There is exponential growth in electronic devices, and people frequently change or replace these devices, leading to a significant increase in electronic waste (E-waste). Consequently, proper electronic waste management techniques are essential to preserve and sustain the environment and natural resources. The proposed Collector Vending Machine (CVM) model is an IoT-based smart device that enables customers to dispose of their E-waste and receive a token amount in return. To participate in this system, customers need to register with the proposed model to obtain a Quick Response (QR) code. This QR code is then attached to the e-waste item, which can be deposited in the CVM. Once a threshold level of 80% is reached, the CVM alerts the nearest Collector to gather the E-waste. Collectors then deposit the collected E-waste in the warehouse, where an efficient recycling mechanism is applied to extract the precious metals. The ESP32 microcontroller is utilized to mount sensors and collect data from them. The overall goal of this work is to provide an effective and sustainable solution to electronic waste management, contributing to environmental sustainability.