Shopify revealed yesterday that the company is now directly supporting the sale of nonfungible tokens (NFTs) for its merchants
Shopify’s President Harley Finkelstein announced yesterday that the company is now directly supporting the sale of NFTs for its merchants. He made this known in a series of tweets yesterday, with the e-commerce giant now making the entry into the NFT space.
If you’ve spent 1 minute on the internet this year, you’ve seen a lot about NFTs. @Shopify we are making it easier for our merchants to sell NFTs directly through their stores, with one of the first being the @ChicagoBulls NFT store. https://t.co/Qv2wKO7RCS
— Harley Finkelstein (@harleyf) July 26, 2021
Finkelstein stated that the feature to sell NFTs would be available through the merchant stores, with an NFT from the Chicago Bulls basketball team the first to go on sale on Shopify. “Before Shopify offered this capability, merchants would have to sell through a 3rd party marketplace aka less control of the sale and customer relationship. Once again, we are putting the power back into the hands of merchants and meeting customers how and where they want to buy,” he added.
The terms and conditions of the Chicago Bulls NFTs indicate that they were created via the Flow blockchain, which was launched by Dapper Labs. Shopify is yet to give further details regarding its NFT services.
When asked if the option to buy NFTs is available to all Shopify customers, Finkelstein replied that it is only available to a select few at the moment. NFTs have gained popularity in recent months, with millions of dollars sold in digital arts.
The most valuable NFT is “Everyday – The First 5000 Days”, a digital artwork by Beeple. The NFT was sold at the renowned auction house Christie’s for nearly $70 million. The surge in popularity saw several celebrities, sports teams, and brands enter the NFT space and launch their own tokens.
Twitter boss Jack Dorsey even sold his first-ever tweet as an NFT for $2.9 million and donated the money to charity.