Canadian E-commerce giant Shopify is entering the NFT industry with the launch of its own NFT platform.
The new platform will allow Shopify users to mint, sell, and trade NFTs by teaming with Shopify’s partner apps. Shopify CEO Tobias “Tobi” Lütke announced the launching of the app’s beta program via a Twitter post on Thursday.
Use Shopify for your NFT dropshttps://t.co/sZwjLZetoU
— tobi.eth (@tobi) December 16, 2021
Merchants can use popular networks like Ethereum, Polygon, Near, and Flow to create the NFTs and sell them via Shopify Payments, Shop Pay, and crypto payment gateways.
Customers with access to ‘Shopify Plus’, a premium service offered by Shopify for large companies and stores with large amounts of transactions, can also accept credit cards and cryptocurrency payments when selling NFTs.
In addition, Shopify has added three cryptocurrency payment processors: Coinbase Commerce, BitPay, and CoinPayments.net, to offer seamless payment options. Customers can purchase NFTs via 300 types of crypto assets, including Bitcoin, Ethereum, and stablecoins.
Currently, Shopify’s new program is only available for US-based residents and open for artists, brands, and creators with “an established social media presence”.
With NFTs gaining huge momentum, it’s no surprise big brands like Shopify want to establish a corner in the space as well. NFT sales recorded a whopping $10 billion in trading volume in the third quarter of 2021.