It’s been a difficult week for cryptocurrency markets. With the threat of war between Russia and Ukraine looming, prices have dipped for many popular cryptos. Yesterday saw fear-driven market momentum push down many names such as Bitcoin (BTC-USD), Ethereum (ETH-USD) and Solana (SOL-USD). Today, though, has seen several victims of yesterday’s crypto crash pull back into the green and Solana has more good news. Investors looking to support the SOL crypto can now do so through a vending machine that dispenses Solana non-fungible tokens (NFTs).
Solana NFTs From a Vending Machine?
If you’re looking to gain exposure to Solana-based NFTs, Neon is providing an easy — and clever — option. Decrypt reports that the NFT marketplace has rolled out a literal vending machine that allows investors to purchase Solana NFTs with only a credit card. The machine debuted in December 2021 at 29 John Street in New York City.
Now investors are welcome to visit it 24 hours a day.
How It Happened
It’s no secret that the popularity of NFTs has skyrocketed over the past year. As an investment vehicle, they have created unique opportunities for everyone from musicians to business leaders. Earlier this month, Coinbase (NASDAQ:COIN) and Rolling Stone teamed up for an NFT launch that coincided with the Super Bowl.
Neon was clearly quick to recognize the market for a venue that makes NFTs more accessible to new investors. Its team knew there had to be a way to help potential buyers feel more comfortable acquiring digital assets. CMO and co-founder Jordan Birnholtz told Decrypt that he came up with the idea while working with an intern last year.
“We built it because it shows how powerful and easy it can be to support digital artists, and to demystify the process of getting an NFT,” he said.
In addition to using either Visa (NYSE:V) or Mastercard (NYSE:MA), buyers can also purchase a SOL crypto NFT from the vending machine using Apple (NASDAQ:AAPL) or Samsung pay. Essentially, customers are now able to purchase an NFT with the same means they use to purchase anything else. The only other tool that is required is a smart phone to scan the item’s QR code.
What It Means for the SOL Crypto
While one NFT vending machine likely won’t change too much for markets, it is a trend that could absolutely catch on. If other NFT marketplaces launch vending machines of their own, the market could open up to entirely new groups of investors. This will be especially true if such machines are launched in other cities in the U.S. and beyond.
Is this likely to become a trend? There’s no reason it shouldn’t. The concept of an NFT vending machine might sound futuristic, but that future has clearly arrived. Like the NFTs available through Neon’s machine, the SOL crypto is also reaching new investors. If this becomes a trend, it will be advantageous for both.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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