SNEAK PEEK
- A brilliant purple vending machine selling non-fungible tokens for £10 ($11.18) each have surfaced throughout London.
- A modified version of the first coin-operated device that disseminated postcards in the city in the 1880s is the lighting apparatus.
- The event has continued to draw followers even if NFT trade volumes are close to record lows.
Amid London, a fluorescent purple nft vending machine has appeared that sells nonfungible tokens for £10 ($11.18) each, prompting cold looks from bystanders.
The illuminating device is a modernized version of the first coin-operated device that distributed postcards in the city in the 1880s. It will be open from November 3–4 for the NFT London conference, which brings together the local crypto community for discussions and workshops. It will be located in the Queen Elizabeth II Centre in Westminster.
A neon purple vending machine dispensing NFTs for £10 a pop has materialized in the middle of London https://t.co/kiRAJM51jV
— Bloomberg Crypto (@crypto) November 4, 2022
Even though NFT trade volumes are approaching record lows, fans have continued to attend the event. Between a record high recorded in January and September of this year, trades in blockchain-based digital art and collectibles fell 97%. According to statistics from Dune Analytics, they declined to just $466 million in September from $17 billion at the beginning of 2022 as investors fled riskier assets amid rate hikes by central banks intended to fight inflation.
Customers can purchase one item from the marketplace’s initial inventory of donated NFTs through the machine outside of the Queen Elizabeth II Centre in London’s Westminster for £10.
Following payment, the machine will dispense an envelope with a special code for the selected NFT that can be redeemed on the myNFT platform. According to the business, some of the tokens bought might be worth up to £1,000.
According to Hugo McDonaugh, co-founder of myNFT, the company behind the machine, the idea behind what is being marketed as “Europe’s first NFT vending machine” is that it will help make NFTs more accessible and “remove any hurdles to admission.”
Along with Apple Pay, the device also accepts contactless payments. An envelope with a QR code is given out when a £10 fee has been deposited, enabling consumers to redeem an NFT via the myNFT platform without the requirement for a cryptocurrency wallet.
