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Shopify to Allow Merchants Sell NFTs Directly via Its Platform

UTC by Bhushan Akolkar · 2 min read
Shopify to Allow Merchants Sell NFTs Directly via Its Platform
Photo: Unsplash

E-commerce giant Shopify is taking a big move allowing merchants to sell NFTs to their customers through its platform. The National Basketball Association’s Chicago Bulls will be among the first Shopify merchants to offer NFTs.

Canada-based e-commerce solutions provider Shopify Inc (NYSE: SHOP) is making a big move in the world of non-fungible tokens (NFTs). On Monday, July 26, Shopify President Harley Finkelstein tweeted the company will support the sale of NFTs for their merchants. He further noted:

“Before Shopify offered this capability, merchants would have to sell through a 3rd party marketplace aka less control of the sale and customer relationship. Once again we are putting the power back into the hands of merchants and meeting customers how and where they want to buy”.

The latest development comes as non-fungible tokens have created a massive rage in the crypto space. Over the last few months, NFTs were sold for millions of dollars. The fact that each token is unique, NFTs democratize the control of the content. Besides, they bring authenticity and security with the use of blockchain.

Tech industry players have already started exploring the potential future for NFTs. Needless to say, they have been quite fascinated with its applications. Shopify is now putting its skin in the game of NFTs. As of date, the company powers more than 1.7 billion businesses worldwide. Thus, it can unlock the use of NFTs to a much wider audience.

Chicago Bulls NFTs – The First Shopify Merchant

The National Basketball Association’s Chicago Bulls will be among the first Shopify merchants to offer NFTs. On Monday, it launched its own NFT collection featuring six world championship rigs. The official website of the Chicago Bulls state:

“For the first time ever, the Chicago Bulls are minting an officially licensed NFT collection for fans to own. The Bulls Legacy Collection, which highlights the team’s iconic six World Championship rings, features six unique token designs in three distinct tiers of rarity and will be available to purchase (while supplies last) July 26-31. Minted on blockchain in limited supply (this run will only ever be minted once), collectors will also get the opportunity to parlay their collection into one-of-a kind experiences and other prizes”.

Fans can start purchasing the NFTs starting with the 1991 Championship Ring on July 26. Each NFT purchase will also come along with a random serial number. Also, the Chicago Bulls won’t be revealing the rarity of the NFT until opened.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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