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 various use cases for cryptocurrencies and the technology that powers it, the blockchain.
It is no wonder that we see more innovations coming from this particular sector.
One of these points of innovation is that of NFTs.
Indeed, non-fungible tokens (NFTs) are on the rise, and it has become customary for almost everyone to know about this particular phenomenon. Since essentially any digital property can be turned into an NFT and sold for value, the process has garnered attention from digital creators and collectors for all the right reasons.
Until recently, NFTs could be purchased on specialized yet obscure NFT marketplace spaces that mostly sold them through cryptocurrency. You had to have a bit more interest in digital collectibles, know more about NFTs and crypto in general to dabble in the NFT world.
But in July 2021, popular ecommerce platform Shopify allowed its users to sell NFTs through its own simple storefronts. The platform provider with its simplicity, seamless payment solution options and ease of transactions is one critical player in the e-commerce sector.
As such, this move by Shopfiy was a big deal. This action not only opened doors for a wide variety of websites to sell NFTs, but also enabled credit card and debit card transactions for these tokens through a mainstream provider.
Shopify was able to increase its customer base and strengthen its customer relationship offerings. This move looks like it will help to enhance its ecosystem, helping it to interface indirectly with those who frequent places like Binance or those who might purchase products from Dapper labs.
If you are a digital creator and want to sell your virtual assets as an NFT, you might be interested to see how Shopify allows you to sell these tokens. By going through the information below, you can learn how to sell NFTs on Shopify all on your own.
How Does Shopify Support NFTs?
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 services provider. Instead of looking for third-party merchant services integrations, each Shopify user can accept credit card, debit card, and other digital payments from the get go. The platform also accepts mobile payment methods for added convenience. You can also add alternative payment methods such as cryptocurrencies to your Shopify store.
Shopify supports the sale of NFTs through the same mechanism. If you are a Shopify user, you can simply turn your digital asset into an NFT and list it on your website for sale. Potential buyers can process their payment through Shopify, but obtain the NFT through blockchain technology.
This simplifies the whole process of buying and selling NFTs through fiat currency and cryptocurrency alike. Since customers don’t have to strictly pay through cryptocurrency alone, they can treat their NFT purchase in a manner that’s similar to shopping for groceries or clothing online.
That means that Shopify will support a legacy collection relating to an NBA team, a trending or iconic meme, or even aspects like world championship rings.
Which 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 either of these platforms and list them on their Shopify website without any problems.
Shopify plans to add more blockchain networks to its list of supported platforms in the future. But at the time of writing, your ability to sell an NFT through Shopify is limited to these two platforms.
With that being said, it is important to clarify that Shopify does not host NFTs. Similar to consumer goods and digital services, the storage and fulfillment of purchased solutions falls on the shoulders of the seller. This is an important point to consider while learning how to sell NFTs on Shopify.
If you are like other Shopify merchants, you will want to ensure that whether you are selling on your online store or a general NFT platform, you want to account for all aspects of the process.
What Payment Methods Does Shopify Accept for NFTs?
Shopify accepts a variety of payment methods for NFTs. Through different options, it can accept payments in up to 133 fiat currencies and over 300 cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
Shopify’s fiat currency options include but are not limited to the following payment methods.
- American Express
- Apple Pay
- Google Pay
- Shop Pay
Shopify’s cryptocurrency payment methods include the following alternative payment options.
- Coinbase Commerce
This allows you access to all the cryptocurrencies that are being supported by these payment providers. As a result, you are able to sell your NFTs through cryptocurrency just as easily as you do with fiat currency.
How Do You Sell NFTs on Shopify?
Now that you have learned the basics about how Shopify handles its NFT sales, you can understand in detail exactly how to sell your own digital assets over the platform.
The following information will guide you through the necessary steps to achieve your goals of selling your own NFTs.
Create a Shopify Account
Before you go ahead and start selling NFTs, you need to create a Shopify account. The process is easy and straightforward.
- Go to Shopify.com.
- Check the pricing plans.
- Fill in the necessary details.
- Make the payment.
- Create your account.
Develop a Website
A Shopify account itself wouldn’t be enough to give you the tools to sell your NFT. You will also need a fully-fledged website that you can host on a Shopify server.
If you already have a website, you can transfer it to Shopify’s hosting. Otherwise, you can create a website from scratch and start managing it on the platform.
Shopify provides you with access to various templates as well as a content management system (CMS), which makes it easy to create engaging and modern websites. This simplifies the process even when you are learning how to sell NFTs on Shopify.
The process is so easy that the minute you sign-up with Shopify, you can go through the CMS to create your website and add your very first product. If you have your NFT ready to go, you can add it through this process.
Choose Your Payment Processors
Shopify stands apart due to its support for its own payment processing services as well as third-party providers and integrations. When creating your website, you can choose from any of these services to create a powerful eCommerce platform.
This is where you can browse the list of cryptocurrency payment processors and add them to your store’s integrations. This step would require you to set up additional payment details. But it is worth it because you will be catering to blockchain-savvy users who may very well prefer to pay through cryptocurrencies.
Once you have chosen your payment processors, you can review your website quickly to ensure that its theme, content, and visual interface is according to your liking. You can then move forward with setting up your NFT and adding the listing to your website.
Create Your NFT
Now comes the tricky part, which is to create an NFT. While Shopify mentions that it supports NFTs created on Ethereum and Flow, the platform does not take ownership of supporting the delivery of these digital assets. This is an important point to remember while learning how to sell NFTs on Shopify.
This means that you are entirely responsible for creating, storing, and eventually transferring the NFT to the buyer. In many cases, it is similar to creating or selling your own products through Shopify: While the platform gives you a way to process payments, it doesn’t store your goods in its own warehouse or ship them by itself.
It is also important to note that at the time of writing, Shopify’s help section does not have any information about NFTs. Most of the information about the NFT selling feature comes through third-party yet valid press. The first real-world application of this information took place in July 2021, when the NBA’s Chicago Bulls sold NFTs of their championship ring artwork through Shopify.
With that being said, Shopify’s staff mentions that the platform allows the sale of NFTs as long as they keep in line with its Acceptable Use Policy. This means that according to the platform’s earlier stance on supporting NFTs through Ethereum and Flow, you can create NFTs on those platforms and sell them without any issues. This is an important thing to note while navigating how to sell NFTs on Shopify.
This is quite similar to selling digital goods through a Shopify app such as SendOwl. The difference is the delivery of the digital goods or NFTs, which in this case happens through blockchain instead of conventional interfaces.
Set a Price
It is also important to know that setting 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; can be set to any level by the creator; and completely dependent on user demand.
With that being said, it is important that you choose the value of your NFT while comparing it to other similar creations. This makes sure that you are not overpricing or underpricing your NFT. It also increases your chances of making a serious sale.
This particular strategy is crucial whether you are selling a single NFT or creating an NFT store with multiple pieces of content. You may also set different values to distinct NFTs in order to cater to a variety of audiences and make your most special content stand apart with its value.
Set Up Your Marketing
Whether you reach out to social media influencers or decide to place ads for your digital content, it is important to create a marketing plan for your store. Otherwise, you may get little to no audience to your domain and see your store fall apart before it has even had the chance to spread its 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.
While learning how to sell NFTs on Shopify, it is prudent to note that many mainstream service providers may still frown upon the use of NFTs. This is where you can market your NFTs through alternative platforms such as Bitcointalk. This lets you reach out to people who are not wary of using digital currencies for their transactions.
You can also look at these tips for creating your Shopify store for a detailed approach on developing and running your new venture.
By keeping these suggestions in mind, you can easily turn your digital assets into NFTs and sell them through your Shopify store. The payment can be processed according to the conditions and available methods mentioned above.
Can You Hire Someone to Create an NFT Store?
While going through these steps is quite easy, you may not either have the technical prowess or the time to execute them all by yourself. Even when you don’t want to go through the process because you simply don’t feel like it, you can turn to third-party developers to create the store for you.
These developers excel at creating Shopify stores, which ensures that you can set up your new store from scratch without having to go through the CMS yourself. Simultaneously, this approach also saves your time and provides you with a fully-functional website on a short deadline.
You can then use the CMS option to continue adding new products or pages as you see fit. Since Shopify is quite user-friendly, this makes sure that you don’t have to run to a developer every time you are adding a new NFT to the mix. It’s because once you have all the basic elements of your website in place, this step seems as simple as posting something on social media. It is an important point to bear in mind while learning how to sell NFTs on Shopify.
The cost to hire these developers depends upon different factors. These aspects include but are not limited to their experience, skill, specialization, and vendor profile. You can find these professionals through platforms such as Fiverr or Upwork, where you can see valid user reviews against several vendors at once.
Some of these developers may also know how to turn your digital artwork into an NFT. If you want to benefit from this solution, look for a vendor who specializes in both Shopify and blockchain. This adds a significant layer of comfort to the process.
With that being said, ensure to check the prices for these developers and see how they factor into your startup costs for your NFT venture. If the cost is too high for your bank account, then putting some sweat equity into creating your website might be a better option for you.
Important Points to Remember While Creating Your NFT
At the time of writing, there’s little to no information available regarding NFTs across the official Shopify support material. As mentioned above, the only official statements from top management have come from third-party news sites. Additionally, the handful of statements from Shopify staff also do not provide a definitive answer on the supported NFT or blockchain platforms.
Since you are playing by Shopify’s rapidly-changing rules on NFT, it is important that you reach out to the company’s customer service team and check the latest policies on supported blockchain networks. For instance, the current two supported networks for NFT creation are Ethereum and Flow. But this could very well change without big announcements. For now, it’s important to be mindful of this distinction as you learn how to sell NFTs on Shopify.
After you have clarified this particular stance, you can create your NFT on the respective platform. Since you can choose to transfer copyright at the time of creating the NFT, you have the flexibility to decide whether it’s a one-time sale for the content or something that can be replicated multiple times. Make sure to also outline these terms to potential buyers beforehand, so you don’t have to get into disputes later on.
What Happens When Someone Purchases My NFT?
In your case, going through the trouble of creating a Shopify store is supported by one goal: to sell your NFTs. That is why, whenever your very first NFT sale happens, it is a milestone moment of celebration. In addition to giving you the validation that your solution is generating some income, it also provides you with the support of expanding your store in the future.
But apart from those positive emotions, selling your very first NFT also comes with a big responsibility. That is where you have to carry out your first fulfillment through blockchain and show your customers the swiftness and reliability of your services.
Fortunately, the process is easy. 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 customer’s provided wallet address.
Since you may have already defined the terms at the product as well as the checkout page, ensure that your NFT transfer is made according to those promises. For instance, if you chose to give up your rights to the content after the sale, your NFT attributes should indicate that.
As long as all the details are clear, it is pretty easy to transfer the NFT to the buyer, complete the transaction, and mark a success in your journey of learning how to sell NFTs on Shopify. If your digital content comes with a separate download, you can also send them a direct link to the content. This also holds true for any buyer certificate that outlines their rights over 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 of being uniquely attributed to a single digital or physical object, this process may typically let you bid farewell to the content you sold. In such cases, you may move on to other offerings on your Shopify store.
Consider Alternative Platforms
Shopify is an excellent answer to creating, marketing, and selling your NFTs. In addition to brand name recognition, its acceptance of fiat currency through debit cards and credit cards plays a big role in this status.
With that being said, if you are not too worried about the idea of receiving fiat currency payments, you can look into alternative platforms to sell your NFTs instead.
Some of the most popular NFT selling platforms include the following.
Some of these platforms such as OpenSea and Rarible already accept credit card payments for selling cryptocurrency. But the payment to you as a seller is made with cryptocurrency. This might change in the future and these platforms may also let you accept direct fiat payments. However, this cryptocurrency-only payment for sellers stands out as the set standard.
With this in mind, ensure to explore your options and make an informed decision regarding the platform you want to choose as the home to your NFTs.
Even though Shopify’s NFT program is still in its infancy, creating an NFT store on the platform is pretty easy. With that being said, it is important that you pay attention to the process, take your time in designing your website, and keep an eye out for any possible issues in the future.
By following these tips, you can start selling your NFTs on Shopify with the utmost ease. This goes a long way towards helping you adopt a modern way to make online sales, while embracing the solution faster than most of your peers.
If you have any questions or concerns, remember to research or reach out to web development or blockchain professionals. This support can further simplify the process for you and let you make full use of your NFT venture.