Non Fungible Tokens (NFT) are maturing into the mainstream as Shopify has just made a bold announcement. Shopify will allow merchants to sell non-fungible tokens through its platform directly. This is a great move.
Non Fungible Tokens can be described as digital collectibles. NFT allows one to cryptographically authenticate and secure unique assets or data via a blockchain. They are a hot trend in the digital asset space right now and can be considered the next generation for collectibles.
Shopify is a leading financial technology (fintech) company in the world. It offers technology that allows online merchants to sell products online seamlessly.
Shopify's technology allows merchants to simply add code to their website and turn it into an e-commerce store. Shopify handles all aspects of the sale. The system even allows customers to receive text updates whenever the products are shipped.
Shopify is used by over 1.7 million businesses worldwide as an e-commerce platform. Shopify trades at a value of $235 billion, as I write. It is quite telling that such an established company has decided to enter Non Fungible Tokens.
To sell Non Fungible Tokens, one had to use OpenSea as a third-party marketplace. This puts the market in charge of the transaction, and it earns a substantial commission.
Shopify will enable non-fungible tokens so sellers can handle transactions on their sites. They won't be required to pay a commission on the marketplace. They will also retain complete control of the whole process.
This will enable merchants to manage the branding and marketing that customers see. It's all about building relationships. This is not true when customers need to be referred to a third-party marketplace in order to close the sale.
Shopify is backed by some big names to help launch its new product. Chicago Bulls announced that they would be the first to use Shopify's technology to sell their own Non Fungible Tokens. I am sure that many other franchises will follow their lead.
Over the past few months, we've spoken quite a lot about non-fungible tokens, and it's becoming more apparent each time that this asset class is here to stay. Shopify's latest offering will bring about further exponential growth in the Non Fungible Tokens market.
The readers will hear more about this Non Fungible Tokens phenomenon in this space in the future.
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Introduction to Non Fungible TokensNon Fungible Tokens (NFT for short) are a new form of cryptocurrency that uses blockchain technology. This form of cryptocurrency is used for multiple entertainments, including art...