Shopify is a popular e-commerce platform that enables entrepreneurs to set up their online stores with ease. It offers a wide range of features to help businesses manage their inventory, process payments, and market their products.
Shopify is no longer just a traditional e-commerce platform as it has expanded its offerings to include NFTs. With the introduction of the Shopify NFT app, buying and selling Non-Fungible Tokens (NFTs) has never been easier. This revolutionary app simplifies the entire process of shopify NFT minting and promises to transform the NFT eCommerce landscape.
What are NFTs?
NFTs are digital tokens that represent ownership of unique digital assets, such as artwork, music, and videos. Unlike fungible tokens like Bitcoin, which are interchangeable, each NFT is one-of-a-kind and its ownership cannot be replicated. NFTs and ownership are stored on a blockchain, which is a decentralized and secure ledger that records all transactions.
The Emergence of NFTs in E-commerce
The market for NFTs is rapidly growing, with sales topping 10 billion dollars in Q3 of 2021 alone. Some people consider NFTs a digital artwork fad, but the revenue generated by these HiTech tokens is staggering.
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 NFTs are part of the bright future of blockchain technology, and brands and businesses that embrace this new technology and revenue stream will have a competitive advantage in the years to come.
What is an NFT storefront?
An NFT store allows digital collectors to purchase, sell or create their own tokens. This unique digital token represents ownership and intangibilities in tangible and intangible materials.
Advantages of Selling NFTs on Shopify
Shopify is a great marketplace for e-commerce owners and entrepreneurs. It offers a range of advantages for selling NFTs that other platforms may not. In this section, we’ll explore some of the benefits of selling NFTs on Shopify.
Free and in Control
With Shopify NFT, you are in control of every aspect of selling your NFTs. You have the freedom to customize your store and optimize your checkout process according to your preferences. This level of control allows you to provide a unique and personalized shopping experience to your customers.
Increased Brand Awareness
Shopify is one of the most popular e-commerce platforms globally, so brands and customers are already familiar with it. By selling your NFTs on Shopify NFT platform, you can leverage this to create more brand recognition and increase the visibility of and sell your products. This, in turn, can lead to increased interest and value for your NFTs and boost your brand awareness.
More Payment Options
Shopify NFT offers a wide range of payment options, including credit card purchases and crypto payments. This flexibility in payment options can help you expand your customer base and increase customer satisfaction.
More Blockchain Options
Unlike other NFT marketplaces that only support a limited number of blockchains, Shopify NFT supports NFTs on Ethereum, Flow, Polygon, Near, and more to come. This variety of options allows sellers to expand their NFT offerings and give buyers more options. Providing more options increases the possibility of having potential customers coming your way.
Ease of Use
Shopify NFT platform is incredibly easy to use, even for beginners. In just a matter of minutes, you can set up your NFT store on Shopify. You don’t have to know the details of any other apps, crypto wallets or NFT technology as Shopify provides an all-in-one solution.
Secure and Simple NFT Claiming
Shopify NFT makes it easy for customers to claim their NFTs securely. When an NFT is purchased, customers receive an email from Shopify with a link to claim the NFT. Clicking the link adds the NFT directly to the owner’s crypto wallet. This simple and secure process ensures that customers have no problems claiming their NFTs and increases your Shopify store’s conversion rates.
How to Sell NFTs on Shopify
Selling NFTs on Shopify is a relatively simple process that follows the same steps as selling any other product. However, there are a few conditions that need to be met before you can sell NFTs on Shopify. Firstly, your store needs to be based in the United States, and you must be on the Shopify Plus plan. If you meet these requirements, you may be eligible to join the Shopify NFT Beta Program.
To apply for the Shopify NFT Program, you can fill out an application form provided by Shopify. Alternatively, you can contact one of Shopify’s minting app partners, using apps such as Venly, or NFTeapot, to determine if you qualify for the program.
Once your NFT and claim page have been created, it’s time to price your NFT. This part is subjective, but it’s essential to do some research and check similar items to set a price that generates a significant deal. Assigning different values to different NFTs can also appeal to different buyers and make your most valuable content stand out.
When it comes to payment accept only, Shopify NFT Payments allows you to configure it to accept credit card payments, while additional cryptocurrency payment processors can be enabled from the Payments page in the Settings section of your Shopify admin.
It’s important to note that you don’t need to have any cryptocurrency or a crypto wallet to be minting and sell your NFTs on Shopify, but you will need Shopify minting partners to help you create your NFT. These partners will assist you in defining the assets and smart contracts your NFTs include for the chosen blockchain and design your NFT claim page to ensure that it represents your brand image.
How to Buy NFTs on Shopify
Buying NFTs on Shopify is a simple process that is similar to buying any other product or store on the platform. Once the customer has found the NFT they wish to purchase, they can add it to their cart just like any other product for shopify users.
Payment options on Shopify NFT platform include credit card payments through Shopify Payments or through supported cryptocurrency processors and wallets such as BitPay, DePay, OpenNode, and others. Once the order has been confirmed, the customer will receive a link to navigate to the NFT claim page.
To successfully claim their NFT, the customer must have a crypto wallet connected to their account. This wallet is where the NFT will be minted or delivered directly to connect wallet. Fortunately for users, several minting app partners like Dropmint, GigLabs, and Items enable this process.
But what happens if the customer doesn’t have a crypto wallet?
In that case, they will be guided to create a wallet from the NFT claim page. Once the wallet is created, its NFT will be minted or delivered directly to connect wallet to pay it.
It is important for users to note that buying and selling NFTs on Shopify involves some technical knowledge and understanding of blockchain technology. However, Shopify’s user-friendly interface and integration with various minting app partners make the process accessible to a wide range of customers.
What is Token-gated Commerce?
Token-gated commerce is a cutting-edge e-commerce technology that aims to add value to NFTs (Non-Fungible Tokens) by providing exclusive access to products, discounts, events, and more. By granting token holders access to restricted content, Shopify store owners and merchants can incentivize their customers to purchase specific NFTs and boost their overall revenue.
How does it work?
The process is quite simple: Shopify store owners specify a set of NFTs and smart contracts and select the content they will accept or grant access. When a customer holds a token holders one of the specified NFTs, the token-gating app partner automatically allows access to the restricted content.
What are the benefits?
The sky’s the limit when it comes to offering exclusive content to NFT holders. For example, the NBA’s Chicago Bulls created an NFT collection that grants fans exclusive access to pre-game dinners with Bulls legends and courtside seats at Bulls games.
Other use cases of token-gated commerce include access for buyers to exclusive collections, products, and discounts on a Shopify storefront, ownership of NFTs that grant token holders first access to future NFT releases, and exclusive access to community interaction channels such as online Discord channels and communities and in-person events.
How can customers benefit?
To access the exclusive content, customers can connect to the project using their crypto wallet or sign a message with it to prove that they are the owner of the specified NFT. Once verified, they can easily access the exclusive offers.
Shopify NFT Marketing
One of the most important aspects of selling NFTs on your Shopify store is marketing. Without proper marketing, your NFTs are likely to go unnoticed. Therefore, it is essential to create a Shopify and NFT sales marketing plan to ensure that your store reaches a wider audience. A powerful marketing system will help to increase conversion rates and ultimately lead to higher sales.
Social media marketing (SMM) is a promising way to promote your Shopify NFTs. Social media networks offer a significant reach, and you can take advantage of this by promoting your shopify NFTs on the most important platforms. Twitter is one of the most popular social networks in the NFT world. By sharing your story, roadmap, and project details, you can easily promote your NFT on Twitter.
Discord is another popular web chat platform that NFT communities use 24/7. You can dive into the Discord servers, promote your NFT without spamming, create your own server, connect and spread the word about and sell your Shopify NFTs.
Examples of businesses selling NFTs on Shopify
Several businesses are already selling NFTs on Shopify. Here are some of the most successful examples:
- Cool Cats: Cool Cats is a popular NFT project that sells digital cats on Shopify. Their unique and creative designs have made them one of the most sought-after NFT collections.
- Super Plastic: Super Plastic is a limited edition NFT collection featuring 10,000 unique characters. Each character has its own distinct personality and style, making it a favorite among NFT collectors.
- Doodles: Doodles is a collection of unique, hand-drawn NFTs that are sold exclusively on Shopify. These whimsical illustrations have gained popularity among art lovers and NFT collectors alike.
- Invisible Friends: Invisible Friends is a collection of animated characters that are invisible until they are claimed by their new owner. This unique concept has made it one of the most intriguing NFT collections on Shopify.
- World of Women: World of Women is a collection of NFTs featuring powerful and influential women throughout history. This collection has become a favorite among collectors who value diversity and empowerment.
- Adam Bomb Squad: Adam Bomb Squad is a collection of NFTs featuring colorful and explosive designs. This collection has become popular among art lovers and collectors who value uniqueness and creativity.
Staying ahead of the curve in e-commerce
Keep up with the ever-evolving e-commerce landscape by adopting new technologies such as NFTs and implementing effective marketing strategies. Selling NFTs on a Shopify NFT centered store offers an unparalleled opportunity to tap into a rapidly growing market and expand your reach. To make the most of Shopify for NFT sales, it’s essential to follow best practices for displaying and promoting NFTs on your NFT Shopify store. By doing so, you can position your business for success in the exciting world of NFTs on Shopify.
Key NFT Trends and Figures to Keep in Mind for 2023
- The NFT market grew 700% in just one quarter in 2021, according to a report on blockchain analytics.
- 4 million people in the U.S. alone purchased or sold an NFT, according to an NFT survey in the U.S.
- Dozens of businesses including Adidas, Nike, and Coca Cola are including NFTs in their businesses.
- About 50% of physical collectors said they’re interested in trying NFTs, according to an article on NFT buyers.
- As of December 15, 2021, the aggregated sales value over 30 days amounted to roughly 147 million U.S. dollars, according to NFT statistics by Statista.
- NFT trading activity more than doubled between July and August 2021, according to the number of unique wallets that either bought or sold an NFT.
- “The Merge” is the most expensive NFT sold for $91.8 Million.
- Citizens of China and Singapore are the most interested in NFTs, according to NFT statistics.
- Nearly $41 billion worth of cryptocurrency was sent to two types of Ethereum smart contracts associated with NFT marketplaces and collections from the beginning of 2021 through mid-December, according to Chainalysis Inc.’s analysis of NFTs.