This Crypto Startup Installed a Real NFT ATM in New York

With the growing popularity of NFTs (non-fungible tokens), an NFT market company called Neon has installed a one-of-a-kind NFT ATM in New York. The NFT ATM, which looks like a fancy version of a traditional ATM, allows users to purchase digital collectibles without cryptocurrencies. Instead, customers can purchase the featured NFTs with fiat currencies or debit and credit cards. Let’s look at the details.

Neon NFT ATM installed in New York

Neon primarily functions as an NFT marketplace, much like other platforms like OpenSea or Rarible. The company aims to make the process of buying NFTs easier by eliminating the need for cryptocurrencies or a digital crypto wallet. So, with its latest NFT ATM, Neon provides a real-world platform for customers to buy and collect NFTs.

Now, for those who don’t know, buying an NFT on the internet can be a tedious process for a layman who does not fully understand how the market works. Currently, if you want to buy NFTs for your collection, you will first need to create your digital crypto wallet on platforms like Metamask. Next, you will need to connect your digital crypto wallet to the NFT market from which you wish to purchase your NFT.

Furthermore, one of the major issues with the process is that you will need cryptocurrencies to buy NFTs as the markets do not accept credit and debit cards or legal tender as an acceptable form of payment. Also, in most cases, you will have to pay additional gas fees to acquire your NFT.

Neon eliminates all of the above issues with its NFT ATM. The real world machine, installed at 29 John Street in New York, accepts local currencies, debit cards and credit cards. Therefore, interested customers can purchase NFTs as easily as they would pick up a can of Coke from a vending machine.

“You shouldn’t be required to hold Ethereum, write a smart contract, pay gas fees, or link blockchains to participate. Buying and selling NFT doesn’t have to be a mystery,” Jordan Birnholtz, the co-founder of Neon, said in a statement.

The NFT ATM will also introduce the concept of NFTs to those who are not yet familiar with them, increase the reach of digital artists In the process. Additionally, it aims to demystify the process of owning NFTs in the marketplace, according to Birnholtz.

“While only 2% of Americans have digital wallets, 80% have a credit or debit card. Our goal is to support artists and creators by enabling them to sell digital art to everyone, and to help anyone who wants to become a collector,” Birnholtz further added.

In the meantime, if you want to learn more about NFTs and how they work, check out our in-depth story linked here. You can also check out our story on the metaverse concept to learn about the importance of NFTs and digital collectibles in the age of Web 3.0. Also, what do you think of Neon’s NFT ATM? Would you like to see such a vending machine in your city one day? Let us know your thoughts in the comments below.

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