NFT, or non-fungible token, has had its market increase up to 7 billion dollars in 2021 with no sign of stopping any time soon. Therefore, it came as no surprise that more people are looking into it.
As the NFT market is getting bigger and bigger, the demand for marketplaces to fulfill the needs also increases. And this is when Shopify NFTs, a combination of one of the most eCommerce platforms and NFT, came to the market.
Still, Shopify users and merchants have their questions: What is it? How does it perform? Can such a combination live up to the expectations?
It’s time to find out!
What is Shopify NFTs?
We all know what NFT is, more or less. So, what about the Shopify NFTs?
First of all, it is not considered a “non-fungible token” of or by Shopify. Additionally, Shopify does not directly create or publish a completely new token on the blockchain (also known as mint) to make it purchasable.
Specifically, Shopify NFTs allow merchants to mint new NFTs and sell them on Shopify. Moreover, they are expected to help remove the complexities and difficulties while buying or selling these non-fungible tokens.
Later on, Shopify revealed tokengated commerce at the end of June 2022. They made it a new experience for online merchants to connect with their consumers. As Shopify stated:
Tokengated commerce bridges NFT communities with your brand, on and offline. When token holders connect their wallets to your online store, they get special access to innovative commerce experiences—from exclusive collections and behind-the-scenes events to one-of-a-kind perks and more.
For detailed information about Shopify’s tokengated commerce, you can visit their help center’s article about Shopify and NFTs.
What are the advantages of selling Shopify NFTs?
We all know that NFT has been on the market for a decent amount of time. But what makes selling NFT on Shopify so appealing? The answers lie right within the platform itself.
Shopify, as we know it, is one of the most popular eCommerce platforms worldwide. Currently, there is no exact number of live websites running on this platform. However, Shopify claims (right on their About us page) that they have empowered millions of businesses worldwide.
Therefore, you can see how merchants trust and familiarize themselves with this platform, which makes Shopify a great place to sell NFTs. Besides, there are also a few more advantages that no online merchants can ignore.
1. Get brand recognition for Shopify NFTs
There have already been some popular marketplaces, such as OpenSea, Magic Eden, Rarible, and more, to find and purchase NFTs since these tokens became viral. However, as mentioned above, Shopify has become one of the most used eCommerce platforms internationally.
So, when more merchants and businesses become interested in buying and selling NFTs, they will want to choose the platform that they know and have experience with. Additionally, there is no point in looking for another platform when you are interested in selling NFTs. If you already have a Shopify store, you can just sell these non-fungible tokens along with other products.
Furthermore, new consumers who are interested in buying NFTs might feel uncomfortable when using platforms like Axie marketplace or OpenSea. As a result, they may turn to visit the NFT store they trust on Shopify.
2. Have more blockchains supported
As we know, all NFTs are created on blockchain technology. And, while there are several different blockchains, the most popular one is Ethereum, followed by other blockchains such as Polygon, Tezos, Near, and Flow.
Besides, most NFT marketplaces support only one or two blockchains. In other words, you will have to mint NFTs based on a particular blockchain and sell them for equivalent cryptocurrency.
However, Shopify NFTs remove such difficulties for online merchants. Currently, Shopify supports NFTs on most of these popular blockchains, which are Ethereum, Flow, Near, and Polygon. As a result, this will allow sellers to broaden their NFT options, and they can also provide more offerings for their buyers accordingly.
3. Have more available payment options
Normally, paying for NFTs will require cryptocurrency and a crypto wallet. Consequently, interested buyers may get demotivated from buying because they don’t want to go through such a hassle process or additional steps before purchasing.
With Shopify NFTs, online merchants can skip crypto-related transactions and use credit card payments for checking out. More importantly, more accessible payments can encourage new interested buyers to purchase the NFTs they want from your Shopify store without any worries.
However, to actually own a specific NFT, you still need to create a crypto wallet to contain that token. We will discuss the process more in the next section.
4. Offer a simple process for claiming Shopify NFTs
One more thing keeping NFT-interested buyers from owning a token is transferring tokens to their crypto wallets. To purchase NFTs from platforms like OpenSea, users will have to process transactions on the blockchain. After that, these purchases will be sent automatically to the appropriate crypto wallet accordingly.
However, this process can be confusing for non-tech savvy consumers who have just jumped on this NFT train. If buyers find it troublesome to own a token, they will easily lose interest.
Fortunately, Shopify is here to remove, or at least reduce, the complexities of owning NFTs. Users that buy Shopify NFTs can claim ownership of these tokens via an email link and add them directly to their crypto wallets. As you can see, the process has just gotten a whole lot simpler.
Still, Shopify users will need to switch to the appropriate blockchain to view the purchases from their wallets.
How to sell Shopify NFTs on your Shopify store
Currently, this NFT program is still in beta and only for Shopify Plus stores located in the US. Therefore, not all Shopify merchants are accessible to this new feature.
Nonetheless, you should not worry if you cannot access this Shopify NFTs program at the moment as Shopify will soon expand this feature to more businesses on the platform.
On the other hand, if you are qualified for this program, you can simply apply to join and sell your brand’s NFTs. By using Shopify’s minting app partners, you can start creating and selling NFTs of your brand.
Don’t forget about marketing your Shopify NFTs
No matter what you sell on Shopify, NFTs, or physical products, it is important to develop a marketing plan for your business. Without a proper marketing strategy, you may soon find your store left behind in the competition with very few followers.
Therefore, paying more attention to marketing and promoting your Shopify store’s NFTs are always recommended practices. And, there is no better way to do that than marketing on social media.
Furthermore, there are 2 major platforms that you should invest in promoting your NFTs.
If you remember how Elon Musk stirred up the bitcoin market in his tweets, you will see how effective this social media platform can be. Moreover, Twitter is where most influencers in the business gather, so you can also expect to promote your NFTs easily on this platform.
You can share your story, roadmap, project details, and everything about your collections.
It is one of the most popular platforms among players since the day communication became vital during online games. Nowadays, Discord has become a popular chat platform for NFT communities.
Therefore, you can simply dive into a Discord server and promote your Shopify NFTs without spamming. Or, you can also create your own server and let everyone know about it.
There is no doubt that NFT will grow even more when the public has more interest and investment in them. Together with the popularity of Shopify, we can believe that more people will know about Shopify NFTs and that more businesses can access these non-fungible tokens.
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