The interest in crypto and NFTs is continuing to grow. Not only are there innovations every day, but more people are becoming aware and interested in the technology. There are even apps like Twitter pulling NFTs into the mix, allowing people to use NFTs they own as their profile pics.
If you are looking to get in on the NFT scene, you need to find an easy way to get your NFTs out into the open. Shopify provides an easy way to do that, utilizing its impressive eCommerce platform to help those wanting to sell their NFTs.
There are many benefits to using the Shopify platform. It is easy for people to make payments, they work with many currencies, and the platform itself is stellar. However, there are also some restrictions since the NFT program is in its beta. If you are curious about selling NFTs on Shopify, keep reading to find out more.
Shopify and NFTs
If you follow the crypto space at all, you know about non-fungible tokens (NFTs). Most pieces of digital property can be turned into an NFT. And the most popular type of NFT is artwork, with digital art rising to new heights with the introduction of blockchain technology.
Previously, dedicated NFT marketplaces were the only way to get your hands on an NFT. However, as crypto continues to grow, showing that it is not going anywhere, more people and companies jumped in. Shopify is one such platform.
In July of 2021, Shopify began to offer users the opportunity to sell their NFTs using their storefronts. Moreover, using Shopify comes with some serious benefits that are not widely seen on the NFT-centric marketplaces. Some of the things that Shopify makes easy include:
- Finding a suitable payment option
- Going through with a transaction
- Forging a brand experience
- Reaching a wide range of customers
- Integrating the Shopify platform with a website
The eCommerce platform’s massive scale and previous successes made their move a huge deal. It allowed many people the opportunity to sell their NFTs in an easy way. It also opened the door for easy use of traditional payment methods to buy NFTs, such as credit and debit cards.
Shopify has already seen success, too. In the third quarter (Q3) of 2021, Shopify saw $10,700,000,000 in NFT sales. In fact, more than four million people in the US bought or sold an NFT, with the average purchase price exceeding $100. And with an overall market growth between Q2 and Q3 of around 700%, the results are obvious.
The Basic Structure
The first thing to know about Shopify’s NFT program is that it is currently in Beta. It allows people to mint and sell their NFTs with Shopify, but it is only open to a select few. Currently, only US-based Plus merchants can utilize the NFT Beta Program.
The Plus memberships are a step above their ordinary memberships, and they target high-volume merchants and large businesses. While there is room for independent users, the plans for a Plus membership start at $2,000, and the price becomes variable for higher volume businesses.
Of course, there are plenty of benefits to becoming a Shopify Plus member. Some of the benefits offered include:
- High conversion rates and faster checkout
- Quick and easy replatforming
- Localized shipping experiences
- Almost constant uptime
- Automation for things like discounting
It is a convenient service that offers plenty for the price. However, it does require a bit of investment, especially for smaller sellers. But if you are looking for a reliable NFT marketplace, it is hard to beat. Just the payments and blockchains supported by Shopify make it a worthwhile consideration.
One of the most appealing parts of a Shopify website is its easy payment processing. Shopify takes care of everything, eliminating the need for another merchant services provider. By using Shopify, users can accept many payment methods, including methods like:
- Credit cards
- Debit cards
- Mobile payment options
- Cryptocurrency payment methods
Many payment options are available, with Shopify accepting numerous cryptocurrency payment methods, including Coinbase Commerce and BitPay. And overall, Shopify accepts over 130 fiat currencies and more than 300 cryptocurrencies. Moreover, the coins they take include big names like Bitcoin and Ethereum.
Shopify provides a great platform where buyers can use traditional payment methods alongside cryptocurrency for NFTs. Shopify also makes the process easy, regardless of what device users are on. Moreover, accepting traditional fiat currencies allows users who are not deep into crypto to make purchases.
Although Shopify accepts various payment methods, once an NFT is purchased, it still comes down to blockchains. The NFTs are obtained through blockchain technology, making the supported blockchains very important for sellers and buyers alike.
Shopify works primarily with Ehtereum and Flow, but they are looking to increase the blockchain networks they support in the future. Moreover, there are partners that work alongside Shopify that open up more options.
However, while Shopify works with these blockchain networks, hosting the NFTs and fulfilling purchases is the seller’s responsibility. That is how it works with digital and consumer goods, and it is the same way with NFTs. Keep that in mind as you look at the steps to selling NFTs through Shopify below.
How to Sell NFTs Through Shopify
If you still want to know more about selling NFTs on Shopify, then you can get a clear look at the details below. Though, before that, make sure to create a Shopify account. Just remember that to utilize the NFT Beta Program, you will need a Shopify Plus account, which is around $2000 at the base level.
That being said, if you want more information before shelling out that kind of money, you can talk to someone from Shopify and ask all the questions you want. Go to their pricing plans, click on the link to learn more about Shopify Plus, and then look for the button to start the process to talk to someone from Shopify.
Get the Website Up and Running
Shopify is an incredible platform, but having an account is only the first step. After you have an account, you need to create your own website. Of course, it is hosted on Shopify’s server, but that does not mean it has to be made from scratch. You can actually transfer your website over, or you can start fresh.
Shopify makes things a bit easier with its templates and management system if you are starting from scratch. While this might cause the website to look like many other eCommerce websites using Shopify’s platform, it is a great tool for those who do not have any web development experience.
Alternatively, you can do the work yourself or hire someone to build a personalized site for you. But if you want the process to go quickly, you can simply follow the steps after signing up and get things running without much trouble. In fact, it is possible to get a Shopify Store ready in under 15 minutes.
Figure Out How to Handle Payments
Once you have the website in hand, the next part to worry about is payment processors. Shopify stands out because of how easy payments are through the platform. They are even great at working with third-party providers, which is a major reason Shopify has become such a powerhouse in the eCommerce game.
Shopify makes things easy by allowing you to select which payment processors you want to use, adding them to your store. The options include cryptocurrency payment processors as well, perfect for those who like to use crypto to purchase NFTs.
While there might be some additional payment details to go through when adding cryptocurrency payment processors, it is a step worth doing. By ensuring both crypto and fiat currencies can be used, more buyers will be able to purchase your NFTs. In fact, choosing not to would be a waste of what Shopify allows you to do.
Start Creating NFTs
Getting the website and payment parts done is a big step, but the most important step of the journey is getting the NFTs created. Since you have to pick a supported blockchain, working with Flow or Ethereum is a safe bet. However, keep in mind that Shopify does not take care of delivery, even if the blockchain is supported.
The steps you are responsible for include creating the NFT, storing it, and ensuring it gets to the buyer after a purchase is made. It is not different from anything else through Shopify, and the process of creating an NFT is no different from how it would normally be done.
One thing you do need to keep in mind is the Acceptable Use Policy. Since only NFTs that abide by the policy can be sold, make sure to look into it. As long as you have that part down, feel free to start making NFTs using the supported blockchain network of your choice.
Pick the Right Price
When you sell your NFTs on Shopify, you need to set a price for them. With NFTs, price is very subjective, so while doing market research can help, you have to understand your product’s value. In fact, much of what makes an NFT valuable is user demand and hype from marketing.
Additionally, since there are various ways to make payments using Shopify, you can explore creating NFTs for a broader audience. You might want to make some cheaper products for people who do not heavily delve into crypto, allowing them to make a quick purchase.
Regardless of what approach you take to pricing, it is vital that you take the next step seriously. Marketing can make or break sales, especially for NFTs, and fortunately, Shopify makes it easy.
Marketing goes beyond Shopify, getting to the very core of what increases NFT exposure and sales. It is important to do everything you can to launch a successful marketing campaign. After all, marketing helps you build a brand and increase the value of your NFT, particularly if you are selling art.
Some of the most effective methods of NFT marketing are social media marketing and influencer marketing. You also want to build up your community, using platforms like Discord to keep everyone in the loop. Shopify also has some great features that make marketing and building a brand easier, utilizing things like:
- Flash Sales
Shopify’s platform is helpful for building a brand, but there is still a need to add additional marketing. You might even want to start your marketing journey early, advertising your work before you get your Shopify storefront polished and ready.
There is nothing more important than selling your NFTs. Fortunately, it is not a difficult step. Shopify will get you to this point, so all that is left is fulfilling the sale through the blockchain. This part is all on you, but it is not terribly difficult.
Once someone pays for your NFT, you will have their blockchain address. Just go to the blockchain platform and make the transfer, sending it to their wallet. You also want to make sure you fulfill any promises that were made during the sale. Ensuring you are quick and reliable is a must.
Hiring Someone to Set Everything Up
It was touched upon earlier, but there are options if you want a custom Shopify storefront or simply do not want to set things up yourself. Shopify is so large that some developers specialize in creating sites made for the platform. Moreover, the easy-to-use content management system lets you add NFTs with ease once the site is created.
The same is true of other steps as well. There are developers who can help you turn your digital products into NFTs. And there are also excellent marketing agencies out there if you want to farm out the marketing. Though, you should definitely get active in the community yourself, even if someone helps you manage it.
There is no doubt that Shopify is a great choice for doing eCommerce, and the NFT program is no different. However, the fact that the program is in beta might be enough to steer some people away. After all, it requires an expensive Shopify Plus account, which is a lot for many NFT artists who are just starting out.
If you are looking for an alternative, you can consider looking into NFT marketplaces, which include:
- Nifty Gateway
The payment processing might not be as smooth on these sites, but they are still great marketplaces. Moreover, they have a great deal of credibility in the NFT space. Make sure to explore your options, especially if the Shopify Plus membership is a major factor.
Shopify is an incredibly successful eCommerce platform, and they bring a lot to the table of anyone looking to sell things online. In fact, their platform makes it easy to sell NFTs, and there are plenty of other benefits. However, the program is still in its beta and is quite costly. Therefore, while it is a great choice, it is not for everyone in its current form.