Shopify has made it possible for eligible sellers to sell NFTs (non-fungible tokens) via its platform, which opens up a whole new world for e-commerce merchants.
On Monday, the NBA’s Chicago Bulls launched its first-ever NFTs –– including digital artwork of NBA championship rings –– by launching an online store on Shopify. Instead of having to go to an NFT marketplace, Bulls fans can now purchase the digital art directly with the team’s online store using a credit or debit card. In its first day of making them available, the NBA team sold out of the NFTs within just 90 seconds, according to Kaz Nejatian, Shopify’s VP of merchant services.
“You could buy NFTs on credit cards before, but honestly the NFT buying experience outside Shopify isn’t awesome for anyone right now,” he told TechCrunch “That’s why we decided to do this work. Merchants and buyers shouldn’t have to take a course in crypto to buy things they care about.”
It’s also about giving consumers more options to buy NFTs – especially those who are not well-versed in cryptocurrency.
By making it possible for merchants to sell NFTs directly through their Shopify storefronts, the company says it’s creating access for merchants who want to sell NFTs. They will eventually be able to choose which blockchain they’d like to sell on based on their products and customer base since Shopify supports multiple blockchains, Nejatian said.
“By contrast, if merchants want to sell on an NFT marketplace, they need to choose based on the blockchain supported by that marketplace,” he added.
The Chicago Bulls selected the Flow blockchain for their NFTs, for example. But overall, Shopify merchants can today choose from Flow and Ethereum, but soon “will have more choice with other blockchains on Shopify,” according to Nejatian.
The move was also driven by demand from merchants asking for the ability to sell NFTs and the desire to give creators and artists another forum to grow professionally.
“Many creators are already seeing the value of selling NFTs to their fans, but we’re removing some of the friction for themselves and their buyers, allowing them to better monetize their work and their connection to their audience,” he added. “We’re opening up a world where their fans feel meaningful connection to their brands, and where NFTs just increasingly become part of how we buy and sell online.”
The NFT market is just getting started, but where is it headed?
