Shopify Merchants Can Now Sell NFTs Minted On Avalanche 

Shopify Merchants Can Now Sell NFTs Minted On Avalanche 

Store owners can list non-fungible tokens (NFTs) created on the Layer-1 blockchain, Avalanche, for sale. The feature which was available to Shopify Plus merchants since 2021, is now open to all users. 

Merchants on the Canadian-based e-commerce platform will now be able to create and list NFTs for sale through their storefronts. Shopify has partnered with blockchain tech startup Venly to integrate support for digital collectibles minted on the Avalanche (AVAX) blockchain. 

Venly first launched an NFT Minter app on Shopify in 2021, which allowed select merchants to create and sell NFTs minted on the Polygon (MATIC) blockchain – a layer-2 scaling solution that processes faster transactions at lower rates on the Ethereum (ETH) network. Now the company has expanded the service to the Layer-1 blockchain which is also known for its fast and cheap transactions. Shopify, which was testing the feature with a small group of merchants, has now opened up the service to all users of its platform. Shop owners can also list the items on Venly’s NFT marketplace. 

The blockchain solutions provider first launched the Venly Shopify NFT App on both Polygon and Avalanche networks in October 2022. The feature allowed Shopify Plus users to create, mint and sell NFTs directly from their accounts on the e-commerce platform requiring minimal technical knowledge. 

According to Venly, the digital items created by merchants are automatically turned into products that will be showcased on their storefronts. Instead of users connecting their Avalanche wallets to the marketplace and paying using AVAX tokens, they can simply purchase the item using credit or debit cards and then receive an email with a link to a newly-created Avalanche wallet with the freshly minted NFT inside. The digital collectible can then be transferred to their preferred wallets or sold on other marketplaces. 

Shopify first integrated support for NFTs in 2021, allowing merchants to sell directly from their stores instead of depending on third-party non-fungible token platforms. One of the first merchants to offer NFTs on the e-commerce marketplace was National Basketball Association (NBA) franchise Chicago Bulls, which launched a “Legacy Collection” featuring the six world championship rings won by the team. 

In terms of use cases, owners can offer NFT token-gated experiences to make their stores unique, or link their NFTs to physical items for real-time authentication. Merchants can also earn royalties from secondary sales on Venly Market. Tim Dierckxsens, co-founder and CEO of Venly, says that the company is working on a feature that will allow owners to sell their NFTs through social media platforms that can integrate Shopify stores. Venly has plans to add support for other networks including Hedera (HBAR) and ImmutableX (IMX) in the coming months.

“Our growing blockchain ecosystem demonstrates our commitment to supporting merchants as they sell NFTs directly through their storefronts, helping to further grow participation in Web3 and expand what’s possible in commerce,” said Christina Lomazzo, Blockchain Ecosystem Lead at Shopify. 

Both Shopify and Venly have been looking to integrate its NFTs on blockchains with lower gas fees. One of the main reasons Ethereum, which is responsible for 90% of all NFT transactions, was not selected was due to its highly volatile network fee which can be costly especially during times with increased traffic. 

As per data from CryptoSlam, NFT sales volume on Shopify is relatively low, with about $1.2 million worth of digital collectibles sold through its stores in December. However, Avalanche-based NFTs have been growing in demand over the past year with top marketplaces like OpenSea adding support for items minted the network currently valued at $3.6 billion. 

At the time of writing, AVAX is trading at $11.62 – down 4.1% in the last 24-hours. 

Also Check: Crypto Bank Juno Urge Users To Withdraw Funds After Custody Partner Wyre Shuts Down 

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