card issued by Visa or MasterCard. You may pay also via Apple Pay and Samsung Pay.

After choosing an NFT and paying the amount, you will get an NFT box with a code inside. The buyers don’t actually know what NFT they will get, except for the choice of collection between Party Pigeons and Neon Colors. The machine has a small glass gallery providing a glimpse of what each NFT collection has to offer.

After getting the NFT code, users should scan the code in order to see the NFT they’ve purchased and claim it online. The buyers should also sign up to Neon’s marketplace if they want to send their NFT to their blockchain-based wallet.

The NFT machine is open 24 hours a day and later this year you will also be able to pay for NFTs via crypto. Moreover, Neon plans to install similar NFT vending machines in other cities in the near future.

To summarize, the goal of installing an NFT vending machine is to support artists and creators by letting them sell digital art to everyone and to help anyone who wants to become a collector.