Shopify recently announced that it would allow merchants to mint and sell digital assets on its platform. With this announcement, Shopify joined a growing list of e-commerce platforms that are integrating crypto tokens into their ecosystem.
NFT is a type of digital asset that exists in a decentralized, blockchain-based ecosystem. NFTs are non-fungible, meaning that each token is unique and cannot be exchanged for another token or fiat currency. They are non-tamperable and cannot be copied without the owner’s permission because they are held on a blockchain.
Tobias Lütke, the company’s CEO, announced the new service through his Twitter account.
The program will be dubbed the NFT Beta program. In the beginning, it will be accessible only to U.S.-based retailers.
The collaboration with GigLabs allows NFT customers to purchase digital collectibles with different payment options such as Shopify and Shop Pay and cryptocurrencies and debit or credit cards. The Shopify team also added:
Customers can also get their NFTs by email and transfer them directly into their wallets.
Customers can create non-exchangeable tokens on several chains, including Ethereum, Polygon, Near, and Flow.
Paul Budnitz – founder and CEO of entertainment firm Superplastic Paul Budnitz – has said Shopify’s Shopify service is “amazing.” He said that it aided his business and Christie’s in executing a “hugely successful NFT drop for Janky and Guggimon.”
Although these are Shopify’s initial steps into the NFT market, the company is an active participant in the world of cryptocurrency. In 2020, it enabled consumers to pay using bitcoins rather than fiat currency, after the formation of a relationship with BTCPay.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.