The Avent of “Tokengated” Stores
Shopify is upgrading its platform to enable merchants and consumers to connect via their crypto wallets.
According to its Website, Shopify is releasing a framework enabling merchants to launch “tokengated stores” to which fans can have early or exclusive access to, should they possess tokens from the particular brand. Limited edition merchandise, experiences, and drops were among the rewards suggested by the company to sellers to “incentivize” fandom.
The company also offers the possibility to mint and sell NFTs right from the blockchain. It is possible to use a dozen NFT minting apps to complete the operation. The supported blockchains are Ethereum, Polygon Solana and Flow.
Furthermore, collaborations across merchants will now be possible, with tokengated stores being able to allow fans from other brands to have access to their own products for a “big release or special drop.”
Shopify, a multi-national ecommerce company, is also a platform for online shops. The platform was used by more than 1,700,000. It is not the first time it has ventured into crypto. AllowedIt allowed its users to sell NFTs through its storefronts last fiscal year. IntegratedTo enable Lightning Network transactions, strike.
Today’s reveal was coordinated with the help of popular NFT collections including Doodles, Cool Cats and World of Women. Doodles co-founder Evan Keast is quoted as saying that the collection had “surprised [its]Holders [given] the ownership of a Doodle a whole new meaning” by partnering up with Shopify.
Upgrades were available in beta but now are available to all customers. Additional features, including tokengated shops mobile and in store tokengated experiences, have been tested.