Introduction to NTFs for Shopify
Maybe you're looking at Shopify as your platform of choice to mint and sell your NFTs but don't know where to start.
So, before we dive into the Shopify NFT world, let's simplify some of the terms used in this market to understand the process better.
First of all, a non-fungible token (NFT) is a digital good that links ownership to unique physical/digital items, such as works of art, music, or videos.
The NFT is only a reference to the original good; that's why it is called a "token." "Non-fungible," on the other hand, means that this asset is unique and can't be replaced or swapped.
"Minting" is the term used for creating an NFT. NFTs are recorded on blockchains like Ethereum, Flow, and Polygon after being minted. This process is made through crypto wallets which is a digital account that manages your crypto transactions.
Having a crypto wallet is a must for minting and purchasing NFTs. The ownership history of an NFT is publicly traceable and verifiable.
Now that we know the fundamentals of the NFT business let's see how to do it on Shopify.
How to Sell NFTs on Shopify?
The process of selling NTFs on Shopify is not very different from selling any other product.
But note that your store needs to be based in the United States and on the Shopify Plus plan. Under these conditions, you might be eligible to join Shopify NFT Beta Program.
You can contact minting app partners of Shopify, such as Venly, Mint, and NFTeapot, to determine if you qualify for the NFT Beta Program.
You don't need to have any cryptocurrency or a crypto wallet to sell NFTs on Shopify. Still, you will need Shopify minting partners, for sure.
Shopify minting partners assist you in defining the assets and smart contracts your NFTs include for the chosen blockchain. So you need these minting partners to create your NFT.
They will also help you design your NFT claim page and experience to ensure the page represents your brand image.
After creating your NFT and claim page, you need to price your NFT. This part is totally subjective. Still, it would be wise to check similar items and set the price accordingly to generate a significant deal.
Assigning different values to different NFTs can also appeal to different buyers who will make your most valuable content stand out.
When it comes to payment, credit card payments are accepted through Shopify Payments. The other option is accepting crypto payments.
In order to accept cryptocurrencies, you need to enable one or more of the additional cryptocurrency payment processors from the Payments page in the Settings section of your Shopify admin.
Remember:
- Third-party transaction fees might be applied for the payments accepted via these processors.
- Additional payment gateways have no negative effect on your existing gateways.
- For flash sales, crypto transactions are not the best as they can cause overselling.
- Refunds are made manually for crypto payments.
How to Buy NFTs on Shopify?
Buying NFTs process is similar to buying any other product on Shopify. The customer sees your store and adds the NFT to their cart.
The payment can be made via two options: a credit card through Shopify Payments or with a supported cryptocurrency processor such as BitPay, DePay, OpenNode, etc. The purchase is successfully made when the order is confirmed.
After that, the customer should receive the link to the NFT claim page. At this point, the customer's crypto wallet should be connected so that the NFT is minted or delivered directly to their wallet.
Minting app partners like Dropmint, GigLabs, and Items enable this process.
So what happens if the customer has no crypto wallets?
Then, they are guided to create a wallet from the NFT claim page, and after that, their NFT is minted or delivered directly to the wallet.
What is Tokengated Commerce?
Tokengating offers adding value to the NFTs.
This goal is aimed to be achieved by allowing token holders to access exclusive items, discounts on new arrivals, VIP access to store openings, invitations to members-only events, or basically anything.
Shopify store owners specify some NFTs and smart contracts and select the content they will grant access to. So when a customer holds one of the specified NFTs, then the app partner allows access to the restricted content.
The sky's the limit at this point, and the seller can get super creative to choose what unique content they want to offer.
So, how do the token holders get the benefits?
The process is quite easy. You may connect to the projects using your crypto wallet or sign a message with it to prove that you are the owner of the specified NFT. Once done, you'll easily get the exclusive offer.
You can take an example of the Chicago Bulls Legacy Collection on tokengating commerce.
The NBA Chicago Bulls dropped their NFT collection in July 2021.
Considering it was sold in a matter of minutes, we can say that it was a success. However, the thing that made it very successful, along with the popularity of the team, was the ease of purchase, as the fans could buy NFTs using their credit cards.
The bulls didn't stop there. They created NFT challenges where fans get a once-in-a-lifetime experience like pre-game dinners with a Bulls Legend at VIP places and courtside seats at the Bulls game if you own the specified NFTs.
Other use cases of tokengated commerce include:
- access to collections, products, and discounts on your Shopify storefront
- ownership of NFTs that grants access to future NFT releases
- NFT ownership as a requirement for airdrops
- enabling collaboration with brands on Shopify that use tokengating
- exclusive access to community interaction channels such as online Discord channels and communities and in-person events
Important Note: Security of your crypto wallet is the most critical part of tokengating. As you are expected to connect your wallet in most cases, double-check every link before you click.
The Advantages of Selling NFTs on Shopify
Shopify is a great marketplace for lots of ecommerce owners and entrepreneurs.
There is no need to have any technical knowledge — just a passion for launching your business. So, let's see some of the advantages of selling NFTs on Shopify.
1. You are Free and in Control
With Shopify, you are in control of every step of selling NFTs. You don't need to deal with the limited options that other platforms may offer.
You can customize your store; even your checkout optimization is possible according to your wish to sell your products.
2. Increase Brand Awareness
By now, we all know that Shopify is one of the most popular e-commerce platforms worldwide. That's why when people decide to sell NFTs, they want to do it on a platform they are already familiar with.
Plus, customers are also familiar with the platform. This will make your NFTs more accessible and increase the interest and value of them highly as well as brand awareness.
3. More Payment Options
It would be a boomer if a customer couldn't complete the purchase because of insufficient payment options. With Shopify, you won't have to worry about it.
Credit card purchases are possible, as well as crypto payments which will help you expand your customer base and satisfaction.
4. More Blockchain Options
Having many options allows sellers to expand their NFT offerings and give buyers more options. Most NFT marketplaces only support one or two blockchains.
Shopify supports NFTs on Ethereum, Flow, Polygon, Near, and more to come.
Giving more options increases the possibility of having potential customers coming your way.
5. Shopify is Easy
In a matter of minutes, even if you don't have a regular store, you can set up your NFT store on Shopify.
You don't have to know the details of crypto or NFT technology. We can say that Shopify is an all-in-one solution, even for beginners.
6. Secure and Simple NFT Claiming
As it is easy to use for sellers, Shopify is also easy to navigate for customers. When an NFT is purchased, all there is left to do is click the link in the email sent by the platform. This way, the NFT is directly added to the owner's crypto wallet.
It's secure and simple to ensure customers have no problems at all and the sense of security in customers increases your Shopify store's conversion rates before you know it.
Shopify NFT Marketing
Creating a Shopify NFT marketing plan for your store is crucial if you want it to reach a wide audience.
Whether you are marketing NFTs or other products or services, without a marketing plan, chances are your store will flop in the social media sea with very few of your followers checking out your site.
This affects conversions and, ultimately, overall sales.
When you create a powerful marketing system beforehand, you are going to increase your conversion rates and, ultimately, the amount of money you make from your online business.
You can promote your Shopify NFTs in a number of ways.
One of the most promising ways is social media marketing (SMM). Social media networks are abundant, and they can offer a significant reach.
Below we've outlined the most important social networks, the ones you should consider promoting your NFTs on;
Twitter:
If you are familiar with the NFT world, you would know there is not one NFT project that doesn't exist on Twitter. You can easily promote your NFT on Twitter.
Share your story, your roadmap, your project details, and everything you want to point out about your collection.
Discord:
Discord was really popular among game players back then, but now NFT communities use this chat platform 24/7.
You can dive into the Discord servers, promote your NFT- without spamming-create your own server and spread the word.
NFT Statistics You Must Know in 2024
- According to a report on blockchain analytics, the NFT market grew 700% in just one quarter in 2021.
- An NFT survey in the U.S. found that 4 million people in the U.S. alone purchased or sold an NFT.
- Today, there are dozens of businesses including NFTs in their businesses like Adidas, Nike, Coca Cola and many more.
- In an article on NFT buyers, it is stated that about 50% of physical collectors said they're interested in trying NFTs.
- NFT statistics by Statista show that as of December 15, 2021, the aggregated sales value over 30 days amounted to roughly 147 million U.S. dollars.
- NFT statistics show that 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 most expensive NFT, "The Merge," is sold for $91.8 Million.
- NFT statistics reveal that as of 2021, citizens of China and Singapore are the most interested in NFTs.
- Chainalysis Inc.'s analysis of NFT shows that 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.
Before You Leave…
The possibilities with NFTs are endless, and it's a good idea for sellers to start offering this service on Shopify.
It will help cryptocurrency and blockchain become more accessible for businesses and everyday users alike and maybe will bring in the much-needed revenue for your business.
Aside from being one of the top and widely used e-commerce platforms worldwide, Shopify provides the necessary resources for selling digital assets in a single marketplace.
Develop a marketing plan for your NFTs and stay focused on your core strategy to achieve better long-term results on Shopify.
Do you sell NFTs? How do you feel about using Shopify for your NFT business?
Meet me in the comments section below!
Frequently Asked Questions
1. Can I still sell NFTs on Shopify outside the U.S.?
Currently, that's not possible but do check from time to time as Shopify is working on increasing the number of countries that can sell NFTs on the platform.
2. Does Shopify mint NFTs?
Shopify itself does not mint NFTs. NFTs are minted via NFT minting partners of Shopify.
3. How much does it Cost to Sell NFTs on Shopify?
NFTs are considered the same as any other product on Shopify. That's why Shopify Plus plan fees are the same, including the processing fees through Shopify Payments.
However, keep in mind that third-party apps used for the minting and tokengating charge additional fees.
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