How to Sell NFTs on Shopify?
Non-fungible tokens (NFTs) are becoming increasingly popular, and nearly everyone is aware of this phenomenon. Also, as you might know, Shopify is among the most well-known platforms in the e-commerce world. Shopify is continuously updating and bringing fresh ideas to the market, such as the launch of Shopify markets. Likewise, in July 2021, Shopify announced that it would allow retailers to sell NFTs online using its platform.
So, if you’re seeking to sell your virtual goods as an NFT, this article is just right for you. Today, we’ll give you comprehensive instructions on how to sell NFTs on Shopify.
What are NFTs?
Non-fungible tokens, or NFTs, are one-of-a-kind digital tokens that cannot be replaced. They’re created on a blockchain, such as Ethereum. Art, animated stickers, music, videos, Tweets, and other digital objects can all be represented by these tokens.
Because NFTs are a relatively new technology, their exact impacts are still being investigated. NFTs are most commonly used to verify ownership of digital copies of media, such as digital artwork, but they also have many other applications.
Why Did Shopify Enable NFT Stores?
Lots of people may ask why Shopify authorized NFT stores and gave support for NFT trading via its storefronts. The request from merchants to sell NFTs online through Shopify is the driving force behind this move. Furthermore, Shopify strives to provide a platform for creators and artists to advance professionally. Relationships between Shopify and NFTs would allow the authors to get real benefits from selling the NFTs online.
With this combination, Shopify has established an environment that encourages members to engage with the creator’s brand in meaningful ways. NFT sales on Shopify have the potential to become a big element of e-commerce in the future.
How Does Shopify Support NFTs?
Because every Shopify website includes built-in payment processing capabilities, the platform enables users to sell their services and products without the need for a third-party merchant services provider. Rather than relying on third-party merchant services integrations, every Shopify user can accept credit cards, debit cards, and other digital payments right away. For extra convenience, the platform offers mobile payment options. Other payment methods, such as cryptocurrency https://Inevent.com/blog/others/best-virtual-conferences-and-events-to-attend.html, can also be added to your Shopify store.
Shopify enables the selling of NFTs using the same technique. If you use Shopify, you can simply convert your digital asset into an NFT and sell it on your website. Potential purchasers can pay via Shopify, but they will get the NFT using blockchain technology.
This streamlines the process of purchasing and selling NFTs in both fiat currency and cryptocurrency. Customers can treat their NFT purchases in the same way as buying groceries or clothing online because they are not required to pay only in cryptocurrency.
What Payment Methods Does Shopify Accept for NFTs?
Shopify allows a number of payment options for NFTs. It can take payments in up to 133 fiat currencies and over 300 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
Shopify’s fiat currency payment methods include, but are not limited to, the following:
- American Express
- Apple Pay
- Google Pay
- Shop Pay
Alternative payment methods are available through Shopify’s cryptocurrency payment options, including:
- Coinbase Commerce
This gives you access to all of the cryptocurrencies offered by these payment providers. Therefore, you can sell your NFTs in cryptocurrency just as simply as you do in fiat currency.
Why Should You Sell NFTs Through Shopify?
Shopify helps to eliminate the complexity of cryptocurrency. Using Shopify’s partner apps, you can mint and list your NFTs on prominent blockchains. Then you can sell NFTs without using any cryptocurrency. You can take payments using Shopify Payments, Shop Pay, cryptocurrency payment gateways, credit/debit cards, and many other methods. Besides, customers can quickly claim their NFTs by email and add them directly to their wallets.
How Do You Sell NFTs on Shopify?
Now that you’ve understood the fundamentals of how Shopify manages NFT sales, we will show you how to sell your own digital assets on the site.
Step 1: Create a Shopify Account
First of all, you need to create a Shopify account by clicking on this link https://www.shopify.com/.
Then you need to check the pricing plans and choose the one that is right for you. After that, you need to fill in the necessary details and make the payment to finish creating your Shopify account.
Step 2: Develop a Website
The next step is to create a fully functional website that you can host on a Shopify server. You can move your website to Shopify’s hosting if you already have one. Otherwise, you have to start from scratch and manage your website on the platform.
Shopify gives you access to various layouts and a content management system (CMS), making building engaging and modern websites simple. Even learning how to sell NFTs on Shopify makes the process easier.
The procedure is so simple that you can start building your website and adding your first product as soon as you sign up with Shopify. If you already have your NFT ready for sale, you can add it right in this process.
Step 3: Choose Your Payment Processors
Shopify offers its own payment processing services as well as third-party providers and integrations, so you can use any of these services to build a robust e-commerce platform.
You must now go through the list of cryptocurrency payment processors and add them to your store’s integrations. This step would necessitate the entry of new payment details. However, it is important since you will be serving blockchain-savvy customers who may opt to pay with cryptocurrency.
Once you’ve decided on your payment processors, you can quickly evaluate your website to guarantee that its theme, content, and visual interface are to your preference. After that, you may set up your NFT and upload the listing to your website.
Step 4: Create Your NFT
Now you need to create an NFT. While Shopify states that it supports NFTs built on Ethereum and Flow, it does not claim responsibility for the delivery of these digital assets. This is a crucial point to keep in mind as you learn how to sell NFTs on Shopify.
This means you are solely responsible for the creation, storage, and transfer of the NFT to the buyer. Shopify allows you to accept payments, but it doesn’t store or ship your products.
Additionally, Shopify’s staff claims that the platform allows for the sale of NFTs as long as they follow the company’s Acceptable Use Policy. This means that, in accordance with the platform’s previous stance on allowing NFTs to be created and sold on both Ethereum and Flow, you can do so without any problems.
This is quite similar to using a Shopify app like SendOwl to sell digital items. The difference is in the way NFTs are distributed, which in this case is done via blockchain rather than traditional interfaces.
Step 5: Set a Price
The next step is to set a price for your NFTs. It is critical to understand that defining the value of digital art, music, stories, or any other sort of material via NFT is similar to selling physical art. The price is subjective; the creator can establish it at any level, and it is entirely dependent on user demand.
However, it is essential that you select the value of your NFT while comparing it to other similar products. This ensures that your NFT is not overpriced or underpriced. It also improves your chances of generating a significant deal.
You can also assign different values to different NFTs to appeal to different audiences and make your most valuable content stand out with its worth.
Step 6: Set Up Your Marketing
Next, it is critical to building a marketing plan for your business, whether you reach out to social media influencers or advertise your digital content. Otherwise, your website may receive little to no traffic, and your business may fail before it has even had the opportunity to thrive.
You can invest in various marketing strategies, including search engine optimization (SEO) and social media marketing. You can run your ads on these networks as long as your offered NFTs comply with the regulations set by these networks.
While learning how to sell NFTs on Shopify, keep in mind that many conventional service providers may still disapprove of the use of NFTs. So you should advertise your NFTs via other channels like Bitcointalk. This enables you to reach out to folks who aren’t afraid to use digital currencies in their transactions.
Step 7: Transfer the NFT to the Buyer
Now you must determine what actions you will take if someone buys your NFT. Here, you must carry out your first blockchain fulfillment and demonstrate to your customers the efficiency and trustworthiness of your services.
So, here’s the fundamental procedure. You need to go to the corresponding blockchain platform to transfer the NFT to the customer’s given wallet address once you have got your payment and the buyer’s blockchain address.
Because you may have previously set the terms on the product and the checkout page, verify that your NFT transfer is carried out in accordance with those promises. For example, if you opted to abandon your rights to the content after the sale, your NFT attributes should reflect this.
As long as all of the information is clear, it would be rather easy to transfer the NFT to the buyer, complete the transaction, and mark a success in your path of learning how to sell NFTs on Shopify. You may also provide them a direct link to the content if your digital content requires a separate download. This also applies to any buyer certificate outlining their rights to the work, in addition to what is already stated in the NFT.
And this finalizes your NFT sale on Shopify.
While following these procedures could be simple, you may lack the technical know-how or the time to complete them all on your own. Or just in case you don’t want to go through the procedure at all, you could consider hiring third-party developers to build the shop for you.
These developers are experts in creating Shopify stores, so you can build up your new store from the ground up without having to go through the CMS yourself. At the same time, this approach saves you time and offers you a fully functional website on a strict timeline.
The CMS option may then be used to continue adding new items or pages as needed. Because Shopify is incredibly user-friendly, you won’t need to contact a developer every time you add a new NFT to the list.
The cost of hiring these professionals is determined by a variety of factors, such as their experience, skill, specialization, and vendor profile. You can find these professionals on platforms like Fiverr or Upwork.
Plus, some of these developers may also be able to convert your digital artwork into an NFT. If you want to take advantage of this solution, seek a provider who is knowledgeable with both Shopify and blockchain. This significantly improves the process’s level of comfort.
However, be sure to check the prices for these developers and see how they fit into your NFT launch expenses. If the cost is too high to handle, then maybe following our below instructions on your own would be a better choice for your business.
Important Notes on Creating NFTs on Shopify
There is little to no information on NFTs on the official Shopify support page at the time of writing. Third-party news outlets have been the only source that provided formal statements from senior executives. Furthermore, the few statements made by Shopify employees do not offer a firm answer on the supported NFT or blockchain platforms.
Because you’re playing by Shopify’s ever-changing NFT regulations, you should contact the company’s customer service team and double-check the most recent policies on approved blockchain networks. Ethereum and Flow, for example, are the two current supported networks for NFT development. However, this could shift at any moment. Perhaps you don’t know, to buy Ethereum in India and start accepting it as a form of payment for NFTs sold on Shopify, users can sign up for an Indian cryptocurrency exchange such as WazirX or CoinDCX.
You can build your NFT on the appropriate platform after you’ve cleared this particular viewpoint. You have the ability to select whether the material is a one-time sale or something that may be duplicated several times since you can transfer copyright at the moment of producing the NFT. Make sure to explain these terms to potential purchasers ahead of time so that you don’t end up in a disagreement afterward.
If you’re into NFTs and want to sell them effortlessly online, a Shopify website is truly worth considering. Apart from following the detailed steps provided in this post, you could also hire Shopify developers to help you sell NFTs online.
We hope that our instructions on how to sell NFTs on Shopify have made it easier for you to enter the NFT market. Thank you for reading and we’ll see you in the next article.