Shopify To Support NFT Sales

Shopify is a leading e-commerce platform. It allows the websites to add storefronts and accept payments from customers. NFTs are booming in the current marketplace. But after hearing the words Shopify and NFTs, only one question keeps revolving in the mind of readers. Who will become the Shopify of NFTs? Well, the answer is simple. Shopify itself! The president of the company previously shared some details that now the firm has intentions of supporting NFTs on a large scale.

Shopify And The Chicago Bulls

A word about the NFT support was out from the president of Shopify, Harley Finklestein. He tweeted about this news recently through his personal Twitter account. The firm’s first integrated NFT support has just now come with the NBA’s Chicago Bulls release. There are less than 600 Bull’s NFTs that will go to the market. Out of them, the first batch will be released today. The rest of them will be unveiled at the end of this week. According to Bulls Senior Product Manager Matt Moreno, the first batch sold out in just 90 seconds today.

There is no formal press release done yet from the Shopify team. However, the president has disclosed that a few of their customers will be allowed and given the ability to integrate tools so that they can streamline their NFT sales. Harley Finklestein in his tweet said that “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.”

Conference Of The Marketplaces

There are a lot of NFT infrastructure projects that are growing at a rapid pace. Last week itself, DraftKings, the sports betting platform, announced that it has partnered with Tom Brady’s Autograph.io. Their deal will release a new ‘DraftKings Marketplace’. There the customers can easily buy, sell and trade sports NFTs. Moreover, on the newswire in the last week, OpenSea led a $100M Series B funding, valuing the company at around $1.5B, and Polygon’s $100M gaming NFT dedicated fund. These are the proofs that the NFT infrastructure investment cycle is at the highest level of activity.

When we consider Shopify’s case, it is quite difficult to measure that which blockchains will be supported or utilized. As previously talked about the Chicago Bulls release, here these NFTs are being released with the help of the Flow Blockchain. But, the Flow chain is a Dapper Labs’ project. Also, Dapper runs NBA Top Shot which is the league’s licensed NFT product. Considering the relationship between NBA and Dapper Labs, this is to be expected. Until then, it has yet to be seen which more chains will Shopify support. Meanwhile, this is great news for Dapper Labs and the Flow Blockchain team. Despite the question that when NFTs will start hitting consumer marketplaces, what information Finklestein’s tweet showed made it clear that right now, having streamlined support for NFT sales is the current priority of Shopify.