Shopify now allows merchants to sell NFTs directly on the platform, and NBA team Chicago Bulls have launched a “Legacy Collection” alongside this.
The multinational e-commerce company, Shopify, will allow merchants to sell NFTs, according to tweets by President Harley Finkelstein. Accompanying this landmark moment is the launch of a “Legacy Collection” of NFTs by the Chicago Bulls on the platform.
Finkelstein said Shopify would be making it easier for merchants to sell NFTs directly. The platform is one of the world’s leading e-commerce portals, so the market capture potential is enormous. Shopify reportedly serves over 1.7 million businesses around the world.
With Shopify’s support, merchants can avoid selling through a third-party service, putting the transaction more in the hands of the customer and seller. This is not the first time that the e-commerce platform has dabbled in the cryptocurrency space.
In May 2020, Shopify added support for several cryptocurrencies through a partnership with CoinPayments. It supports over 2,200 cryptocurrencies, and CoinPayments CEO Jason Butcher said that the combination was unstoppable. While third-party support for crypto payments exists on several platforms, Shopify’s approval was something of a landmark moment.
The Chicago Bull NFTs have been created using the Flow blockchain by Dapper Labs, according to the official page. The NFTs highlight the six championship rings by offering six unique token designs in There are a total of 567 NFTs available. The rarity of the digital artwork will only be revealed after the NFT is opened.
NFTs will continue to exhibit growth, it seems
Shopify is the latest big-name entity to join the NFT space, following the likes of eBay. These special types of assets show no sign of slowing down in terms of acquiring newly interested parties. The branding and merchandising potential have proven to be lucrative, with even musicians releasing songs as NFTs.
The sports industry has major relevance for NFTs, as teams can release special edition assets highlighting key moments, or cards that represent their players. Platforms like Chilliz have already made progress in this area, with teams like Barcelona and Arsenal collaborating.
While there has been some decrease in interest in the crypto market following the bull run, NFTs seem like they will continue to hold public influence. It’s a much easier space to begin working with than DeFi, and there is a similar appeal as to that of trading cards.
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