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Is Shopify big enough to massively democratize NFTs?

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New offer in betaShopify no longer just allows you to easily create an e-commerce site without needing to code. The platform, renowned for having democratized e-commerce for individuals, is also making the sale and purchase of non-fungible tokens (NFTs) accessible.

Shopify announces collaboration with GigLabs NFT company to to offer the possibility for merchants resident in the United States and subscribing to its Shopify Plus offer, the possibility of creating and selling NFTs on its platform. GigLabs NFT offers tools for issuing and selling NFTs based on the Flow blockchain. Shopify however also allows its users, via the applications of its partners, to issue NFTs on Ethereum (ETH), Polygon (MATIC), and Near.

NFTs on Shopify

NFTs sold on e-commerce sites created on Shopify can be purchased with cryptocurrency, or a credit or debit card. Customers do not need to have any blockchain experience to acquire these NFTs.

Shopify’s product manager, Robleh Jama, said the company has a “growing ecosystem of NFT applications.” Shopify has already facilitated the creation of e-commerce sites thanks to its platform, it now wants to offer merchants ” an accessible approach to sell digital assets directly in their Shopify stores “.

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NFT and metaverse: the stars of this decade

Bitcoin (BTC) continues to be the most important cryptocurrency in terms of market capitalization, but it will likely need to share the spotlight with metavers and NFTs during this decade.

The rebranding of Facebook in Meta, which also formalized the social media giant’s interest in metaverse and NFTs, put the latter in the spotlight and certainly helped to “take them out of the circle of a few insiders”, an important step forward for their democratization.

NFTs are now experiencing significant development in the art and gaming sectors, but as Grayscale’s recent report points out, they offer opportunities that go beyond these areas.

Does the NFT OpenSea marketplace have any concerns with this new Shopify offer? Its revenues had exceeded $ 10 billion by November 2021. Shopify should now facilitate the creation of new NFT stores, and thus intensify competition in this sector.

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