Tech

Shopify unveils tokengated commerce as part of new connect-to-consumer experience

06/23/2022
Bitcoin Ethereum News

As part of a new series of connect-to-consumer initiatives developed this year, Shopify will allow merchants to connect with fans and drive sales by creating exclusive merchandise for tokenholders. The initiative, dubbed “tokengate,” is available in early-access beta mode.

To get started, vendors can create a tokengate shop directly on the Shopify app or add the feature directly in-store. Buyers would then need to connect their crypto wallet and verify they are owners of applicable nonfungible tokens, or NFTs, to shop gated merchandise or access exclusive events. The feature serves as a gateway between NFT communities and consumer brands on the platform. 

In addition, vendors can partner with other brands for upcoming NFT drops and team up with Shopify’s merchandising partners to develop premium products. Furthermore, vendors can mint custom NFTs on popular blockchains like Ethereum (ETH), Polygon (MATIC), Solana (SOL) and Flow (FLOW). Afterward, they can list and sell them right from their store.

The beta is open by invitation only to select merchants with an NFT collection. Neither the seller nor buyer needs to pay with crypto to purchase NFTs. Payment gateways include Shopify Payments, Shop Pay, various crypto payment gateways, and credit or debit cards. Buyers can claim their NFTs via email and add them directly to their wallets.

Doodles co-founder Evan Keast, whose NFT project has joined the initiative, commented:

“As an ambitious community-driven project, we’ve placed a strong emphasis on setting the standard for unique NFT collector experiences. By partnering with Shopify on tokengated merch, we surprised our holders and gave the ownership of a Doodle a whole new meaning.”