Tech

Here’s the story of the NFT ATM in New York

03/02/2022
Bitcoin Ethereum News

In a new twist for nonfungible tokens (NFTs), Solana-based NFT marketplace Neon deployed an NFT ATM in the financial district of New York, giving people a very familiar way to acquire NFTs.

In an interview with Cointelegraph, the Co-founder and CMO of Neon, Jordan Birnholtz shared the story of how the NFT ATM came to life. According to Birnholtz, the idea came as their team members were having lunch.

Birnholtz himself is a growth marketer, and his business partner Kyle Zappitell is a former Xbox Mobile gaming engineer “who is passionate about using software to create fun and accessible experiences,” he explained. But the idea of an NFT ATM was pitched over lunch with the team’s intern Drew Levine last fall.

The NFT ATM works very similarly to traditional ATMs machines. You can purchase NFTs through the machine with your credit or debit card. It will dispense boxes that contain unique codes that you can redeem through Neon’s platform. Much like Easter Egg capsules, buyers will not know what NFT they’re getting until they redeem it.

User Drifter1117 shared his experience and some photos of the NFT ATM on Twitter: 

The Neon CMO explained that they picked the Solana blockchain for their marketplace because it was inexpensive. “We think Solana is the best chain to build on because it is inexpensive to use, opening up huge opportunities for more creators, and carbon neutral.”

He also noted that they are planning to bring more artists to their platform and open more NFT ATMs in different cities. “NFTs are going to let a variety of visual, multimedia, and performing artists create new ways to build relationships with and monetize their audience,” says Birnholtz.

“I think this is part of a broader trend that is merging crypto techniques with the focus on supporting creators more directly we see at Substack and Patreon. We’re excited for the explosion in NFT opportunities in the coming years.”

Related: Nifty News: Snoop Dogg and Gary V have $95M in NFTs, Dolly Parton’s Dollyverse and more…

Meanwhile, despite the recent crypto market dips, NFT sales continue to grow. According to recent reports, NFT trading generated $11.9 billion in the last quarter of 2021. The growth corresponds with recent reports of China taking an interest in NFTs and separating it from crypto.