Shopify NFT: The Ultimate Guide For Your Shopify Store
Learn how to use NFTs to supercharge your Shopify store marketing.
It’s a bit bold to say this, but NFTs are THE FUTURE.
Once treated cautiously as a digital artwork fad, NFTs or Non-Fungible Tokens are now highly valuable. As of 2022, there are $10-$20 million worth of NFTs being sold every week.
And have you heard of “The Merge” NFT made by digital artist Pak? It sold for a whopping $91.8 million and broke a record in public sales in the process.
But did you know that even if you’re not a digital artist, you can still use NFTs to your advantage? Even if, say, you’re an e-commerce business owner who’s on Shopify platform?
Think about it: Why are big organizations like Disney coming up with their own NFTs?
These big organizations aren’t in it solely for the money from NFT sales. They’re also using the minting of NFTs as a marketing tool to continually build relationships with customers.
If you’re already on Shopify, here’s some good news: it’s making NFTs accessible more than ever!
And if you play your cards right, you could be well on your way to e-commerce domination, because of NFTs.
And like what Disney and other companies are doing, we don’t mean just selling NFTs to make profits. NFTs have much more use than just being sold as unique pieces of art or collectibles.
Ready to know more about using NFTs to create real value for customers?
Keep on reading!
What are NFTs again?
To be more specific, one Bitcoin is not going to be unique to another Bitcoin. And if currently, one Bitcoin’s value is 27,603.50USD, it’s the same as all other Bitcoins.
Each NFT, however, is unique, meaning one NFT’s value cannot be equivalent to another. Each one also has a digital signature, meaning no NFT can be replicated. Thus the term non-fungible.
For example, this Nyan Cat GIF is easily downloadable.
However, the sole owner of the original asset is only the anonymous buyer “oxy7eb2 … 3f6b”.
Still don’t get it? Think of it this way: you can easily buy pictures of the Mona Lisa, but only the French Republic owns the original Mona Lisa.
Another difference between the two is that Bitcoin (and again, a lot of other cryptocurrencies) runs on proof-of-work for transaction verification, which means high energy use. Statistics show that Bitcoin’s annual electricity consumption alone beats Argentina’s and the United Arab Emirates! As a result, the blockchain is not environmentally friendly.
Date of NFTs, on the other hand, are not all stored in blockchains and do not run on proof-of-work. They instead run on proof-of-stake and use smart contracts for verification, meaning they have a much smaller environmental impact.
While it’s true that most NFT projects are visual arts-related, there are many other possible usage such as:
- a collateral when you need to get a loan
- a replacement to physical documents such as passports, contracts or health records
- a ticket to give access to online communities, physical stores, or concerts
And in terms of marketing, there are several ways you can use NFTs for your shop or brand:
- create unique brand experiences
- increase brand awareness through coupons
- encourage interaction through VIP access to exclusive products
- build loyalty using rewards & benefits
- sustaining interest through royalties
You can bet that even more possibilities will be discovered in the future!
Why use NFTs on your Shopify store
Getting intrigued with what can be achieved with NFTs yet? Well, as we mentioned above, Shopify gives you an easier “in” into NFTs.
Why Shopify and not NFT marketplaces like OpenSea?
1) Shopify accepts fiat currencies.
Fiat currencies are money we use to make purchases in the real world, such as dollars.
Now while dollars are very much accepted in physical stores, that’s not the case if you want to buy from NFT marketplaces. Buying in those places requires you to have both cryptocurrency and a crypto wallet like Coinbase or Binance.
It seems simple enough until you realize that you have to set up an account, use your credit card to buy crypto, AND THEN finally buy the NFT.
The entire process adds additional time to buying. And we all know that if customers find it hard to pay for their purchase, they’re most likely not to push through.
Shopify lets you make the payment process easier for your clients, ensuring they will continue with their transactions.
Shopify accepts the following payment methods for NFTs:
- American Express
- Apple Pay
- Google Pay
- Shop Pay
Here are other alternative payments:
- Coinbase commerce
2) Shopify supports more blockchains.
Different kinds of crypto use different kinds of blockchains. Bitcoins use a different blockchain from Ethereum. Also, NFT marketplaces only support one or two blockchains at most.
If ever you’re going to sell or buy on OpenSea, you will be limited to these chains and the cryptos on those chains.
Shopify, on the other hand, supports NFTs on many more blockchains. More options will help you diversify your NFT offerings. As a result, customers feel more satisfied and will gravitate to you and your store.
3) Shopify has brand recognition.
Back in 2020, Shopify was already serving more than one million businesses in more than 175 countries. Statistics also show that Shopify currently has more than 2.1 million daily active users and has processed more than one billion orders.
In other words, since people are already familiar and comfortable with Shopify and its reputation, if they want to get started with NFTs, they would likely visit an NFT store on the Shopify website.
How to use NFTs to market your Shopify store
Remember those NFT uses we mentioned above? Well, here are some specific ways you can use NFTs as a Shopify store owner.
1) Give exclusive access to digital products or pre-launches.
Make an NFT you can sell as the customer’s ticket or access pass to any event you’re holding, or let them get first dibs on whatever new product you’re going to release.
An example of this is Gary Vaynerchuk’s Flyfish Club. It’s the world’s first member’s only private dining club with NFT membership.
Only members can experience the restaurant and the various experiences that come along with it.
Change the restaurant to any product you carry in your store, and the concept is the same.
The key here is the scarcity principle: the rarer something is, the more valuable it is. And that makes your customers itch at the urgency to get their hands on what you’re selling them.
2) Host an NFT giveaway.
If you want to incentivize sales, why not hold a giveaway of limited edition NFTs from your store? Take for example the NFT giveaway of AMC Theatres when Spider-Man: No Way Home tickets were preselling:
As in the example, customers have to reach a certain amount or buy a certain item before being qualified for the giveaway. You can then either make that NFT as something exclusive (i.e. only for the first 100 customers) or as something experiential (i.e. you can use the NFT to later purchase something at a discount or gain access to an early release). Or you can even do both!
Not sure what to give away? Using NFT Campaigns app by NFT Campaigns app by NFT Campaigns app by Rectangle.ai, all you need is two clicks to create these limited edition NFTs, with many design templates to choose from.
3) Partner with an NFT creator.
Increase awareness and interest in your brand by partnering with a well-known NFT creator. Make sure that their next creations will be sold exclusively in your store, and watch your popularity rise.
An example of this is adidas’ collaboration with three NFT creators GMoney, PUNKS Comic, and Bored Ape Yacht Club, called Into the Metaverse.
It was a release of 30,000 NFTs. CryptoBriefing reported that despite technical problems, the collection sold out in a matter of minutes.
So yes, not only will you get more eyes on your brand, but you’ll also get plenty of profit. Plus, if you use NFT Campaigns app by Rectangle.ai, you’ll get royalties if ever customers sell their original NFTs.
4) Give NFT rewards to loyal customers.
Instead of the usual rewards program for loyal customers like frequent flier miles, this loyalty program idea by GatherCustomers is a good idea for using NFTs:
Rewards can be discounts, other special offers, and even access to a private community for your Shopify store. All of these can be done using the features of NFT Campaigns app by Rectangle.ai!
For more NFT marketing ideas, don’t forget to check out our Ultimate Guide to Shopify NFTs.
Leverage NFTs to boost your Shopify store!
Ready to begin using NFTs to supercharge marketing your Shopify store? Well, you don’t have to do it by yourself – NFT Campaigns app by Rectangle.ai has you covered.
It’s simple to use in your Shopify store. You’ll get automated Shopify NFT generation with design templates. Whether you want to make NFT giveaway collectibles, limited edition NFTs, coupons, or Shopify NFT Loyalty Rewards, NFT Campaigns app by Rectangle.ai makes it super easy for you.
Even if you know nothing about blockchains, you’ll be able to take your marketing to the next level and increase customer value and loyalty to your store.
Start your 14-day free trial today.