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How to sell NFT on Shopify?

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Shopify has been the industry leader in eCommerce for more than a decade by making merchants scale up their revenue potential. 

With many advancements on the go, Shopify has made a great move on allowing to sell NFTs via the storefronts. This is an impeccable accomplishment that pushes the eCommerce sector to the next level.

But wait! You might be having lots of questions regarding NFTs and how to sell them on Shopify. Don’t worry! I’ve done the hard work for you.

So in this article, I’ll be answering all your questions by explaining in detail on how to sell NFTs on Shopify. Stick with me till the end so you can get a clear picture of what NFT has to do with Shopify merchants.

Before that let me start with the basics.

What is a Non-fungible token?

A non-fungible token represents a unique digital asset that cannot be either substituted or replaced. Basically, it represents the ownership of any digital asset like GIF, images, audio, video, art, etc. 

A non-fungible token will let you know who owns the digital asset and who sold it thus making it easily verifiable. Let me elaborate in simple terms using an example. 

For instance, John is an artist and wants to sell his digital artwork to earn money. But he is afraid that his artwork would be forged or stolen which might harm his reputation. 

As a solution to his problem, he hears about NFT. By converting his artwork into NFT, he can create a unique token for his work and customers will also believe that he is genuine. As NFTs cannot be replicated, John is now confident that he has complete ownership of his content. 

NFTs are securely recorded on the blockchain which is the same as that of cryptocurrencies. NFTs are powered by the Ethereum blockchain. 

Bottom Line: NFT creates ownership for your content as they are tokenized. This lets your customers understand that they buy authentic digital items which truly define your brand value. 

What can you sell using NFT?

The following items can be sold using the NFT technology:

  • Artworks
  • Virtual Items
  • Virtual currency
  • Avatars
  • Collectibles
  • Audio, Video
  • Real estate property 

And the list goes on.

As of now, NFTs are focused exclusively on selling digital art. But we can expect more advancements in the future. 

NFTs help eCommerce merchants create unique digital experiences for customers as they have never heard about this before. This significantly increases the brand awareness as well as reputation which skyrockets the popularity amidst growing competition. 

On the whole, all you have to do is to properly think about what items have to be converted into NFT and sell them to a valid bid. It is like a new and effective revenue-generating model via virtual sales.

Now that you’ve got an idea about Non-fungible tokens, next, we’ll catch up with how to sell NFTs on Shopify. 

How to sell NFTs on Shopify?

The ultimate purpose of introducing NFTs on Shopify is to transform the customer shopping experience to the next level. Conventionally, customers should go to the NFT marketplaces for purchasing but now with the advent of these tokens on Shopify, the buying journey is highly simplified. 

Shopify currently supports Ethereum and Flow platforms to create and process NFTs. So once you have created your NFT using any of the platforms mentioned, you can directly list them for sale in your Shopify store. Customers can then purchase them using a valid debit or credit card. 

Remember that you’ll have to take care of the storage and delivery of NFT assets to your customers. Shopify does not provide direct resources to create or host NFT files. 

Note: There is not much documentation or guides on selling NFTs via Shopify. The first brand to use NFTs on Shopify is the NBA’s Chicago Bulls which launched digital artwork of their championship rings. People can purchase it directly via credit/debit card and it was sold within 90 seconds. 

Steps in creating an NFT Token

Here comes the step by step process of creating a non-fungible token:

  1. The first step will be to create a digital wallet in which you’ll safely secure, store and process your NFTs. I’ll explain the procedure of creating an NFT token by using Ethereum as that’s the most widely adopted method.
  2. Next, you can choose different types of wallets like Coinbase, Metamask, Rainbow, and much more as per your needs.
  3. To mint your NFT you’ll have to pay some fees. In this case, you must purchase Ethereum coins to cover up the costs. 
  4. Once this is over, you’ll connect your wallet to any of the NFT marketplaces. [My recommendation will be Rarible]. 
  5. After connecting to the NFT marketplace start creating it by clicking on the “create” icon. You can place your digital asset in the required section and it gets minted into an NFT. 
  6. Note that it becomes expensive to create an NFT because in Ethereum you’ll have to pay a gas fee that involves complex computation.

Since NFT is a new concept, it might be difficult for merchants to mint and generate it in marketplaces. If you have a fair knowledge of crypto, then this shall be an easy process. Otherwise, you’ll have to hire an expert who helps you out in this entire process. 

Never to worry, there are reliable sites from which you can hire NFT designers. They are Fiverr, Upwork, Freelancer.com, Toptal, and Designcrowd. This makes the process of NFT creation easy and quick to list them on your Shopify site.

Advantages of using Non-fungible tokens

I’m pretty much sure that by now you would have got a clear understanding of selling NFT with Shopify. But what are its advantages and why does one have to use it? Here comes the best reasons to show that:

  • Every NFT has a unique attribute that undoubtedly denotes the ownership of the content. 
  • It is a boom for content creators as they can earn millions which boosts their economy.
  • The metadata on the token cannot be broken, altered, or erased by anyone and they last forever. 
  • Artists and content creators can retain the full copyrights for their digital assets. 
  • High form of security practices are involved as every transaction is carried out via blockchain. They are decentralized which means the data is hosted on different nodes across the globe.

Final Thoughts 

It is absolutely undeniable that NFT shapes the eCommerce industry via its attractive selling options. It helps in improving your brand value and pride as you are able to implement such a new and powerful technology. 

Shopify has leveraged this and has made the life of merchants easier by allowing them to sell NFT via their storefronts. This enables merchants to directly come in contact with the customers, increasing accessibility and fostering next-gen digital experiences.

While NFTs have a glowing part on one side, you must be aware that not everyone can afford it. It is a new concept and those merchants who have the crypto knowledge can get started easily. 

Non-fungible tokens are still in their growing stage and it will be interesting to know how key eCommerce brands get adapted to it. It also has the potential to alter or maximize social and economic growth. 

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