Shopify Merchants Can Mint and Sell NFTs on its Platform -

Shopify Merchants Can Mint and Sell NFTs on its Platform

Shopify, a multinational e-commerce platform, allowed its users to trade and mint non-fungible tokens through its platform. The firm partnered up with GigLabs, an organization that specializes on providing tools for NFT operations.

Shopify Warps into NFT Universe

Tobias Lutke, Chief Executive Officer of the company, announced the new service via his Twitter account.

The initiative will come under the name – NFT Beta program. Initially, it will be available only for merchants based in the United States of America.

The collaboration with GigLabs allowed NFT enthusiasts to purchase digital collectibles by various settlement methods, including Shopify payments, Shop Pay, cryptocurrencies, credit or debit cards, the statement said.

“Plus, customers can easily claim their NFTs via email and add them directly to their wallets,” Shopify’s team added.

The company stated that customers can create non-fungible tokens using various platforms like Ethereum, Polygon and Near by teaming up with their partner applications.

Paul Budnitz, founder and CEO of entertainment company Superplastic, described Shopify’s platform to be “amazing” and said that it helped his company and Christie’s make a “massively profitable NFT drop for Janky or Guggimon.”

These are Shopify’s first steps into the NFT space. However, the company is already a part of the cryptocurrency wagon. It enabled customers to pay in Bitcoin instead of fiat currencies by 2020 after it partnered with BTCPay.

The Rise of the NFT Industry in 2021

Non-fungible tokens, which are cryptographic tokens that cannot be replaced, are unique and cryptographic tokens that can only exist on a blockchain. They can be used to represent artworks or track real-world assets such as houses and cars.

NFTs weren’t invented in this year’s world, but they did catch the attention of companies and individuals from many industries, including musicians and investors.

OpenSea, the largest NFT peer-to–peer marketplace, recently exceeded the $10 billion mark in trading volume. This number currently stands at over $13 billion, as it was accumulated through more than 1.2 million traders.

OpenSea’s success is significant as its total volume trading for 2020 was only $21 million.

Another indicator of the NFT industry’s steady growth is Google search results for phrases such as “NFT” or “Buy NFT.” These reached an all-time high almost a month ago.