Many people do not take NFT seriously. However, NFT does deserve to be taken seriously especially in eCommerce. NFT market is growing rapidly. OpenSea has reached $10B in Total Volume. There are many reasons to believe that NFT and blockchain are going to be integral parts of eCommerce pretty soon. We cant pass by this trend anymore.
Non-fungible tokens (NFTs) became a well-known thing in 2021. Now, most people know that one can convert any digital property into NFTs and sell them at a certain price. NFTs are becoming a kind of national currency for digital product creators and collectors.
There was a time when NFTs were available on specialized markets only. They were sold for cryptocurrency only, so it would take specific interest and knowledge to understand how the whole thing works. Now things have changed a lot.
It happened in July 2021, when Shopify decided to provide its storefronts for users to sell NFTs. Shopify is renowned for its user-friendliness and diversity of simple payment options. Unhitched transactions have put Shopify on the top of popular eCommerce platform charts.
That was an epoch-making event for numerous websites. Now they can convert their digital products to NFTs and sell them with ease. Second, these tokens became available for credit and debit card owners.
The move has helped Shopify enhance clientele and create a potential for a stronger relationship between customers, the platform, and sellers. It has enabled direct communication between digital market participants. Now it attracts visitors of major Blockchain ecosystems like Binance, which provide a spectrum of financial and trading services.
If you have created and/or are the owner of digital products (videos, images, game, etc.), you can sell these as NFTs. Check Shopify and learn more about how it works. The following section contains information on how you can profit with the help of Shopify and NFTs.
How Shopify Handles NFTs
All Shopify websites offer integrated payment options. Users can sell their products and services directly, without relying on intermediary or third-party services. This makes the process very easy. The platform supports credit and debit cards and other popular electronic payment systems and services. Also, there are mobile payment options. If you own a store, you can integrate any payment method, including crypto, and thrive on Shopify.
Shopify uses all these techniques to support transactions with NFTs. Anyone who has registered with Shopify can digitize their products and list them as NFTs on their websites.
Recently Shopify published a small guide for its merchants on NFTs. If you are willing to utilise the most capabilities of NFT eCommerce you will need Shopify Plus store. Contact us to learn how to setup Shopify Plus. However, you can start NFT store with basic functionality with regular Shopify subscription.
If you are a Shopify user, you can simply turn your digital asset into an NFT and list it on your website for sale. Potential buyers can process their payment through Shopify, but obtain the NFT through blockchain technology.
Now everyone can buy and sell NFTs for both crypto and traditional currencies. Cryptocurrency is no longer a must for NFT buyers/sellers, as it is as easy as buying food at a grocery.
What networks does Shopify support?
There are three blockchains that you can use to trade in your NFTs: Ethereum, Polygon and Flow. In other words, any user can create NFTs on either platform and present them on Shopify without having to perform complicated procedures. There is no doubt that Shopify will extend their list of partner blockchains after a while. But right now there are only three such platforms.
It is noteworthy that Shopify is not responsible for the security of NFTs. It is the seller who should take steps to protect their digital content against copyright violations and prevent leaks. Please, check information on how to properly sell NFTs on Shopify and see all the differences between selling on your online store and platforms like Shopify.
What Payment Gateways and Mechanisms Does Shopify Offer?
Shopify supports a great number of payment options. It accepts more than 300 cryptocurrencies (Bitcoin, Litecoin, Ethereum, etc.) and more than 130 fiat currencies. Also, Shopify incorporates several payment providers, such as, to name a few:
- Shopify payment (owned by Shopify)
Shopify uses the following payment gateways for cryptocurrencies:
- Coinbase Commerce
These cover a broad array of cryptocurrencies. Therefore, you can sell your digital product using all popular ones.
How Do I Sell My NFTs on Shopify?
This section discusses and describes the steps and procedures, which you should perform to start selling your NFTs on Shopify. It is very simple.
First, you should create a Shopify account. The procedure is quite so standard.
All you need to do is:
- Open the website.
- Fill out the registration form.
- Make the payment.
- Create your store.
Also, you can address ECORN and have a Shopify account set up for free!
Create Your Own Website
In order to run a fully-fledged NFT store on Shopify, you need to have your own website and host it on the platform. You can add your existing one, if any, or build it from scratch.
Shopify provides a variety of templates and a CMS (content management system). The process is arranged in such a way as to make it easy for even a newbie. As you build your website, you learn the specifics of selling NFTs. The whole thing may take but a few minutes. In any event, you use ECORN Agency’s help and get your business up and running right now.
Choose a Payment Gateway
Shopify has its own payment gateways and supports a number of third-party ones. You can check these out in the process of creating your website and choose the most suitable one.
As Shopify pretty much caters to cryptocurrency communities, you can integrate crypto payment gateways and target the growing Blockchain audience. This can be a little complex, but it can bring you a greater benefit.
Now that you have set up your preferred payment options, you can check the whole website. Be sure that you have set the right theme and content. Once you realize it is what you’ve been looking for, you can start creating NFTs.
Create Your NFT
This is the hardest part of it. You should remember that Shopify does not accept any responsibility for storing or delivering digital products. It is the seller, who is responsible for the safety and transfer of these to the buyer. Actually, all Shopify can do is provide you the tools, using which you can effectively run your store.
Shopify does not provide any tutorials or guidelines on creating NFTs either. However, there are worthwhile third-party sources with information about NFT sales. The first use case report came in July 2021, when the NBA’s Chicago Bulls converted their championship ring to NFT and sold it on Shopify.
The Shopify team emphasizes that NFTs must comply with Shopify’s Acceptable Use Policy. For instance, you can create and sell your digital products for any cryptocurrency supported by Ethereum, Polygon and Flow. Besides, Shopify have SendOwl — an applications, which allows you to deliver digital products via Blockchain only and Foridev — which allows you to sell license keys.
Set Prices Properly
The setting of the price is pretty much the same as with traditional products. It takes a bit of research, so the creator can compare his/her product to similar ones and set the price based on the demand. The price should not be too high or too low. Also, you can set price categories and target various audiences. This increases your chances for a good deal.
Outline your marketing campaign
It is hardly possible to run a business without developing a good marketing strategy. NFTs are no exception. There are a variety of marketing tools, such as SEO and SMM, which offer effective audience targeting mechanisms. You just need to be sure that your NFTs comply with the networks’ policies.
It is important to use service providers and platforms that are not wary of NFTs, such as Bitcointalk. The community welcomes the use of cryptocurrencies, so you will not have difficulty reaching out to them.
ECORN Agency also can help you build a marketing campaign and convert your digital goods to NFTs.
DIY or find an Agency
Although the procedure is simple, it does take a bit of time and effort. Some users do not have time or energy to do all these steps. If you are one of them, you can address an agency that focuses on Shopify ecommerce.
Shopify Agencies can hire devoted and experienced website and online store builders. They can create a website for you from scratch in less than no time. It is advisable to turn to such an agency for those who place time and quality above all.
What Should I Remember When Creating My NFT?
Shopify does not provide comprehensive information about NFTs or Blockchain platforms. However, you must take care to abide by Shopify’s rules and policies and keep track of these, because they change all the time. For example, it is a well-known fact that the platform supports only three networks — Ethereum, Polygon and Flow, but things may change before any announcement appears.
If you are planning to create and sell your digital goods as NFTs, you should know how these platforms work. You should be aware of all aspects concerning copyright and distinguish between one-time and multiple sales. You should set the terms and clarify them for your potential customers. This will help you avoid disputes and conflicts.
How does it go?
Selling your first NFT will be a milestone event for you, given the handful of procedures you have performed and investments you have made. A single successful sale will give you a powerful impetus to further growth and income.
It is the right time to demonstrate to your buyers that your service is reliable and trustworthy. Therefore, the very first success marks a new level of responsibility.
You will not have difficulty setting up a contact with your buyers. The buyer will provide you his/her Blockchain and wallet address, to which you are to transfer the NFT after receiving your payment.
Always be sure that your NFT transfer complies with your policies and promises. For example, your NFT attributes should clearly state whether or not you are selling the copyright as well.
Once you clarify all aspects to your buyers, you can start selling and profiting on NFTs with Shopify. Be sure to make it as easy for your clientele as possible. Share direct links with them when necessary, especially when you need to provide a buyer certificate that states their rights for the product.
NFTs can be uniquely attributed to digital or physical products. Once you have sold such a product as a NFT, the content is no longer yours. Now you can go for your next deal.
With Shopify, you can use a variety of payment options other than crypto. Thanks to its acceptance of fiat currencies, you can make transactions using traditional credit/debit cards.
If you wish to use a fiat currency payment gateway, you can consider the following popular NFT platforms as well:
Rarible and OpenSea do accept credit card payments for selling cryptocurrencies, although the seller gets paid in crypto. There are good reasons to believe that this will not last forever, and they will set up fiat currency payments. Right now, payment in cryptocurrencies is still a standard thing for such platforms.
To make a final choice, please, consider different options, do a little research and see which platform suits your goals better.
Summing it up
Although Shopify’s NFT project is only budding, it is open for everyone, who wants to create a NFT storefront on it. All you need to do is follow all steps and procedures and know what you want from your project. Be sure to choose an attractive design solution for your website. The platform offers an advanced way of selling products online and helps you outrun your competitors.
If there is something you are not sure about, please, do research or use our help to set up all steps for you. We will make the whole thing easy for you and help you make the best out of your NFT business.