Shopify merchants will be able to use non-fungible tokens (NFTs) for more than exchanging images with the launch of what they’re calling “token commerce,” a way for their merchants to use them to build loyalty.
Announced on Wednesday, June 22 as part of Shopify Editions, a massive product launch, the e-commerce platform rolled out the feature because it believes “the most exciting experience isn’t selling NFTs, but activate them”.
The tool will allow merchants to create NFTs that act as keys that unlock a wide variety of benefits and rewards, such as limited edition merchandise (both token and real), early or exclusive purchases, or experiences when they connect a crypto-capable digital wallet to the merchant’s site.
Shopify began aggressively moving into crypto payments this spring, launching bitcoin payments with the Strike payment network in April and Crypto.com in May.
See also: E-commerce platform Shopify integrates with Payments Network Strike to accept Bitcoin
“Our growing blockchain ecosystem demonstrates our commitment to supporting merchants with alternative payment methods on their storefronts, helping to further expand what is possible in commerce,” said John Lee, blockchain ecosystem lead at Shopify, in May.
Related: Shopify merchants now accept instant crypto payments
Forty-six percent of merchants said they have integrated crypto into their accepted payment mix, according to “Paying With Cryptocurrency: What Consumers And Merchants Expect From Digital Currencies,” a new report from PYMNTS in collaboration with BitPay. However, most of these payments go through third parties like PayPal and Venmo, with only 23% of retailers accepting crypto payments directly to cryptocurrency wallets.
It also found that 95% of merchants who accept crypto “plan to innovate or further innovate their crypto acceptance capabilities” – something Shopify’s token commerce will provide.
Read more: Report: Merchants Accept Crypto at Checkout Despite Falling Investment Value
PYMNTS’ April report on US crypto consumers found that a quarter of consumers prefer merchants that accept cryptocurrencies, and nearly a third of high-income consumers would switch to friendly merchants cryptocurrencies. Additionally, 23% of consumers said they had held crypto in the past 12 months.
See also: More consumers are buying crypto and want more ways to spend it
Bill Murray’s NFTs
Speaking of doing more creative things with NFTs than just selling anime collectibles, the ever-creative Bill Murray has teamed up with comedy website The Chive and blockchain loyalty provider Project Venkman – the character iconic Murray from “Ghostbusters,” if anyone needs an encore – according to his son Jackson Murray, Decrypt reported.
Along with the required images of Murray – all different but taken from a painting of him – the 1,000 NFTs come with one of Murray’s 100 stories. Which are claimed to be true – or at least truly told by Murray, who didn’t write an autobiography to collect his stories.
Additionally, they will receive engraved silver coins that will grant access to a separate event, The Chive’s annual Silver, Gold and Black Dinner in Austin, TX. They can be kept or sold separately from the NFT. The Chive will host a minimum of two events per year for NFT holders where Murray will meet and interact, and they will also have access to a private Discord community.
eBay’s Latest NFT Offering
Global e-commerce giant eBay’s latest NFT acquisition is KnownOrigin, an artist-focused site for creating, buying and reselling NFTs.
Hot on the heels of its NFT debut in May with hockey legend Wayne Gretzky, eBay called it “an important step in eBay’s technological reimagining, ushering in a new era of digital collection to the world’s premier destination for collection “.
Read more: eBay, OneOf partner for NFT development and sales
The Gretzky NFT came as part of its partnership with NFT producer OneOf to create and sell animated versions of Sports Illustrated magazines.
“eBay is the first stop for people around the world looking for that perfect, hard-to-find, or unique addition to their collection,” said Jamie Iannone, CEO of eBay. “With this acquisition, we will remain a leading site as our community adds more and more digital collectibles.”
On the Internet
Speaking of hockey, the National Hockey League that Gretzky once dominated has launched an official NFT line with the NFT Sweet marketplace.
The collection will launch on nhl.sweet.io at the start of the 2022-23 NHL season.
The site “will feature current and historic moments as well as iconic elements of the game in the form of non-fungible tokens,” the NHL and Sweet said in an announcement Thursday, June 23. “Also on the roadmap are specialty packs, gamified collecting experiences, 3D interactive trophy rooms where users can display their collections, and dynamic NFTs designed to change based on current team data. and more.”
The NFTs will feature “current and archived video moments and collectibles from across the League featuring past and present NHL stars and top games,” said the NHL, along with Dave Lehanski, executive vice president of the business development and league innovation, promising a ‘fan-first’ experience.
In addition to the NHL, the National Hockey League Players Association and the NHL Alumni Association are also involved.
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