KEY POINTS

  • This new feature from Shopify adds new utility to NFTs
  • Merchants can start by creating a tokengated store on Shopify
  • Neither the buyers nor the sellers need to pay with crypto

Shopify plans to bring a novel series of connect-to-consumer methods which includes “tokenized commerce” where merchants will be able to connect with consumers and increase their sales significantly with the generation of exclusive items for tokenholders.

Additionally, the tokengated commerce experience is already available in the early access beta mode, and to start, all merchants need to create a tokengated shop via the Shopify platform or integrate the same directly in-store.

When buyers want to make a purchase of gated items or get access to an exclusive event, they will have to connect their wallets to the platform and verify if they are the owners of the applicable non-fungible token or NFT. This new feature from Shopify adds new utility to NFTs and serves as a gateway between the NFT industry and the consumer brands on Shopify.

Shopify will also give the merchants the leverage to partner with brands for their exclusive events and collections. They can also team up with merchandising partners of Shopify to create premium items.

These services were rolled out with plenty of others by Shopify under its Connect to Consumer (Summer 2022).

In addition to all of the above, vendors will also have the option of creating their own NFT collections on popular blockchains like Ethereum (ETH), Solana (SOL), Polygon (MATIC), and more.

Currently, the feature can be accessed by select merchants and supports a number of payment gateways. Interestingly, neither the buyer nor the seller needs to pay with crypto to get their items.

The logo of Shopify is seen outside its headquarters in Ottawa, Ontario, Canada, September 28, 2018.
The logo of Shopify is seen outside its headquarters in Ottawa, Ontario, Canada, September 28, 2018. Reuters / CHRIS WATTIE
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