A low-cost, multichain NFT marketplace, myNFT will exhibit Europe’s first physical NFT vending machine at the NFT.London conference from November 2nd – 4th. The vending machine will simplify the NFT purchasing process, thereby facilitating mainstream adoption.
A significant factor standing in the way of the mass adoption of NFTs is accessibility. Interacting with NFT platforms requires a steep learning curve because technical knowledge is necessary to set up crypto wallets, and most of these platforms lack intuitive navigation. Other drawbacks include high gas fees and payment options limited to cryptocurrencies.
To attract more people, fun, engaging, and accessible ways of buying NFTs that include fiat onramps are necessary. Hugo McDonaugh, the co-founder of myNFT, emphasized in a statement, “The best way for the sector to grow is through popular involvement, and we’re only going to achieve that by breaking down barriers. Our unique vending machine, the only one in Europe, is a fun and quirky way to demonstrate that.”
Purchase NFTs from myNFT’s inaugural collection in seconds
The exhibit celebrates the launch of the myNFT marketplace, which is currently live in the beta phase. Customers will be able to pick an NFT for a flat fee of just £10. The collection is the marketplace’s inaugural collection and features donated NFTs from brands, including Doctor Who Worlds Apart, Thunderbirds, and Delft Blue Night Watch.
The vending machine will be located just outside the conference venue, at the Queen Elizabeth II Centre, Westminster, London. Consequently, not only the conference visitors but also anyone passing by will be able to use the machine to purchase NFTs. There’s a limit of 5 NFTs per person.
Payment will be possible via Google Pay, Apple Pay, and other contactless methods. Upon selecting one of the envelopes displayed on the screen, entering the code provided, and paying the fee, customers will receive a QR code, through which they’ll sign up for a free myNFT account, including a digital wallet that will store their NFTs.
MyNFT partnered with Reality+, a web3 platform that helps brands leverage blockchain technology for some of the NFTs included in the vending machine. The co-founder Tony Pearce drew parallels between vending machines and the decentralized, distributed networks by commenting,
“The humble vending machine may seem like an analog, outmoded form of delivery, but far from it! It’s been providing us with wholly owned and decentralised items for years, albeit mostly with items of food and drink we unfortunately cannot yet trade on myNFT. One of the main focuses in this space at the moment is addressing mainstream adoption. In order to bring mainstream on board, this requires simplicity and familiarity which the NFT vending machine enables through a form of distribution that many people around the world are all so familiar with. We’re indeed excited to be a part of this innovative approach to NFT distribution, featuring alongside other fantastic projects and artists to showcase a use case of NFT accessibility in London.”
A team with charitable roots
All of the NFT vending machine’s proceeds will be donated to Giveth, a community focused on funding public goods via opportunities within the blockchain ecosystem, and to Roald Dahl’s Marvellous Children’s Charity, which supports specialist nurses to seriously ill children.
Given the background of the founders of MyNFT, Hugo McDonaugh, Edouard Bessire, and Guillaume Gonnaud, it’s no surprise that proceeds will be donated. The same team founded Cryptograph, an auction platform where celebrities and artists raise money for charities.
MyNFT is a new NFT marketplace with an engaging auction system that integrates the “bid-to-earn” mechanism provided by GBM™. In the MyNFT marketplace, you are rewarded for just bidding in an auction. If someone outbids you, you get your full bid back plus an incentive. In short, you either win the NFT asset or earn a share from the incentive pot. GBM was first used in 2020 in Cryptograph’s auctions, the earlier initiative of MyNFT’s founders. It’s also implemented in the popular NFT game Aavegotchi.
The marketplace will support multiple chains, starting with EVM chains. It uses a unique sidechain architecture that leverages the Moonbeam and Polkadot tech stack. myNFT also integrates fiat onramp services and keeps the transaction fees at 2% in order to support mainstream adoption.