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NYC vending machines get an upgrade – not with better snacks, but NFTs

NYC vending machines get an upgrade – not with better snacks, but NFTs
People pass by sign saying “NFT ATM," in a small storefront that hosts digital art collecting platform Neon’s first in-person non-fungible token (NFT) vending machine in Lower Manhattan’s financial district of New York City, U.S., March 1, 2022. REUTERS/Brendan McDermid
  • In an attempt to combine old technology with new modern technology, Neon, which has raised US$3 million in seed money, is rolling out vending machines around the United States.
  • However, instead of offering snacks, the vending machine, which sits in front of a small store in Lower Manhattan’s financial center, offers non-fungible tokens or NFTs.
  • The thing about these vending machines, though, is that you don’t know which NFT you’re going to get.
  • When talking about the vending machine’s target customer, Neon chief executive officer Kyle Zappitell called them “the crypto curious” in an interview with Reuters. It’s “the people who tried to buy cryptocurrency or they were interested in buying an NFT, but they just hit too many barriers."

How does it work?

NFTs
Small paper boxes that hold slips with QR codes are seen inside digital art collecting platform Neon’s first in-person non-fungible token (NFT) vending machine in Lower Manhattan’s financial district of New York City, U.S., March 1, 2022. REUTERS/Brendan McDermid
  • Inside the vending machine are boxes with QR codes on a paper slip inside, with the price from US$5.99 to US$420.69.
  • The buyer can see which NFT they got by scanning the QR code on any device.
  • “As a NFT collector, over time, one of the things you love is the randomness of, ‘Which one are you going to get?’ So that’s one of the exciting aspects," Zappitell explained.
  • The NFTs use the Solana blockchain, which ensures carbon-neutral transactions, and the vending machine accepts both cash and credit card purchases.

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