Shopify NFT Merchants Get More Tools
Shopify, one of the most patronized e-commerce platforms globally, has launched a collection of blockchain commerce tools that aim to improve the NFT user experience of Web3-focused stores housed in its ecosystem, according to a company blog post on 9 February.
Despite many blockchain commerce tools already launched by Shopify, including an expansion of its crypto wallet connects features, the e-commerce platform highlighted token-gating application programming interface (API). According to a designer at Shopify's blockchain team, the tools will help build more token-gating applications for merchants.
Shopify NFT merchants can access token gating
Launched in June 2022, token gating confers more value to a non-fungible token (NFT) by granting holders of collectibles exclusive access to physical products, content, or community in addition to the digital token held in their wallets.
According to Harrison Hosking, the marketing manager for Keak, an NFT wallet tracker, token gating adds utility to NFTs.
With token gating embedded in the platform, Shopify NFT merchants can dictate which token holder they deem valuable to access benefits, NFT drops, and exclusive products.
Some of the primary benefits of token gating include, but are not limited to, security (due to the verification of NFT ownership through blockchain technology), cost-effectiveness, and buzz around a particular crypto project and the merchant.
Some of token gating's use cases can be highlighted via Shopify and NFT project Doodles, which gives holders exclusive products. Other use cases include Stoner Cats, which gives access to digital content, and Flyfish Club, which gives membership access to project stakeholders.
When did Shopify NFTs begin?
Shopify began supporting NFT sales in July 2021 with the National Basketball Association (NBA) team Chicago Bulls. It was the first to sell digital collectibles commemorating its world champion rings.
In December 2021, GigLabs announced that it had launched an app for selling NFTs on Shopify.
In January 2023, many news feeds reported that Shopify merchants can also sell Avalanche NFTs (one of the biggest blockchains by all-time sales volume) through an app called Venly.
Author: Raphael Minter
Raphael Minter/ Albert Zuhnden (preferred pen name) is a crypto finance writer, data miner, and fundamental analyst. Raphael has written hundreds of articles about centralized and decentralized financial instruments such as precious metals, commodities, stocks, and cryptocurrencies. He broke into digital finance in 2016 and believes digital assets and blockchain technology is the future of finance.