Shopify Launches an NFT Platform, Allowing Users to Mint and Sell Branded NFTs

Canadian e-Commerce company Shopify has launched its own non-fungible token platform that will allow users to mint and sell branded NFTs.
Image Source: Shopify.com/NFTs

Quick Take:

  • Shopify has launched a non-fungible token platform that will allow users to create and sell NFTs.
  • Company CEO Tobias “Tobi” Lütke Thursday announced the launch on Twitter.
  • Users will be able to mint and sell their own branded NFTs with Shopify and Shopify Payments.

Popular e-commerce marketplace Shopify has entered the world of non-fungible tokens after launching an NFT platform. The platform will allow users to mint and sell their own branded NFTs with Shopify and Shopify Money.

Announcing the launch on Twitter, Shopify CEO wrote a short message asking users to use Shopify for their NFT drops.

Shopify is an e-commerce platform that allows merchants to sell their products through various social media channels like Facebook and Pinterest. The platform also allows users to create online shops using sub-domains on myshopify.com.

The Shopify NFT beta platform launched on Thursday for US-based merchants, with the company keen on rolling out across the Shopify ecosystem.

Non-fungible tokens are tradable digital files used to authenticate art collections, music, and even tweets. The industry became extra vibrant in 2021 due to an influx of celebrity creators seeking alternative ways to monetize their work.

As a result, the market witnesses a significant surge in sales, which according to DappRadar surpassed $23 billion this year after growing seven-fold. 

The market has been popularized by the emergence of the metaverse, a digital universe where users can sell virtual land. Blockchain games have also played their part, joining the metaverse to offer in-game items.

Shopify’s NFT platform allows users to use several blockchain platforms to create non-fungible tokens. Some of the most popular ecosystems featured on the Beta version include Ethereum, Polygon, Near, and Flow.

After creation, merchants can sell their digital collectibles through Shopify Payments, Shop Pay, crypto payment gateways, credit/debit cards, among other payment methods.

Shopify is not the only major brand looking to leverage the power of NFTs to augment its revenues. 

Global footwear and apparel company Adidas just announced plans to launch an NFT collection with exclusive access to streetwear drops. The company recently partnered with popular members of the NFT space including, Bored Ape Yacht Club, GMoney and PUNKS Comics.

Adidas Originals announced a collection sale that will debut on the company’s official website at 0.02 ETH, an equivalent of $805 at the time of this writing.

Previously, Adidas global competitor Nike bought RTFKT, an NFT collectibles studio, as it looks to join the NFT space.

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