How to Sell NFTs (Non-Fungible Tokens) on Shopify
NFTs are gaining popularity, but why? Non-Fungible Tokens (NFTs) are a new type of digital asset that can be used for trading, collecting and storing information about a physical or digital object. The most popular use cases for NFTs are for gaming and collectibles, but it’s also possible to use them as unique identifiers for physical assets or even people.
The rise of NFTs follows the popularity of blockchain technology, which allows digital assets to be traded without an intermediary. This means that anyone with an internet connection can own digital items like CryptoKitties without relying on a central authority like eBay or Amazon.
The basics of selling NFTs on Shopify
Here are the basics of selling NFTs on your Shopify store. Until recently, the only method to obtain an NFT was through specific NFT markets. However, as cryptocurrency continues to flourish, proving that it is not going away, more people and businesses just like Shopify have joined in.
Shopify started allowing customers to sell their NFTs through its storefronts in July of 2021. While NFT-focused marketplaces have their perks, adopting Shopify offers a number of advantages that aren't readily available on those platforms.
Easy to set up
With Shopify, you can set up your own NFT storefront in minutes. All you need is a Shopify account and some basic knowledge about how the platform works. The process is similar to setting up any other product on the site.
Gives you access to millions of buyers
Shopify has over 1 million active stores worldwide, which means that you can reach millions of potential buyers by simply signing up for an account and setting up your storefront.
Offers a wide variety of payment options
Shopify offers a wide variety of payment options including PayPal, Apple Pay and Google Pay. It also allows users to accept credit card payments through Stripe or PayPal Express Checkout.
Easily integrates with social media
Shopify is integrated with Facebook Messenger (and Instagram) which makes it easy to communicate with customers directly from your Shopify storefront.
Amazing customer support
Shopify has its own dedicated support team that makes sure everything runs smoothly. If you run into any issues along the way, they'll be there to help you out 24/7.
How to set up your NFT store on Shopify
Shopify is a fantastic platform, but creating an account is just the beginning. You must build your own website after you create an account. If you're starting from scratch, Shopify's templates and admin system make things a little easier. Alternatively, you may perform the job yourself or hire someone to design a customized website for you.
Next, double-check that Shopify will accept your NFTs. This entails verifying that they are compatible with Shopify's e-commerce system and payment methods, as well as that Shopify can authenticate them. The simplest method to accomplish this is to employ a third-party service such as NFTW or OpenSea, which will verify your token's legitimacy before selling it on their platform.
After you've created your website, the next step is to determine your payment processors.
Shopify simplifies things by allowing you to choose which payment processors to use and then add them to your store. Cryptocurrency payment processors are also available, which is ideal for people who like to buy NFTs using crypto.
While integrating bitcoin payment processors may require some additional payment credentials, it's absolutely worth it. More people will be able to buy your NFTs if both crypto and fiat money are accepted.
Create your NFT
Basically, you are in charge of producing the NFT, storing it, and ensuring that it is sent to the buyer when the transaction is completed. It's the same as every other product sold on Shopify.
The Acceptable Use Policy is something you should keep in mind. This is due to the fact that only NFTs that adhere to the policy can be sold, so be sure to study it. As long as you've mastered it, you're free to start creating NFTs on any supported blockchain network.
The first step is to determine what unique digital asset you want to turn into an NFT. This could be a piece of art, a video game, software, or any other kind of digital good. It can also be an intangible asset like intellectual property or real estate.
Next, you need to choose how you want your NFTs represented on the blockchain. If it's a physical object like artwork or clothing then you'll likely want to use an image file as your icon (like an image of your artwork).
If it's software or music then you might choose something like text (like the name of your song or album).
Next, in order to use your NFTs on Shopify, you will need a way to store them securely. You need to choose a blockchain network that supports non-fungible tokens. The two main ones that Shopify supports are Ethereum and Flow. Ethereum is great for advanced developers, while Flow is easy to use for beginners.
Price your NFTs
The price of NFTs is determined by supply and demand. The more people who want it, the higher the price will go. The more people who have it, the lower the price will go. While this sounds simple enough, there are many factors that may affect the value of your NFTs.
In addition to supply and demand, there are other factors that can affect how much you should charge for your NFTs:
What type of product is it? Is it a collectible or something else? Is it based on artwork or gameplay?
What kind of person do you think would buy this product? Is it for gamers or collectors?
How popular is your brand? How well known is your brand name among gamers and collectors?
Regardless of your pricing strategy, it's critical that you take the following step seriously. Marketing can make or break sales, especially for non-traditional retailers, and thankfully, Shopify makes it simple.
Go heavy on marketing
Marketing your NFTs goes beyond Shopify and gets to the heart of what boosts NFT awareness and sales. It's important to do everything you can to make your marketing campaign a big hit. Ultimately, marketing helps you build a brand and greatly increases the value of your non-tangible asset. Two ways to about it are to market heavily on social media and use influencers.
Social media marketing is all about reaching audiences online through various platforms like Facebook, Instagram, Twitter, Snapchat and YouTube.
Influencers are people who have large followings on social media platforms like Instagram or YouTube with an audience that aligns with your target demographic. They can help you reach new customers or drive traffic back to your website by posting about your product or service on their accounts.
Make sure that each sale goes smoothly
When selling NFTs on Shopify, you can make the sale in a few ways.
The first way is to use Shopify’s built-in payment system. This is a great option for those who want to keep things simple and will not be making more than one or two sales a week. It also gives you the ability to track your sales and see what people are buying. This is especially helpful if you are trying to figure out which of your items are most popular.
The second option is by using an external payment provider like Coinbase Commerce or BitPay. This is a great option if you want to accept Bitcoin or Ether as payment, but it does require some extra work on your end as well as extra fees that may add up quickly depending on how many sales you make every month. The plus side is that it will allow you to accept payments from anywhere in the world without having to worry about exchange rates or currency conversion fees (as long as they are paying with ether).
After a buyer has paid for your NFT, you will obtain their blockchain address. Simply go to the blockchain site and make the transfer to their wallet. It's critical to be speedy with the sale to be deemed as trustworthy and reliable.
Hire a Professional to Set Everything Up
If you want a custom Shopify storefront or simply don't want to set everything up yourself, there are solutions. Because Shopify is so big, some developers specialize in building Shopify-specific sites. Webinopoly, for example, is one of these companies. We house developers who are Shopify experts and have years of experience under their belt. When you work with us, you'll be in good hands.
The same is true for the other steps. There are developers who can assist you in creating NFTs using your digital products. If you want to farm out your marketing, there are several fantastic marketing agencies out there.
Ultimately, Shopify is a fantastic place to sell NFTs. It's easy to get started and to make a profit once you do, even if you're just starting out. If you're looking for a high-quality online store to sell your NFTs, then Shopify is well worth checking out. Just keep in mind that this is still a beta program, so there are certain limitations in terms of what you can do. But there's always the future!
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