Partners of the ecommerce behemoth will be able to sell NFTs directly to fans, albeit the feature hasn't yet been given out to all users.
- Shopify businesses will be able to sell NFT collectibles directly.
- The functionality debuted today with the Chicago Bulls' NFT drop.
Shopify, a popular e-commerce platform that enables websites create storefronts and accept payments, now supports NFTs, allowing store owners to sell crypto collectibles without relying on a third-party marketplace.
Shopify CEO Harley Finklestein announced the NFT's support today on his own Twitter account. He claims that the NBA's Chicago Bulls' official NFT drop, which was announced late last week, is one of the first instances of the technology being deployed by a Shopify partner. For the time being, he noted, the capability is only available to "a limited number" Shopify partners, but "keep tuned."
An NFT is a sort of coin that acts as a deed of ownership for digital objects such as video clips, artwork, images, tweets, and interactive video game elements, allowing for scarcity. Since its introduction in fall 2020, Dapper's NBA Top Shot has amassed more than $700 million in cumulative trade volume, making it one of the most successful NFT programs to date. Each Top Shot moment is an NBA video highlight with animated flourishes that is only available in a limited number of copies.
The NFT market exploded at the start of the year, with total trading volume estimated at $1.5 billion in the first quarter. Although DappRadar says that the NFT market saw $2.5 billion in trade activity in the first half of the year, momentum appeared to wane in Q2.
“Before Shopify offered this functionality, merchants had to sell through a 3rd party marketplace, giving them less control over the sale and customer relationship,” Finklestein tweeted today. “We're putting the power back in the hands of retailers, allowing them to meet customers how and where they want to buy.”
The Chicago Bulls NFT collection includes digital artifacts based on the team's six NBA championship wins in the 1990s, which are available in a variety of rarity levels. The first set, which was inspired by the team's first NBA Finals victory in 1991, was released today and promptly sold out. Each NFT is presented as a light-hearted video clip.
Dapper Labs' Flow blockchain, which is also utilized for Dapper's own NBA Top Shot platform, is used to create the Bulls NFTs. Shopify's NFT support, however, isn't limited to Flow.
"Today, businesses on Shopify have the option of using Flow or Ethereum, but they will soon have more options with other blockchains," a company spokeswoman told Decrypt. "Merchants can select the most appropriate blockchain technology for their products and consumer base."
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