Reportedly, the machine sold 390 NFTs, raising £3,900 in two days, between 3 and 4 November. All the proceeds went to charities Giveth and Roald Dahl’s Marvellous Children’s Charity. Let’s take a closer look at what MyNFT’s vending machine was all about:
NFT vending machines by MyNFT
MyNFT exhibited the NFT vending machine at the Queen Elizabeth II Centre in London’s Westminster. The idea behind the initiative was to make NFTs more accessible to the general public. In other words, anyone could buy NFTs without needing a digital wallet. Each NFT cost £10.
Once the payment was made, the machine would issue an envelope with a unique code. Buyers could then use the code to redeem the NFT on the myNFT marketplace. The platform donated the proceeds to Giveth and Roald Dahl’s Marvellous Children’s Charity. While the former is a charity supporting public services and education in developing nations, the latter aids ill children with speciality nurses.
“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 new entrants are put off getting involved by various unnecessary and complicated barriers,” said Hugo McDonaugh, myNFT’s co-founder. “From gas fees, gatekeeping knowledge, to having to set up a complicated digital wallet and more, great opportunities are being denied and squandered to newcomers.”
Currently in Beta, myNFT is a multi-chain marketplace where users can buy and sell NFTs via the bid-to-earn GBM auction system. As of now, it supports blockchains Ethereum, Moonbeam, Moonriver, Polygon and Binance Smart Chain Networks. According to McDonaugh, the platform aims to break down the barriers of entry to the NFT world.