Shopify Now Lets Creators Sell NFTs Directly On Their Storefronts
By Mikelle Leow, 03 Aug 2021
Photo 211575929 © Media Whalestock | Dreamstime.com
There’s all this talk about non-fungible tokens (NFTs) moving into the mainstream, what with numerous exclusive digital artworks going off the market for millions of dollars. Now, Shopify is actually setting this dream into motion by allowing merchants to sell NFTs directly on their storefronts, so customers can easily purchase them from their websites.
For the most part, creators have had to depend on eBay-style, third-party crypto marketplaces to list their NFT art. The e-commerce platform is, therefore, eliminating all these tricky steps to give merchants more control over their relationships with customers, matching the experience given during sales of regular products. Likewise, buyers can purchase NFTs without having to study jargon.
“Fans shouldn’t have to have a deep background in crypto if they want to own an NFT from a brand or artist they love,” Shopify president Harley Finkelstein tweeted. “We are making it easier for merchants to sell NFTs, making them more accessible to everyone, and expanding what is possible in the realm of commerce.”
This democratization extends even to payment methods. Shopify’s infrastructure allows credit and debit card transactions, which means buyers would be able to obtain NFT collectibles by card too. That’s an option not all NFT marketplaces offer, Kaz Nejatian, vice president of Merchant Services at Shopify, told Bloomberg. He shared with TechCrunch, “Honestly, the NFT buying experience [with credit cards] outside Shopify isn’t awesome for anyone right now.”
To ensure artwork sales are authorized, Nejatian said that Shopify will individually look into every merchant who will be selling them. Apart from these checks, though, the company is opting for a more passive role and allowing sellers to directly deal with customers themselves.
Among the first to retail NFTs on their Shopify storefronts were the NBA’s Chicago Bulls, whose collection of art depicting their six World Championship rings apparently sold out in 90 seconds.
By opening itself up to the world of NFTs, Shopify is set to expand its reach beyond the 1.7 million businesses it currently supports. That’s a big step for the company, but it could also usher in a new generation of art collectors hoping to get first dibs on unique masterpieces.
If you’ve spent 1 minute on the internet this year, you’ve seen a lot about NFTs. @Shopify we are making it easier for our merchants to sell NFTs directly through their stores, with one of the first being the @ChicagoBulls NFT store. https://t.co/Qv2wKO7RCS— Harley Finkelstein (@harleyf) July 26, 2021
Fans shouldn’t have to have a deep background in crypto if they want to own an NFT from a brand/artist they love. @Shopify we are making it easier for merchants to sell NFTs, making them more accessible to everyone, and expanding what is possible in the realm of commerce. https://t.co/hTGjyS5YrD— Harley Finkelstein (@harleyf) July 28, 2021
[via Bloomberg and TechCrunch, cover image via Media Whalestock | Dreamstime.com]
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