The new NFT Vending Machine for £10 a pop has been the latest attraction for passers-by

Europe's first NFT vending machine has arrived in London, at the Queen Elizabeth II Centre in Westminster. The new NFT dispensing machine for £10 a pop has been the latest attraction for passers-by. The gadget was placed there to be available on the 3rd and 4th of November for the NFT.London conference. Notably, the meeting, which is designed to gather the local crypto community for workshops, debates, and discussions, is happening at a time NFTs are not doing so well. Digital collectibles and arts, which were in the limelight last year and early this year, are now at their lows. After reaching a record high in January, NFTs have plunged 97% in less than 12 months. NFT trades, worth around $17 billion at the beginning of the year, have dropped to $466 million. Dune analysts explained that investors are dodging high-risk assets amid central banks' effort to curb rising inflation. But why is the NFT vending machine getting zero response from local citizens?

The First NFT Vending Machine in London

Users of the first NFT vending machine in Europe need to pay £10, after which they will receive an envelope with a QR code. Following the envelope, disbursement is the redeemable NFT using the myNFT platform. The machine accepts contactless payment and Apple Pay. For that princely sum of £10, you will receive an envelope with a QR code inside, which you can use to redeem your token through the myNFT platform – no crypto-wallet needed. Brands represented in the vending machine include "Dr. Who Worlds Apart, Thunderbirds, and Delft Blue Night Watch" if that means anything to you.

The NFTs are said to be "multichain," meaning they can be held on Ethereum, Polygon, BNB Chain, Moonbeam, and Moonriver. But you'll have to be quick. The machine is only there as long as the NFT.London conference, which ends today, though McDonaugh said they're "looking at a couple of bars" in the search for a permanent home.

This process can also be done with contactless payment and without using a crypto wallet. The co-founder of myNFT, Hugo McDonaugh, had something to say about the first NFT vending machine in Europe. He revealed that its present location is not its final destination. The myNFT executive said the search is still on for a place to put the device. Also, he noted that they are considering some bars. McDonaugh said the device is primarily to bring digital collectibles closer to people. That way, it removes any hindrances to enter into the market.

"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 investments into an everyday activity, and break it out of its current clique."

Interestingly, NFTs acquired through the first NFT vending machine in Europe are multichain. That is, users of such digital collectibles can hold them on different blockchains such as Ethereum, BNB Chain, Moonriver, Moonbeam, and Polygon. Also, tokens from Thunderbirds, Delft Blue Night Watch, and Dr. Who Worlds Apart are available for purchase. According to McDonaugh, profits from the same sales of NFTs on the first vending machine in Europe will go to charity, Giveth and Roald Dahl's Marvelous Children's Charity.

Moreover, Cointelegraph noted that the interested participants will be an NFT from myNFT's inaugural collection of donated NFTs, which features brands such as Dr Who Worlds Apart, Thunderbirds, Delft Blue Night Watch, among others. The physical NFT vending machine is expected to be located outside the NFT.London conference venue, at the Queen Elizabeth 2 Centre, Westminster, London. Collections from the NFT vending machine are expected to be distributed among Giveth, a blockchain-oriented philanthropic community that provides funding to public goods, services and education in developing nations. In February 2022, Solana-based NFT marketplace Neon launched a 24/7 NFT vending machine in New York's financial district which accepted both credit and debit card payments.