According to Shopify’s president, the e-commerce firm is directly enabling the sale of non-fungible tokens (NFTs) for its merchants, but the extent of the service appears to be limited at this moment.
“We are making it simpler for our merchants to sell NFTs directly via their businesses,” firm president Harley Finkelstein stated in a pair of tweets, before mentioning an upcoming NFT drop from the Chicago Bulls basketball team.
These NFTs are being produced using the Flow blockchain, which was established by NBA Top Shots Creator Dapper Labs, according to the terms and conditions of the Bulls’ offering.
Finkelstein tweeted, “Before Shopify introduced this functionality, merchants also had to sell through a 3rd party marketplace, resulting in less control over the sale and customer relationship.” “We’re putting the power back in the hands of merchants once more, allowing them to meet customers how and where they want to purchase.”
Finkelstein responded on Twitter when asked if the option is open to all Shopify customers: “For the time being, just some chosen ones. Keep an eye out for updates.”
The Meeting of the Marketplaces
The NBA’s Chicago Bulls, who unveiled an NFT “Legacy Collection” on Monday containing the franchise’s six world championship rings, will be one of the first Shopify merchants to offer NFTs.
NFT infrastructure initiatives are rapidly expanding on a large scale in the mainstream. DraftKings, a sports betting site, announced a collaboration with Tom Brady’s Autograph.io just last week. DraftKings will launch a new ‘DraftKings Marketplace’ where users can buy, sell, and trade sports NFTs as part of the transaction.
Last week, OpenSea raised $100 million in Series B investment, valuing the company at about $1.5 billion, while Polygon launched a $100 million gaming NFT dedicated fund. The infrastructure investment cycle for NFT is so well underway.
Which Blockchains Will Be Supported or Used?
In the case of Shopify, it’s difficult to predict which blockchains will be supported or used. The NFTs are being distributed via the Flow Blockchain, like with the aforementioned Chicago Bulls release. Given the NBA’s affiliation with Dapper Labs, this is almost to be anticipated; the Flow chain is a Dapper Labs initiative, and Dapper also operates NBA Top Shot, the league’s licensed NFT product.
It’s unclear which additional chains Shopify will support, if any. Meanwhile, today’s announcement is a significant victory for Dapper Labs and the Flow Blockchain team. Regardless of when widespread NFTs begin to appear on consumer markets, the information from Finkelstein’s tweets shows that simplified support for NFT sales is certainly in the top for Shopify.
Over 1.7 million businesses use Shopify to power their e-commerce platforms. As a result, the company’s choice may pave the way for a much wider use of NFTs.
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Luke Handt is a seasoned cryptocurrency investor and advisor with over 7 years of experience in the blockchain and digital asset space. His passion for crypto began while studying computer science and economics at Stanford University in the early 2010s.
Since 2016, Luke has been an active cryptocurrency trader, strategically investing in major coins as well as up-and-coming altcoins. He is knowledgeable about advanced crypto trading strategies, market analysis, and the nuances of blockchain protocols.
In addition to managing his own crypto portfolio, Luke shares his expertise with others as a crypto writer and analyst for leading finance publications. He enjoys educating retail traders about digital assets and is a sought-after voice at fintech conferences worldwide.
When he's not glued to price charts or researching promising new projects, Luke enjoys surfing, travel, and fine wine. He currently resides in Newport Beach, California where he continues to follow crypto markets closely and connect with other industry leaders.