Source: Observatorioblockchain / Jennifer Maldonado
Canadian-based company Shopify is revolutionizing e-commerce with non-fungible tokens, or NFTs. Stores hosted on Shopify have been able to offer and market NFT directly since last year. Company president Harley Finkelstein announced in early 2021 that Shopify was making it easier for its merchants to sell NFTs directly in their stores. Also, in July of this year, the company launched its Shopify Tokengated program, so its merchants can create NFT stores. According to ecommerce-platforms, Shopify is used by more than 1.75 million merchants and more than 457 million people shopped on Shopify in 2021. Last year, Shopify ‘s revenueamounted to $3.231 billion, which means an increase of 86% compared to the last two years.
Shopify and NFTs
Through NFTs, Shopify stores and merchants can reach a younger audience. Current technological innovations such as NFTs are introducing new forms of digital property, which have attracted the interest of many brands and companies. Shopify has been interested in these digital assets for their ability to represent any object in the real or digital world. At the same time they grant a verifiable and unique property right. The company believes in NFTs as an important tool to strengthen e-commerce and offer greater exclusivity to its merchants and stores.
Although the NFT frenzy in 2021 has subsided in the midst of a bear market, many companies continue to capitalize on this innovation. According to Grand View Research, the NFT market could reach a capitalization of $200 billion by 2030. The reason is none other than the great demand for these digital assets by young people.
Due to their ability to push the boundaries of this industry, NFTs are becoming increasingly important in e-commerce. Non-fungible tokens, coupled with current technological advances, are changing consumer habits. This is why Shopify wants to harness this innovation to build loyal communities and unlock unique commerce experiences on the platform through NFTs.
Since its launch in the middle of this year, Shopify’s NFT store program, Tokengated, has been in beta. However, it allows selected stores to stimulate the growth of their consumer and user communities by delivering exclusive benefits through non-fungible tokens. At the moment, US Shopify stores or those with a Shopify Plus service contract can access the NFT Shopify Tokengated program.
Cool Cats, World of Women and more
Shopify has partnered with several of the largest NFT collections in the crypto industry. Like Cool Cats and World of Women, among others. These partnerships allow NFT holders to connect their wallets to unlock unique shopping experiences on Shopify stores. They can also get early access to various merchandise, such as limited-edition merch, event tickets, and more. For example, NFT holders can access exclusive collections on Shopify or enjoy innovative shopping experiences on the platform’s stores.
On the other hand, for stores that cannot participate in Shopify Tokengated, the platform makes it easy for them to buy and sell NFTs through various apps. Like BCWare, Dropmint, Mint, Nifty Bridge, Single, Venly and Vivid, among others. These allow users to easily buy NFTs on Shopify, simply by adding them to the shopping cart.
Cross-brand NFT launch
Shopify Tokengated is also a space where brands can start collaborations with different artists and creators to attract new audiences and buyers. Thus, the collaborations with the streetwear brand The Hundreds and with the largest wallet hardware manufacturer in the crypto industry, Ledger, stand out.
In June, Ledger launched a new exclusive Nano X wallet with special prints of Black Adam Bomb. The collaboration also included the release of a series of content across both brands’ social media platforms. This in order to raise awareness of the brands and stimulate the education of new and more experienced users on how to protect their NFTs. Ledger was looking to educate users on how to use their Nano X device.
Another release from Shopify is Doodles, a series of unique characters created by artist Scott Martin, known as «Burnt Toast.» According to Evan Keast, one of the co-founders of Doodles, Shopify Tokengated has given a whole new meaning to its NFT collection, bringing more value and utility to its holders.