Shopify Introduces ‘Tokengate’ Utilizing NFTs to Promote Sales

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  • Known as “tokengate,” the project has an early-access beta version accessible.
  • To buy NFTs, neither the vendor nor the buyer has to use crypto.

Shopify’s new connect-to-consumer efforts will let merchants create unique items for token holders in order to interact with followers and promote sales. Known as “tokengate,” the project has an early-access beta version accessible.

Build Rapport and Provide Unique Consumer Experience

In order to get started, suppliers may either integrate the functionality directly in-store or open a tokengate shop on Shopify. In order to purchase restricted goods or gain admission to special events, customers would have to link their crypto wallets and prove they owned the relevant non-fungible tokens (NFTs). As a result of this functionality, consumer brands and NFT communities may better communicate with one another on the platform.

As a result, merchants may collaborate with other brands and Shopify’s merchandising partners to create high-end items. Aside from that, retailers may create their own NFTs on a variety of well-known blockchains, including Ethereum, Polygon, MATIC, Solana, and Flow (FLOW). After that, they may advertise and sell the items directly from their storefronts.

Tokengated commerce, according to Shopify, will use NFTs, although it’s unclear whether Shopify will be doing the actual production and maintenance of these tokens themselves. By tying cryptocurrency wallets to Shopify online businesses, it will be possible to “reward true fans and VIPs, by giving NFT holders exclusive access to products, perks, and experiences.” Shopify-powered stores will also be able to utilize NFTs from one merchant or brand.

Only merchants having an NFT collection are allowed access to the beta. To buy NFTs, neither the vendor nor the buyer has to use crypto. Shopify Payments, Shop Pay, numerous crypto payment gateways, and credit or debit cards are among the payment options available. NFTs are sent to purchasers’ email addresses, where they may be retrieved and stored as standard.

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An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.