Shopify Launches Tokengated Commerce for Brands
The e-commerce giant posted a video on Twitter (NYSE: TWTR) featuring a skateboarding woman who transitioned from the normal world into a Doodles NFT. A narrator in the video talked about inviting community members into a “world that recognizes and rewards loyalty.” According to the narrator, token holders can connect a crypto wallet to access exclusive shopping experiences. One benefit of connecting one’s crypto wallets is having early access to drops. Also, there is an advantage of accessing limited collections, unique experiences, and more.
Shopify Inc (NYSE: SHOP) revealed it entered into partnerships regarding the launch of the Tokengated experience. The company has partnered with Doodles, Adam Bomb Squad, Superplastic, Invisible Friends, World of Women, Stapleverse, and Cool Cats NFT collections to develop Tokengated storefronts.
Shopify Announces Tokengated Feature
Shopify has been testing the Tokengated experience in beta mode. The e-commerce company conducted the testing phase using selected merchants with NFT collections. Following the testing, the Tokengated feature is now available for all merchants around the world.
In the Tweet unveiling Tokengated Commerce, Shopify wrote:
“Ready to give superpowers to your most loyal fans? Build even stronger communities around your brand and reward your people by unlocking exclusive shopping experience. Think limited-edition merch drops, discounts, and much more.”
This is not the first time Shopify will be moving into the NFT space. The company started allowing merchants to sell NFTs directly on its platform in July 2021. Shopify President Harley Finkelstein talked about the company’s support for the sale of non-fungible tokens on Twitter. The executive stated:
“Before Shopify offered this capability, merchants would have to sell through a 3rd party marketplace aka less control of the sale and customer relationship. Once again we are putting the power back into the hands of merchants and meeting customers how and where they want to buy.”
Except for a 10.91% increase in the last five days, Shopify has been steadily declining. The company has lost over 77.11% over the past year and another 75.42% since the year started. In the last three months, SHOP has dropped almost 52% and 3.64% in the last 30 days. At the time of writing, Shopify is trading at $334.90 in extended trading hours. The current trading price is a 1.08% loss over its previous close of $338.54.