With the ever increasing popularity of NFTs (non-fungible tokens), an NFT marketplace company called Neon has installed a first-of-its-kind NFT ATM in New York City. The NFT ATM, which looks like a fancy version of a traditional vending machine, lets users buy digital collectibles without cryptocurrencies. Instead, customers can buy the showcased NFTs with fiat currencies or debit and credit cards. Let’s look at the details.
Neon NFT ATM Installed in New York
Neon primarily operates as an NFT marketplace, much like other platforms like OpenSea or Rarible. The company aims to ease the process of buying NFTs by eliminating the need for cryptocurrencies or a digital crypto wallet. So, with its latest NFT ATM, Neon provides a real-world platform for customers to buy and collect NFTs†
Now, for those unaware, buying an NFT on the internet can be a tedious process for a layman who does not thoroughly know how the market works. Currently, if you want to buy NFTs for your collection, you will need to first create your digital crypto wallet on platforms like Metamask. Then, you will need to connect your digital crypto wallet to the NFT marketplace from where you want to buy your NFT.
Furthermore, one of the major issues of the process is that you will need cryptocurrencies to buy NFTs as the marketplaces do not accept credit and debit cards or legal tender as an acceptable form of payment. Plus, in most cases, you will need to pay additional gas fees to acquire your NFT.
Neon eliminates all of the above issues with its NFT ATM. The real-world machine, which has been set up on 29 John Street in New York City, accepts local currencies, debit cards, and credit cards† Hence, interested customers can buy NFTs just as easily as they would take a can of Coke from a vending machine.
“You shouldn’t be required to hold Ethereum, write a smart contract, pay gas costs or bridge blockchains to participate. NFT buying and selling doesn’t need to be a mystery,” Jordan Birnholtz, the co-founder of Neon, said in a statement†
The NFT ATM will also introduce the concept of NFTs to those who do not know about them as of now, boosting the reach of digital artists in the process. Furthermore, it aims to de-mystify the procedure of owning NFTs in the market, as per Birnholtz.
“While only 2% of Americans have digital wallets, 80% have a credit card or debit card. Our goal is to support artists and creators by letting them sell digital art to everyone, and to help anyone who wants to become a collector,” Birnholtz further added.
Meanwhile, if you want to learn more about NFTs and how they work, check our in-depth story linked here. you can also check our story on the concept of metaverse to know the significance of NFTs and digital collectibles in the Web 3.0 era. Also, what do you think about Neon’s NFT ATM? Would you like to see such a vending machine in your city someday? Let us know your thoughts in the comments below.