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Shopify’s Platform Now Enables Merchants To Mint And Sell NFTs

Shopify, a multinational e-commerce company, now allows its users to mint and trade non-fungible tokens on its platform. To provide this opportunity, the firm collaborated with GigLabs, a company that specialises in providing tools for working with NFTs.

Tobias Lütke, the company’s Chief Executive Officer, announced the new service on his Twitter account.

shopify-nft

The initiative will be known as the NFT Beta programme. For the time being, it will only be available to merchants based in the United States of America.

According to the statement, the collaboration with GigLabs enabled NFT enthusiasts to purchase digital collectibles using a variety of payment methods, including Shopify payments, Shop Pay, cryptocurrencies, credit or debit cards.

“Plus, customers can easily claim their NFTs via email and add them directly to their wallets,” Shopify’s team added.

Customers can mint non-fungible tokens on various platforms such as Ethereum, Polygon, Near, and Flow by collaborating with its partner applications, according to the company.

The platform of Shopify, according to Paul Budnitz, Founder and CEO of the entertainment company Superplastic, is “amazing.” He claimed that it aided his firm and its associate Christie’s in executing a “massively successful NFT drop for Janky and Guggimon.”

Despite the fact that these are Shopify’s first steps into the NFT space, the company has already joined the cryptocurrency bandwagon. After collaborating with BTCPay, it enabled its customers to pay in bitcoin rather than fiat currencies in 2020.

Non-fungible tokens are cryptographic tokens that are one-of-a-kind and cannot be replaced on a blockchain. They can represent artworks as well as track physical assets such as a house or a car.

Despite the fact that NFTs were not invented this year, they have captured the attention of individuals and businesses from a variety of industries, ranging from athletes and musicians to investors and politicians.

OpenSea, the leading NFT peer-to-peer marketplace, recently surpassed the $10 billion mark in all-time trading volumes. This amount has now risen to more than $13 billion, thanks to the efforts of over 1.2 million traders.

Because OpenSea’s total volume trading for the entire 2020 was only $21 million, its success should be regarded as significant.

Google searches for phrases like “NFT” and “Buy NFT” are another indicator of the NFT sector’s steady growth. Nearly a month ago, they reached a new all-time high.