Many people might have thought that Crypto was a fad, but the data points to the fact that it is far from a fad. There are several use cases for cryptocurrencies and the technology that powers them, the blockchain.
It's no wonder we're seeing more innovations coming from this particular sector.
One of these points of innovation is that of NFTs.
In fact, non-fungible tokens (NFTs) are on the rise and it has become a custom that almost everyone is aware of this particular phenomenon. Since virtually any digital property can be converted to an NFT and sold for value, the process has attracted the attention of digital creators and collectors for all the right reasons.
Until recently, NFTs could be purchased in specialized but unknown NFT market spaces that mostly sold them through cryptocurrencies. He had to have a little more interest in digital collectibles, know more about NFT and crypto in general to venture into the NFT world.
But in July 2021, the popular e-commerce platform Shopify allowed its users to sell NFT through their own stores. The platform provider with its simplicity, seamless payment solution options, and ease of transactions is a critical player in the e-commerce sector.
As such, this move from Shopfiy was a great move. This action not only opened the doors to a wide variety of websites to sell NFT, but also allowed credit and debit card transactions for these tokens through a conventional provider.
Shopify was able to grow its customer base and strengthen its customer relationship offerings. This move appears to help improve your ecosystem, helping you indirectly interact with those who frequent places like Binance or those who might buy products from Dapper Labs.
If you are a digital creator and want to sell your virtual assets as NFT, you may be interested in seeing how Shopify allows you to sell these tokens. By reviewing the information below, you can learn how to sell NFT on Shopify on your own.
How does Shopify support NFT?
Since every Shopify website comes with built-in payment processing capabilities, the platform allows its users to sell their products and services without an additional merchant service provider. Rather than looking for third-party payment gateway integrations, every Shopify user can accept credit cards, debit cards, and other digital payments. The platform also accepts alternative payment methods, such as cryptocurrencies, to its Shopify store.
Shopify supports selling NFT through the same mechanism. If you are a Shopify user, you can simply convert your digital asset into an NFT and put it up for sale on your website. Potential buyers can process their payment through Shopify, but obtain the NFT through blockchain technology.
This simplifies the entire process of buying and selling NFT through fiat currency and cryptocurrency alike. Since customers do not have to pay strictly via cryptocurrency, they can treat their NFT purchase in a similar way to buying food or clothing online.
That means Shopify will support a legacy collection related to an NBA team, an iconic or trending meme, or even things like world championship rings.
What blockchains does Shopify support?
Shopify currently supports two blockchain networks for creating and transferring NFTs. These include Ethereum and Flow. This means that users can create their NFTs on any of these platforms and list them on their Shopify website without any hassle.
Shopify plans to add more blockchain networks to its list of supported platforms in the future. But as of this writing, your ability to sell an NFT through Shopify is limited to these two platforms.
With that said, it's important to clarify that Shopify doesn't host NFT. Similar to consumer goods and digital services, warehousing and fulfillment of purchased solutions falls on the shoulders of the seller. This is an important point to consider when learning how to sell NFT on Shopify.
If you're like other Shopify merchants, you'll want to make sure that whether you're selling on your online store or on a general NFT platform, you want to consider every aspect of the process.
What payment methods does Shopify accept for NFTs?
Shopify accepts a variety of payment methods for NFT. Through different options, you can accept payments in up to 133 fiat currencies and more than 300 cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
Shopify's fiat currency options include, but are not limited to, the following payment methods.
Pay of Google
Shopify's cryptocurrency payment methods include the following alternative payment options;
This allows you to access all the cryptocurrencies supported by these payment providers. As a result, you can sell your NFTs via cryptocurrency just as easily as you can with fiat currency.
How is NFT sold on Shopify?
Now that you've learned the basics of how Shopify handles your NFT sales, you can have a detailed understanding of exactly how to sell your own digital assets through the platform.
The following information will guide you through the steps necessary to achieve your goals of selling your own NFTs.
Create a Shopify account
Before you go ahead and start selling NFT, you need to create a Shopify account.
Develop a website
A Shopify account by itself would not be enough to provide you with the tools to sell your NFT. You will also need a complete website that you can host on a Shopify server.
If you already have a website, you can transfer it to Shopify hosting. Otherwise, you can create a website from scratch and start managing it on the platform.
Shopify gives you access to various templates, as well as a content management system (CMS), which makes it easy to create attractive and modern websites. This simplifies the process even when you are learning how to sell NFT on Shopify.
The process is so easy that the moment you sign up for Shopify, you can go through the CMS to create your website and add your first product. If you have your NFT out of the box, you can add it through this process.
Choose your payment processors
This is where you can browse the list of cryptocurrency payment processors and add them to your store integrations. This step requires you to set up additional payment details. But it's worth it because it will cater to savvy blockchain users who may prefer to pay via cryptocurrency.
Once you've chosen your payment processors, you can quickly review your website to make sure its theme, content, and visual interface are to your liking. You can then go ahead with configuring your NFT and add the list to your website.
Create your NFT
Now for the tricky part, which is creating an NFT. While Shopify mentions that it supports NFTs built on Ethereum and Flow, the platform is not responsible for supporting the delivery of these digital assets. This is an important point to remember when learning how to sell NFT on Shopify.
This means that you are fully responsible for creating, storing and eventually transferring the NFT to the buyer. In many cases, this is similar to creating or selling your own products through Shopify: while the platform provides you with a way to process payments, it does not store your products in its own warehouse or ship them itself.
It's also important to note that at the time of writing, the Shopify help section does not have any information on NFT. Most of the information about the NFT sales function comes from valid third party press. The first real-world application of this information took place in July 2021, when the NBA's Chicago Bulls sold NFT of their championship ring artwork through Shopify.
With that said, Shopify staff do mention that the platform allows the sale of NFT as long as they adhere to their Acceptable Use Policy. This means that according to the platform's previous stance on supporting NFT through Ethereum and Flow, you can create NFT on those platforms and sell them without any problem. This is an important thing to keep in mind when navigating how to sell NFT on Shopify.
This is quite similar to selling digital products through a Shopify app like SendOwl. The difference is the delivery of the digital goods or NFT, which in this case occurs through blockchain instead of conventional interfaces.
Set a price
It is also important to know that establishing the value of digital art, music, stories or any other type of content through NFT is similar to the sale of tangible art. The price is subjective; the creator can configure it at any level; and completely dependent on user demand.
That being said, it is important that you choose the value of your NFT while comparing it to other similar creations. This ensures that you are not over or undervaluing your NFT. It also increases your chances of making a serious sale.
This particular strategy is crucial if you are selling a single NFT or creating an NFT store with multiple pieces of content. You can also set different values for different NFTs in order to cater to a variety of audiences and make your most special content stand out for its value.
Configure your marketing
Whether you're reaching out to influencers on social media or deciding to place ads for your digital content, it's important to create a marketing plan for your store. Otherwise, you may have little to no audience on your domain and see your store crumble before you've had a chance to spread your wings.
You can invest in different marketing mechanisms such as search engine optimization (SEO) and social media marketing. As long as your offered NFTs are aligned with the policies defined by these networks, you can run your ads on them.
As you learn how to sell NFT on Shopify, it's wise to keep in mind that many mainstream service providers may still disapprove of using NFT. This is where you can trade your NFTs through alternative platforms like Bitcointalk. This allows you to reach people who are not wary of using digital currencies for their transactions.
You can also check out these tips for building your Shopify store for a detailed approach on developing and running your new business.
With these tips in mind, you can easily convert your digital assets to NFT and sell them through your Shopify store. Payment can be processed according to the conditions and available methods mentioned above.
Can I hire someone to create an NFT store?
While these steps are fairly easy to follow, you may not have the technical prowess or time to execute them yourself. Even when you don't want to go through the process because you just don't feel like it, you can turn to third-party developers to build the store for you.
These developers excel at creating Shopify stores, ensuring that you can set up your new store from scratch without going through the CMS yourself. At the same time, this approach also saves you time and provides you with a fully functional website in no time.
The cost of hiring these developers depends on different factors. These aspects include, but are not limited to, your experience, skill, specialization, and provider profile. You can find these professionals through platforms like Fiverr or Upwork, where you can see valid user reviews against multiple providers at once.
Some of these developers may also know how to turn your digital artwork into an NFT. If you want to take advantage of this solution, look for a provider that specializes in both Shopify and blockchain. This adds a significant layer of comfort to the process.
With that said, be sure to check out these developers' pricing and see how they impact your NFT business startup costs. If the cost is too high for your bank account, then investing some capital in building your website might be a better option for you.
Important points to remember when creating your NFT
At the time of writing, there is little to no information available on NFTs in the official Shopify support material. As mentioned above, the only official statements from top management come from third-party news sites. Furthermore, the few statements from Shopify staff also do not provide a definitive answer on supported NFT or blockchain platforms.
Since you are playing by the rapidly changing rules of Shopify at NFT, it is important that you contact the company's customer service team and check for the latest policies on supported blockchain networks. For example, the two networks currently supported for creating NFT are Ethereum and Flow. But this very well could change without major announcements. For now, it's important to keep this distinction in mind as you learn how to sell NFT on Shopify.
Once you have clarified this particular stance, you can create your NFT on the respective platform. Since you can choose to transfer the copyright at the time the NFT is created, you have the flexibility to decide whether it is a one-time sale of the content or something that can be replicated multiple times. Be sure to also describe these terms to potential buyers beforehand, so you don't have to get into disputes later.
What happens when someone buys my NFT?
In your case, going through the hassle of creating a Shopify store is supported by one goal: sell your NFTs. That's why every time your first NFT sale happens, it's a historic moment of celebration. As well as giving you the validation that your solution is generating some revenue, it also gives you the support to expand your store in the future.
But in addition to those positive emotions, selling your first NFT also comes with great responsibility. That is where you should make your first fulfillment through blockchain and show your clients the speed and reliability of your services.
Fortunately, the process is straightforward. Once you have received your payment and the buyer's blockchain address, you can go to the respective blockchain platform to transfer the NFT to the wallet address provided by the customer.
Since you may have already defined the terms in the product, as well as on the checkout page, make sure your NFT transfer is made according to those promises. For example, if you decide to assign your rights to the content after the sale, your NFT attributes should indicate this.
As long as all the details are clear, it's pretty easy to transfer the NFT to the buyer, complete the transaction, and mark a success on your journey of learning how to sell NFT on Shopify. If your digital content comes with a separate download, you can also send them a direct link to the content. This is also valid for any buyer's certificate that describes your rights to the work, in addition to what is already attributed in the NFT itself.
This completes the sale of your NFT on Shopify. Since many NFTs are sold on the basis that they are uniquely attributed to a single digital or physical object, this process can usually allow you to say goodbye to the content you sold. In such cases, you can move on to other offers on your Shopify store.
Consider alternative platforms
Shopify is a great answer for creating, marketing, and selling your NFTs. In addition to brand recognition, your acceptance of fiat currency through debit cards and credit cards plays an important role in this status.
That being said, if you are not overly concerned with the idea of receiving payments in fiat currency, you can look into alternative platforms to sell your NFTs.
Some of the most popular NFT sales platforms include the following;
Some of these platforms such as OpenSea and Rarible already accept credit card payments to sell cryptocurrencies. But the payment to you as a seller is made with cryptocurrencies. This could change in the future and these platforms may also allow you to accept direct fiat payments. However, this cryptocurrency-only payment for sellers stands out as the established standard.
With this in mind, be sure to explore your options and make an informed decision regarding which platform to choose as a home for your NFTs.