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How To Mint & Sell Shopify NFTs
We’re going to explain the role in which Shopify NFTs play in the running of an ecommerce store alongside how NTFs can be minted and sold.
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Written by Madeleine
Shopify NFTs?! 🤯
If you haven’t heard of the term ‘NFTs’ before, you’re probably wondering what they are and what they have to do with Shopify.
So, for today’s article, we’re going to explain the role in which Shopify NFTs play alongside how NTFs can be minted and sold on the ecommerce platform.
What Are Shopify NFTs?
First things first, NFTs (non-fungible tokens) are digital representations of goods that publicly show their ownership, history and scarcity.
In essence, NFTs are unique digital tokens that cannot be replaced, as they’re issued via blockchains such as Ethereum.
Non-fungible tokens can represent anything digital from artwork and animated stickers to music, video and/ or tweet content.
The ‘token’ aspect of non-fungible tokens refers only to the digital representation, whereas the ‘non-fungible’ component refers to the token's unique property, which is unable to be exchanged for another token.
Let’s use a 1 USD coin as an example of what we mean by non-fungible. A coin such as this is fungible as it can be replaced with another coin without any issues involved. An NFT on the other hand is unique.
Therefore, a non-fungible token cannot simply be swapped out for an alternative NFT, even if they are both a representation of the same good. Are you with us?
New Technology 👨💻
From what we’ve heard at Karmoon, NFTs are a relatively new technology so their full impact and implications are still being explored.
However, NFTs are currently most popular for users to prove ownership over digital copies of media within the areas that we mentioned above, but NFTs possess a variety of other uses too, which we are going to explore a little later within today’s guide.
Before we delve further into the details, you should know that creating an NFT is referred to as ‘minting’ and when an NFT is minted, it is given ownership and recorded on a digital ledger called a 'blockchain'.
Note:The most common blockchains for minting NFTs are known as; Ethereum, Polygon, Near, and Flow.
Introducing Crypto Wallets
For those of you who haven't heard, crypto wallets are digital accounts that process transactions relating to cryptocurrencies, such as Bitcoin and Ethereum. Nonetheless, users must own a crypto wallet to mint or purchase a non-fungible token.
So, essentially users would manage any NFTs that they have decided to mint or own via a crypto wallet.
Note:The ownership history of an NFT is easily traceable and verifiable to the public.
Why Do Merchants Sell Shopify NFTs? 💰
So, now we can get down to the good stuff and that’s why merchants mint and sell their own branded non-fungible tokens with Shopify and Shopify Payments.
We’d be surprised if you weren't wondering why online businesses choose to sell their non-fungible tokens with Shopify. The simple reason that merchants choose to sell their Shopify NFTs is that the platform has removed complexity from crypto.
For the merchants on Shopify who wish to mint and list their NFTs on popular blockchains via Shopify’s partner apps, they could do this with ease and the best part is that their store’s customers will not need any crypto to make the magic happen.
Plus, customers can easily claim their non-fungible tokens via email and add them directly to their wallets.
Sell NFTs Online
The NFT marketplace is thriving, so If you’re on the fence about whether you should sell NFTs online this year, we have some interesting statistics from Shopify to share with you from 2021:
The NFT market grew over 700%+ from Q2 to Q3 in 2021.
$100+ is the average purchase price of most NFTs made in USD.
Over 4 million users within the US purchased/ sold an NFT in 2021.
According to Shopify, ten-point, seven billion dollars (US) was the total of NFT sales made in Q3 of 2021.
The Benefits of Owning and Selling Shopify NFTs 🙌
Freedom: Sell NFTs your way via; credit cards, cryptocurrency and more.
Power: Build on Shopify’s trusted platform for the hottest NFT drops and flash sales.
Exclusivity: Amplify and own your brand experience from the storefront to the checkout.
Mint & List: Team up with Shopify’s partner applications to mint NFTs on popular blockchains such as; Ethereum, Polygon, Near and Flow.
Sell NFTs Online Your Way
With Shopify, merchants are granted full control over how they sell NFTs online.
Note:Merchants can also allow their customers to claim purchased non-fungible tokens via email. The NFTs will then be added directly to the individual’s crypto wallet.
Create A Unique Brand Experience 👌
Merchants on Shopify are in a strong position to create a unique experience for their store’s customers and NFTs only enhances this opportunity further. Here’s how:
Airdrops: Motivate your brand’s customers to collect NFTs and earn exclusive tokens via airdrops by gamifying the NFT sales experience.
Memberships: Build a VIP fan base around your brand with tier memberships to offer rewards based on your customers’ NFT purchases.
Content-Gating: Allow loyal brand followers to use NFTs to unlock gated content or products such as; artwork, albums, tickets, physical merch and more.
Certificate of Authenticity (COA): Give your customers peace of mind when they purchase NFTs by proving ownership by issuing a certificate of authenticity.
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If you’re actively looking to work with a Shopify agency designer or developer to assist you with your business, we’d love to hear from you. Get in touch to get started!
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If you're actively looking to work with a Shopify agency designer or developer to assist you with your business, we'd love to hear from you. Get in touch to get started!