Shopify lets users set up NFT-Gated online stores to add exclusivity

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Canadian commerce tech giant Shopify has unveiled a range of new features, including the ability for small businesses to launch NFT-enclosed storefronts to make their stores more exclusive. The company that enables businesses to create personalized e-commerce storefronts has released a framework that allows merchants to launch “token stores” to which fans have exclusive access, if they own tokens of the particular brand. The introduction of NFT-gating as a feature for businesses is part of the semi-annual global release of Shopify’s product, Editions.

With the new release, which Shopify claims features up to 100+ platform updates, the company also offers the ability to UKTN and sell NFTs directly from the blockchain and on the online store. A dozen NFT minting apps are suggested to carry out the operation, with Ethereum, Polygon, Solana, and Flow listed as the supported blockchains.

Merchant collaborations will also be a possibility, with token stores able to allow fans of other brands to access their own products for a “big release or special drop”.

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NFTs are a hot property in the world right now, however, Shopify believes the most exciting experience isn’t selling NFTs, but activating them via token commerce.

According to research from the direct-to-consumer giant, 45% of Indian consumers are likely to buy an NFT in 2022, which the platform says will help brands develop a deeper connection with their consumers through programs. rewards and NFTs.

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“Token commerce on Shopify enables Indian merchants to offer loyal customers a fundamentally new way to extend the usefulness of their NFTs and access personalized experiences from their favorite brands,” said Bharati Balakrishnan, Country Director of Shopify and responsible for India in a statement shared with Gadget 360.

From a global perspective, this isn’t Shopify’s first foray into crypto either. The commerce tech player has been allowing its users to sell NFTs on its storefronts for the past year, and recently even tapped Strike to enable Lightning Network transactions.

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