People might’ve thought NFT Vending Machine would push mass adoption but no one seems to be interested in buying a collectible at all. Displayed at the NFT.London 2022 conference on Nov 3-4, this machine by myNFT platform was supposed to be an innovative project but it is gathering dust and judgemental stares only.
According to a recent Bloomberg report, the vending machine was placed with the hope to attract attention from non-NFT fans and “eliminate any barriers to entry”, says co-founder of myNFT, Hugo McDonaugh.
Just like the traditional vending machines, the users are required to pay £10 through Apple Pay or other payment methods. Once the transaction is complete, an envelope with a QR code will be dropped.
The NFTs are multichain, available for Ethereum, Polygon, BNB Chain, Moonbeam, and Moonriver, meaning if users decide to make a crypto wallet at some, this collectible will be accessible to them.
The users can scan the code on the myNFT platform to redeem the NFT even if they don’t have a wallet. According to McDonaugh, the road to adoption is filled with many barriers and complications that prevent possible investors from buying collectibles from the marketplace.
“We’re determined to turn NFT investment into an everyday activity, and break it out of its current clique.”
Nonetheless, the easy way of buying NFT doesn’t seem to work either. As London readies for winter, the NFT vending machine is also frosting away in front of the NFT.London venue.
Is it the fear of losing money? Is it a lack of understanding and awareness? We all know London is one of the biggest cities in Europe where crypto investors exist but this machine doesn’t seem to grab anyone’s eye.
Although this idea is innovative and has the potential to grow, at NFT.London, this machine isn’t effective for NFT adoption.
Gathering from the surrounding aura and the overall looks people give to this vending machine, no one is really standing to help people understand why it’s important. You cannot expect people to automatically start using the machine out of nowhere, especially the non-adopters who have no idea what the myNFT platform is about or what non-fungible tokens really are.
McDonaugh in a statement said the machine might be set in a couple of bars and it still doesn’t have a permanent place to be kept. But the real challenge for the team is to develop an interest in the NFTs so that people are willing to buy them from a vending machine.
If you don’t explain the utility or benefit of buying NFTs to the passersby, then they would rather spend £10 on crisps and snacks rather than buy a digital collectible. Will myNFT team come up with a new strategy to promote its vending machine or continue using the same method as it did at the NFT.London conference?