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Users will be able to create NFT-linked online stores on Shopify

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HIGHLIGHTS :

  • Merchants will be able to start token gated stores with the new feature
  • People holding tokens of a particular brand will get access to these stores
  • The popularity of NFTs is increasing

NFTs use blockchain technology to authenticate tokens of unique items that are linked to reproducible digital assets

Merchants will be able to start token gated stores with the new feature

Shopping site Shopify has introduced some new features. These include the introduction of the non-fungible token (NFT) gated stores for small businesses. On Shopify, merchants get the facility to create e-commerce stores according to their needs. With the new feature, merchants will be able to open token gated stores to which people holding tokens of a particular brand will get access.

The firm has also offered to sell NFTs on the online store directly from the blockchain. For this, a tie-up has been done with about a dozen apps connected to NFT. Support for these transactions will be from the blockchains Ethereum, Polygon, Solana, and Flow. A survey by Shopify has revealed that about 45 percent of the consumers in India are likely to buy NFTs this year. The firm expects this to help brands strengthen connections with their consumers through rewards programs and NFTs. In this regard, a statement given by the firm said, “Token gated transactions on Shopify will give customers the option of NFT on behalf of merchants to connect with their preferred brands.”

People holding tokens of a particular brand will get access to these stores

Recently Mastercard expanded the facility to buy NFT with card payments. For this, Mastercard has partnered with metaverse firms Sandbox, Immutable X, Spring and Nifty Gateway, and a few other firms. Using blockchain technology in NFTs, tokens of unique items are authenticated which are linked to reproducible digital assets. These can include art, music, in-game items, and videos. These can be traded online but cannot be duplicated.

The popularity of NFTs is increasing

With the growth of business in this segment, there has also been an increase in scam cases. In some such cases, NFT buyers have suffered huge losses. In the US, some major fraud cases related to this segment have been uncovered. Some of the accused have also been arrested. These cases have raised apprehensions about trading in this segment. However, despite this, the popularity of NFTs is increasing.

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