Blockchain startup Neon has installed an NFT vending machine in New York City that allows anyone to purchase an NFT using their credit or debit card, without the need for any cryptocurrency or blockchain wallet hassles. NFTs are a multi-billion dollar business, with marketplaces like OpenSea facilitating billions of dollars worth of trades in January alone. While NFTs do get their fair share of backlash and cringeworthy celebrity endorsements, the market value keeps climbing.
However, trading an NFT is anything but easy. Once the item has been created, it needs to be registered on a blockchain such as Ethereum. To do so, a charge has to be paid, commonly known as a gas fee. In order for this to be paid, crypto coins and a crypto wallet service is required. From the buyer’s perspective, they need to link their crypto wallet to the platform they’re buying the NFT from. In short, the mere act of buying or selling an NFT is daunting. On top of that, there is no dearth of theft incidents or scams to contend with as well.
Enter Neon, an NFT marketplace that has installed a vending machine for selling NFTs. Furthermore, the process is entirely crypto-less. The Neon NFT ATM lets anyone snap up an NFT using just their credit or debit card issued by Visa or MasterCard. The machine also accepts contact-less payments via Apple Pay and Samsung Pay. Once buyers choose an NFT and pay the amount, they get an NFT box with a code inside. There is somewhat of a catch, though, and that's the buyer doesn’t actually know what NFT they will get, except for the choice of collection between Party Pigeons and Neon Colors. Thankfully, the small glass gallery on either side of the machine provides a glimpse of what each NFT collection has to offer.
Removing Crypto From The NFT Equation
Once payment has been made and the NFT code received, users then need to scan the code in order to see the NFT they’ve purchased and claim it online. At this point, the buyer will also need to sign up to Neon’s marketplace if they want to send their NFT to their blockchain-based wallet. The whole idea behind installing a vending machine at 29 John Street in New York City is to offer an easy way to access the NFT world, without any crypto wallet issues acting as a deterrent. The NFT machine, which is open 24 hours a day, will also gain the option to pay via crypto later this year. “We built it because it shows how powerful and easy it can be to support digital artists, and to demystify the process of getting an NFT," Neon co-founder Jordan Birnholtz explained to Decrypt. The company also plans to install similar NFT vending machines in other cities in the near future.
In terms of the NFTs, Neon Colors NFTs are priced at $5.99, while the Party Pigeons collection goes for $420.69 each. At the moment, these NFTs can only be purchased on Neon, which relies on the Solana blockchain, but they can be sold anywhere. Solana is the same blockchain that was deployed by the World Wildlife Fund to sell its Non-Fungible Animals (NFTs of endangered animals), although the WWF was forced to shutter the project after backlash. Solana is touted to be a green blockchain as it relies on the proof-of-stake protocol that is said to be less harmful to the environment than the proof-of-work system employed by the likes of Ethereum. Either way, there is now an option to buy an NFT in New York City with just a debit or credit card.