Shopify To Add Support for NFTs Says President – Shopify, the e-commerce giant, has quietly tiptoed into the NFT pool, and users are excited! Just yesterday, July 26, Shopify President Harley Finkelstein shared the news on his Twitter.
We say quietly because there has not yet been an official announcement or press release regarding this. Finkelstein released some brief details showing the company’s intent to support NFTs.
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
Talking about the NFT popularity surge recently, he also introduced Shopify’s first NFT project—the Chicago Bulls NFT collection. This also marks the first time Chicago Bulls have released their own NFTs, but more on that later.
Within the same thread, he further mentioned that before Shopify offered this service, merchants had to sell through third parties. As with most transactions involving third parties, sellers would have less control over the sale as well as the customer relationship. So, this way, Shopify is “putting power back into the hands” of sellers.
The Twitter community responded to the tweet with much enthusiasm, voicing the one thing everyone was curious about: Which blockchains does Shopify plan to support? For now, the Chicago Bulls have minted their NFTs via the Flow Blockchain. But will Shopify’s outreach to the crypto world stop right there? We’ll just have to wait and see.
The Canada-based multinational is one of the largest online platforms for independent retailers to sell their products through. Back in May, in an interview with The Verge, Finkelstein said that digital goods were already sold on Shopify. He referred to digital albums from Taylor Swift and Kanye West as examples. Still, he did not drop any hints regarding this important move, only saying “if you’re going to be a future-proofed business long-term, you need to have your tentacles in a lot of different places.”
Even though the Shopify President was careful to not give a lot away, the brief tweets were enough to show that the firm is taking NFTs very seriously. Users can expect added support for NFT sales soon.
The Chicago Bulls First-Ever NFTs
The Chicago Bulls are minting their first-ever officially licensed NFT collections for their fans. Called the Bulls Legacy, the NFTs will highlight the team’s iconic six World Championship rings with six unique token designs. These will come in three distinct tiers of rarity and can be purchased from July 26 to July 31 (or until items last). The NFTs are minted in limited supply using blockchain technology, making them valuable collectors’ items for fans.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.