Shopify changed the e-commerce world by allowing merchants to build their own stores in just a few clicks, now it’s adding NFTs to its suite of services. The platform now allows merchants to sell NFTs directly on the platform. Chicago Bulls wasted no time and has launched a “Legacy Collection” to test out the new feature.
The Chicago Bull NFTs have been created using the Flow blockchain by Dapper Labs. This is the first officially licensed collection by the iconic NBA team. The NFTs highlight the six championship rings by offering six unique token designs. There are a total of 567 NFTs available. The rarity of the digital artwork will only be revealed after the NFT is opened.
The Bulls Legacy Collection will launch more than six drops, with each token celebrating the team’s six iconic championship wins between 1991 and 1998. The first NFT launched on July 26 and has already sold out in 90 seconds, with the second token scheduled to launch today. And the remaining four NFTs planned to launch over the next four days.
Good News for Shopify Merchants
Shopify’s President Harley Finkelstein confirmed the good news through Twitter. According to his tweet, Shopify is “making it easier for merchants to sell NFTs, making them more accessible to everyone, and expanding what is possible in the realm of commerce.”
The new rollout means that merchants can offer NFTs on their storefront without passing through any third-party service. This way, the transaction would be purely between the customer and the seller. This feature is also about giving consumers more options to buy NFTs – especially those who are not well-versed in cryptocurrency.
The community is actually anticipating this rollout, it was just a question of when. This is because Shopify added support for several cryptocurrencies in May 2020 by partnering with CoinPayments. The platform supports over 1500 cryptocurrencies because of this integration. Two months ago, it also announced a partnership with NFT Marketplace Sweet. Now, Sweet users can sell virtual goods via the standard Shopify checkout experience without having to learn about crypto wallets.
Changing NFTs “Too Complicated” Tag
NFTs have always been criticized for being “too complicated,” which is of course detrimental to mass adoption. Thus, Shopify’s approval, as a platform that prioritizes ease of use, is a landmark moment for NFTs.
Kaz Nejatian, Shopify’s VP of Merchant Services, explained the gap in the market they want to address. He said, “You could buy NFTs on credit cards before, but honestly the NFT buying experience outside Shopify isn’t awesome for anyone right now. That’s why we decided to do this work. Merchants and buyers shouldn’t have to take a course in crypto to buy things they care about.”
This integration is a huge win for both Shopify and the NFT space. Shopify is one of the world’s leading e-commerce portals serving 1.7 million businesses globally. Meanwhile, NFT sales soared to $2.1 Billion in the first half of 2021 alone.