EU’s First NFT Vending Machine Is Coming to London Next Week

Bitcoin Automated Teller Machines (ATMs) might be a wonder of the tech world but their status in this regard may not last as Non-Fungible Token (NFT) vending machines are now making the rounds. In a one of its kind move, tech startup, MyNFT is bringing the first NFT vending machine in the European Union (EU) to London as early as next week as reported by WWD.

For the past 2 years, the NFT ecosystem has been receiving a lot of attention lately with celebrities, brands, and art lovers generally collecting highly-priced digital collectibles. While some are snapping up NFTs for bragging rights, a whole lot of brands are launching their collections in a bid to engage with their customers and audience in a new way.

The proposed NFT vending machine billed for London will help lower the barriers to entry for prospective Web3.0 users that are interested in getting involved with NFTs. The machines will be presented at the NFT London conference to be held at the Queen Elizabeth II Centre.

The NFT machines are designed to help bring NFTs into the real world and will be featuring impressive art from top creators including Dr. Who Worlds Apart, Thunderbirds, and Delft Blue Night Watch. Unlike the NFTs that can be acquired through auctions that cost millions of dollars in crypto, the MyNFT collection on the vending machines will cost anywhere from 10 pounds to 100 pounds.

The vending machine is presented as “a fun and quirky way to demonstrate,” said Hugo McDonaugh, cofounder of MyNFT, adding that “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 investment into an everyday activity, and break it out of its current clique.”

NFT Vending Machines: New Evolution for Web3.0

The advent of the NFT vending machines from MyNFT can be considered a major innovation in the Web3.0 ecosystem as it has the primary aim of bringing digital collectibles closer to the average man.

While their proliferation and operational dynamics are yet to be understood across the board, MyNFT will need to invest much more in educating the public in order to drive a more sustainable embrace of the machine and the product offering it is introducing.

That the NFT vending machines are coming to London is another testament that the United Kingdom, under Prime Minister Rishi Sunak is doing all it can to reposition itself as a global crypto hub. In a very bullish move this week, lawmakers at the House of Commons voted to regulate Bitcoin and cryptocurrencies as financial assets in the country.