NFTs (non-fungible tokens) seemed to disappear after taking the world by storm the last few years. But they’re not extinct – they’ve just evolved. With Shopify’s token-gated commerce, NFTs have been taken to a completely new level. And Shopify Plus Partner Fyresite is here to break it down for you.

What is Token-Gated Commerce?

Token-gated commerce is when there are benefits that are only available to customers with specific tokens. In other words, the benefits are gated and the token can be used to unlock it. Here are the benefits that can be offered using token-gated commerce on Shopify.

Exclusive Online Access

Specific tokens will grant access to receive the benefit of exclusive access from the online store. This includes collections, products, and discounts.

Collaboration

This benefit offers customers a proper token to gain access to collaborative products and collections through partnerships with other stores.

Community Access

This gains users with the necessary token access to community engagement channels. These include Discord channels and communities, in-person events, airdrops, and retail store activations.

Where do NFTs Come in?

Now that we know what token-gated commerce is, where do NFTs come into play? It’s a good question. In this case, NFTs are the tokens that unlock the gates for the benefits listed above.

To distribute the NFTs to your customers, you have a few different options.

Distributing and Selling NFTs

If you would like to generate additional revenue for your store, selling NFTs can be a great way to do so. In order to sell NFTs via Shopify, you need to be an approved seller.

To become an approved seller, you need to add one of Shopify’s NFT distribution app partners. Once added, you will be asked to complete some eligibility questions, and then receive a message in the app to see if you have been approved.

Free NFTs

If you would rather not sell NFTs, you can give them away as a reward. This can be a reward for things such as a gift with purchase or a marketing effort.

To do this, you can partner with a NFT distribution partner and create a claim page.

Important Considerations for Token-Gated Commerce for Shopify

Now that you know what token-gated commerce is, there are some considerations that need to be weighed, both for a Shopify merchant and a customer.

For Merchants

If you are a Shopify merchant, you will have to enable token-gated commerce in order to offer it in your store. This means that you will have to contact one of Shopify’s token-gating app partners.

For Customers

All tokens need to be verified to gain access to the gated content.

In order to verify that you have the proper NFT to access the token-gated content, you must have a crypto-currency wallet. This wallet will then be verified by a Shopify token-gated app.

Want Shopify?

Are you interested in taking advantage of the amazing features that Shopify has to offer? Connect with Fyresite or use our affiliate link to get started today!