Shopify NFTs are poised to remove the complexities of buying and selling Non-Fungible Tokens (NFTs). The market for NFTs is extremely hot. In Q3 of 2021 alone, NFT sales topped 10 billion dollars. Some people think that selling NFTs is a digital artwork fad, but the revenue generated by these HiTech tokens is staggering. In addition, major organizations with large audiences and influence like Shopify and the National Basketball Association (NBA) are actively selling these digital assets.
There can be no doubt that Non-Fungible Tokens are part of the bright future of blockchain technology. While most people associate NFTs with digital art, there are several other use cases for this technology. In this post, we will not explore what NFTs are in too much detail. Instead, if you are unfamiliar with this blockchain technology, explore our introductory content on NFT development to get familiar with this topic.
This post will explore how Shopify merchants can mint and sell NFTs using their Shopify store. First, we will cover the benefits of using the Shopify app versus other NFT marketplaces. Then we will explain how you can turn your Shopify storefront into an NFT store, and finally, we will tell you why Shopify is poised to change the NFT eCommerce landscape.
Why Use Shopify for NFTs?
This is a good question. After all, several NFT marketplaces allow users to mint and sell NFTs, such as OpenSea. However, Shopify-enabled NFT stores have several significant advantages compared to other NFT stores, including:
- Brand recognition
- More supported blockchains
- More payment options
- Simple claiming process
While several popular marketplaces sell NFTs, Shopify is a multinational company that powers millions of eCommerce websites and stores. Shopify is one of the most popular and widely used eCommerce platforms globally. More than 1.7 million companies use the Shopify platform in over 170 countries. It is safe to say that Shopify is a household name. The value of this brand’s strength should not be underestimated.
As more people and businesses start to get interested in buying and selling non-fungible tokens, they are likely to choose platforms that they already know about and have experience with. So, for example, if you already have a Shopify storefront or website and you are interested in selling NFTs, why would you choose another platform when you can sell NFTs alongside your other products?
Furthermore, new buyers interested in NFTs might not be comfortable using platforms like OpenSea that they don’t understand. As a result, they might be more likely to visit an NFT store they trust on a Shopify website. Shopify’s NFT features will make this technology more accessible and mainstream, and it will likely further drive the interest in and value of NFTs.
More Supported Blockchains
All NFTs are built on blockchain technology. However, there are several different blockchains. The most popular blockchain in the NFT space is Ethereum, but Ethereum is losing ground to other blockchains, such as Flow, Tezos, and Polygon. Most NFT markets only support one or two blockchains. This means that you not only have to mint your NFT on a particular blockchain, but you also have to sell it for that equivalent cryptocurrency.
For example, OpenSea runs on Ethereum, which means NFTs must be built on this blockchain, and transactions must be conducted in Ether tokens. Recently, OpenSea has expanded support to Polygon, but for the most part, if you want to buy or sell NFTs on OpenSea, you have to use Ethereum.
Reliance on a single blockchain can cause problems. Recently, Ethereum crashed, and “gas fees” spiked to record highs during an NFT drop by Yuga Labs. As a result, many users could not complete their purchases or spent excessive amounts of Ethereum on transaction fees.
Shopify supports NFTs on several blockchains, including Ethereum, Flow, Polygon, and Near. More options not only give sellers the ability to broaden their NFT offerings, but they give buyers more options too. When consumers are given more options, they tend to gravitate towards that offering. This puts NFT Shopify storefronts in a powerful position.
More Payment Options
Paying for NFTs requires cryptocurrency and a crypto wallet. These hurdles could keep interested buyers away from NFTs because they are unsure about the process, unsure how to set up the necessary FinTech arrangements, or don’t feel like going through all of those additional steps to purchase something. Shopify gives sellers the ability to sell NFTs the way they want.
Shopify allows NFT stores to ditch crypto and accept credit card payments or Shopify payments for NFTs. Allowing Shopify users to pay in fiat currencies, Shopify payments, and use their credit cards allows Shopify-enabled NFT stores to expand their customer base and make more sales. On Shopify, NFT stores can accept credit card payments, Shopify payments, and cryptocurrencies. More payment options are great for buyers and sellers.
Simple Claiming Process
Savvy buyers might be concerned about the process of transferring their purchased NFTs to their crypto wallets. On platforms like OpenSea, all transactions are processed on the blockchain, and all purchases are automatically sent to the appropriate crypto wallet. So how does Shopify handle the ownership aspect of NFTs?
Shopify users who buy NFTs can claim ownership of them through an email link and add their purchases directly to their wallets. Shopify makes the process of claiming purchased NFTs simple and secure.
How Can I Start Selling NFTs on Shopify?
Shopify’s NFT offerings are exciting and offer businesses a lot of benefits. So how can you get started selling non-fungible tokens on Shopify? Unfortunately, Shopify’s NFT features are still in beta, and they are only open to US-based Shopify Plus merchants, brands, artists, and creators.
If you cannot access Shopify’s new NFT beta program right now, do not worry. Shopify will expand access to more businesses on its platform soon. NFTs are wildly popular, and their popularity will only continue to grow as the public becomes more interested and invested in them.
If you are a Web3 or blockchain developer, Shopify wants to hear from you. You will likely have a better chance of accessing the Shopify NFT beta program, even if you are not currently a Shopify Plus member.
Why is Shopify Poised to Change the NFT Landscape?
Shopify is one of the most widely used eCommerce platforms globally, and major NFT marketplaces don’t allow users to pay in fiat currencies. These two facts give Shopify a significant competitive advantage over every other NFT marketplace. As more people decide to buy and sell NFTs, they will stick with the platforms they know and already use. If only a fraction of the current businesses using Shopify chooses to start selling NFTs, Shopify will become one of the most prominent players in the NFT industry.
While cryptocurrency is widely used and traded, there are still many people who don’t use it and have no idea how to set up a wallet or make transactions. Shopify not only expands access to people who want to use credit cards to buy NFTs, but they also support a more comprehensive range of blockchains which will attract more creators and give crypto-savvy buyers more payment options.
When Shopify NFTs are officially launched to the public, it will have an immediate impact on the NFT market. Interest in this technology is not expected to wane. In addition, the use cases for NFTs continue to expand beyond digital art and collectibles.
NFTs are here to stay. Whether 10 billion in sales per quarter is sustainable is yet to be seen. However, the interest in NFTs continues to grow from businesses and consumers. In addition, the use cases for NFTs continue to expand. Non-fungible tokens (NFTs) will play an essential role in the coming of Web 3.0. If you’re interested in learning more about Shopify NFTs, blockchain technology, or the Shopify NFT beta program, reach out to an experienced app development partner for insight and guidance.