Now if Shopify merchants want to sell NFTs, they don’t need to point customers to a dedicated marketplace like OpenSea. Rather, they can mint and list NFTs through Shopify NFT minting app on Avalanche blockchain created by Venly, a blockchain tech startup. Avalanche is a layer-1 blockchain platform, which is said to be a faster and cheaper alternative to Ethereum.
On February 9, Shopify blockchain team designer @ryancreatescopy said on Twitter, “we’ve launched some fresh tools to help you build ‘tokengating’ apps for Shopify merchants.” In particular, the increased crypto wallet connection capabilities and “tokengating” API tools have been the focus. Since June 2022, only a restricted group of merchants have had API access in beta mode.
With tokengating, all relevant Shopify merchants can now configure their businesses to specify the token holders with access to exclusive items, NFT drops, and benefits. The tool verifies user eligibility via their connected wallet and is being touted as a handy way for NFT Merchants to reward certain users or add exclusivity to specific products. Basically, the tool enables merchants to streamline NFT sales to mainstream users. There is also a significant potential for creators and artists to sell NFTs through social media channels that can integrate or point to Shopify stores.
Using the Venly Shopify merchant app, retailers can sell NFTs with minimal technical knowledge. NFTs created by merchants are automatically turned into products that can be displayed and purchased on their storefronts. In addition, buyers are not required to have an existing crypto wallet and instead will receive an email with a link to a newly created blockchain wallet.
Shopify launched its first NFT integration in July 2021, allowing merchants to sell NFTs directly from their stores instead of through third-party marketplaces. In addition, the platform released an NFT collection with the National Basketball Association's Chicago Bulls.
Shopify joins a growing number of mainstream platforms that have embraced digital collectibles. Instagram and its parent company, Meta, opened NFT minting and selling to a select group of digital creators in November last year, and Reddit successfully launched its NFT marketplace in December 2022. We continue to observe.