Shopify NFTs: How To Setup A Shopify NFT Store
July 3, 2022
Shopify is one of the biggest marketplaces for e-commerce owners and entrepreneurs to launch their own online storefront. There are currently 1.75 million merchants selling their products on Shopify, with over 79.5 billion processed in order value.
The Shopify platform makes it extremely simple to launch an online store in minutes without any technical understanding of website development. Shopify's marketplace offers a diverse selection of themes and templates for creating an online store.
As web3 and non-fungible tokens (NFTs) have grown in popularity, several mainstream brands have launched their own NFT products. Shopify has also decided to jump on the NFT bandwagon, allowing businesses to mint and sell NFTs using the Shopify platform and its seamless payments solution.
Through the Shopify NFT beta program, businesses based in the United States that have a Shopify Plus plan can sell NFTs on their Shopify storefront. Users can purchase NFTs from these Shopify stores via their credit cards or supported cryptocurrencies.
Shopify is already collaborating with brands to mint and sell NFTs
Shopify collaborated with the Chicago Bulls to launch the Chicago Bulls NFT collection that features digital collectables inspired by the NBA team's six NBA championship wins from the 1990s. The first set quickly sold out after its launch.
Shopify also recently partnered with Doodles, World of Women, Invisible Friends, Superplastic, and Stapleverse to create exclusive access for NFT token holders.
Shopify allows creators, web3 entrepreneurs, and brands to sell their virtual assets as NFTs. This article will teach you all you need to know about selling your NFTs using Shopify shops, as well as how to increase your NFT sales.
Features of the Shopify NFT storefront
1. Shopify is a widely used platform
Due to its popularity and huge user base, Shopify will have a substantial competitive edge over rival NFT marketplaces as demand and mainstream use of NFTs expand. As more people decide to sell NFTs, they will prefer to do so through a trusted platform.
2. Bring exclusivity to your NFT storefront through tokengating
Shopify just launched tokengated commerce, which allows you to grant consumers who own a specific NFT in their crypto wallet access to specific segments or products of your online store. Tokengated commerce can be an important part of your blockchain adoption strategy for community building, revenue growth, and so on.
You can also implement IRL tokengating for physical stores, allowing only particular NFT token holders to access and purchase things. Please keep in mind that, as of the writing of this article, this feature is still in its early stages and is only available for existing NFT collections.
3. Easy and efficient
Minting and selling NFTs via your Shopify store is similar to selling other products. You can use your current store setup to sell NFTs. Your customers don't have to understand NFTs deeply before purchasing one.
4. Multiple payment options
With Shopify's in-built payment gateway, it is easy for your customers to make payments as Shopify payments support multiple currencies. Your customers can pay with a credit card or through supported cryptocurrencies.
6. You're not required to own a cryptocurrency
You aren't required to own any cryptocurrency or specific blockchain tokens to mint and sell NFTs through your Shopify Store. All you need is a website and a Shopify Plus plan.
About the Shopify NFT beta program:
The Shopify NFT program is currently in its beta phase and is available to US-based business owners with the Shopify Plus plan. Shopify Plus is the premium plan of the e-commerce marketplace that starts at $2000 per month.
Starting an NFT store on Shopify will require some initial investment, but if you are looking for a reliable NFT marketplace, then Shopify is hard to beat. If you're from the United States and have a plus account, then you can apply for the NFT beta program.
Unlike most of the current NFT marketplaces that support one or two blockchain networks, Shopify has support for NFTs on popular blockchains like Ethereum, Polygon, Solana, and Flow. This gives e-commerce merchants the ability to select their options and broaden their NFT offerings, putting Shopify in a powerful position among top NFT marketplaces.
Supported payment methods
One of the most tempting aspects of Shopify's e-commerce platform is its simple and straightforward payment processing system. You can take payments in over 130 traditional fiat currencies for NFT transactions using Shopify's payment system.
Supported payment methods on Shopify include:
- Debit and credit cards
- Online payment options
- Cryptocurrency payments
You can accept payments in over 300 different cryptocurrencies. Coinbase Commerce, Crypto.com, BitPay, and Strike are among the crypto payment systems supported by Shopify that accept popular cryptocurrencies such as Ethereum and Bitcoin.
Selling NFTs through Shopify
After you've upgraded to the Plus plan and applied for the NFT beta program, the next step is to set up your online store. Creating a website on Shopify is straightforward; simply follow the straightforward instructions given by Shopify. You can also hire a Shopify specialist to create a custom website for your NFT store.
Select the payment process you want to include in your store. You should include fiat payments as well as crypto payments to give your consumers various options to choose from.
Once you're all sorted with your website and payment methods, you can now focus on creating NFTs of your virtual assets. Shopify provides you with several NFT partners who can help you with creating your NFTs.
How to buy and claim NFTs
Once you're ready to invite users to your website, the NFT purchasing process is similar to that of web2-based e-commerce websites. When a visitor visits your website, they can explore and add NFTs to their shopping cart before paying with a credit card or cryptocurrency at the checkout.
After successfully purchasing the NFT, an email with a link to claim the NFT is sent to the customer's registered email address. The NFT owner must connect their crypto wallet before the NFT is delivered to their connected wallet.
Here's the demo video of how users can purchase NFTs on Shopify from Croissant.
NFT marketing strategies for your Shopify store
Launching an NFT store on Shopify is one thing, but bringing users and potential customers to your store is another crucial aspect of building a successful web3 business. Having the right NFT marketing strategy will allow you to showcase your brand's message and reach a wider audience in a creative and engaging manner.
We have created a detailed NFT marketing strategy guide to help you with creating your own community, building relationships, and increasing the revenue of your NFT brand.
Alternative NFT marketplaces
Shopify is a great platform for building online brands, and selling NFTs is no different. However, the NFT program is currently in beta stages and requires you to have an expensive plus account, which can be a lot for growing web 3 businesses and NFT artists.
So, if you are looking for alternatives, we have compiled a list of the best NFT marketplaces you can choose from.
The UI and payment processing might be a little less smooth on these platforms, but they are still great marketplaces with a lot of credibility in the NFT and crypto world.
Why should you integrate NFTs into your business today?
The NFT gained traction when several artists, including Beeple, began selling their digital artwork for millions of dollars. Brands also hopped on the increasing NFT bandwagon and launched their own NFT collections to improve awareness and traction.
In addition to being the most recent growth marketing strategy for cultivating a dedicated fanbase, NFTs offer practical benefits for web 2 firms trying to shift into the web 3 environment.
4 reasons to integrate NFTs into your business today
1. Share exclusive access and additional perks to products, collections, and discounts with your loyal user base.
2. Grant special access to future releases to existing token holders.
3. It is easy to verify the ownership of assets through NFTs and blockchain.
4. It is easier to set up and manage a customer loyalty program through NFTs.
Shopify is actively working towards expanding its NFT program by releasing new features and preparing to launch in more countries. However, with Shopify offering NFT features and feeling bullish about NFTs and crypto even in these uncertain times, it is going to have a positive impact on the mainstream adoption of NFTs.
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