A second e-commerce marketplace is allowing the purchase and sale of non-fungible tokens (NFTs), via a new partnership.
Shopify is integrating the NFT distribution platform from enterprise NFT solutions provider Sweet into its digital marketplace. The e-commerce marketplace is following on the heels of eBay, which recently began permitting the purchase and sale of NFTs.
As a result, retailers operating Shopify storefronts can sell NFTs, which are unique digital assets stored on a blockchain ledger which certifies the owner. There is no way for an NFT to have more than one owner, and only the certified owner can sell it. In recent months, NFTs have experienced a dramatic surge in popularity, with many celebrities selling certified, one-of-a-kind digital images, videos, audio recordings, and other files to collectors.
The ability to sell and distribute through Shopify’s ecommerce platform encompasses direct NFT sales, as well as gamified bundled “gift with purchase” NFT experiences with physical merchandise, such as t-shirts, vinyl albums, and sneaker drops. Since NFTs are publicly verifiable and can't be counterfeited, packaging them with physical goods can also serve as an authentication method.
“To date, NFTs have been primarily sold through third-party crypto marketplaces, forcing brands to make the hard choice of directing consumers to an off-brand experience,” said Tom Mizzone, CEO and founder of Sweet. “Additionally, broader consumer bases want to buy and own NFTs but are confused by complex and intimidating crypto wallet setup, and don’t know how to get started. Now anyone can get into the NFT game through the familiar Shopify checkout experience.”