Welcome to the Topic “Trending in E-Commerce: Getting to Grips with NFTs”

Let’s get started with acquinting ourselves with what NFT is? The acronym NFT has been used a lot these days by different websites, and many users. It stands for Non-Fungible Token. It is basically buying a digital product. NFT is a digital asset- it can be a sort of a certificate which cannot be lost or forged. Different customers who are interested in buying NFT can purchase it from online owners and after purchase, the ownership is awarded to the buyer on a blockchain. To make it more understandable, let’s look at it through an example. Suppose you buy a copy of a famous painting- even though you made the purchase, you still have no access to the original version of the painting. But in case of NFTs you can buy and attain the ownership of a literal copy which will hold a value in terms of certification. Moreover, to manage these NFTs, a crypto wallet on the blockchain is used. These digital accounts are used for making transactions by using cryptocurrency.

How is it related to E-commerce?

Now the question of interest lies that what does this have to do with the e-commerce world? Well, the increasing popularity of NFTs provide the online brands with an amazing opportunity as social media is becoming more and more saturated, the paid media is likewise becoming more and more expensive.

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Customers who are loyal to the brands will want to connect with these brands- and that is where NFT takes place. NFTs act as a loyalty program as they enable the online shops to provide special discounts and offers to only those customers who are NFT holders. NFTs can even bring in investment to your brand by encouraging a community as by making NFTs available you are welcoming the community of NFT collectors.

**Trending in E-Commerce: Getting to Grips with NFTs**

The role of Shopify

Even though the concept of NFT seems like a relatively newer one, it seems like Shopify has always had a keen interest towards it. It is evident through the fact that Shopify was the first ever e-commerce platform that gave merchants an opportunity to sell their NFTs. Previously, cryptocurrency was the only way to purchase NFTs but recently many customers are able to make a purchase with even debit cards or credit cards. This was made possible through a purchase made by Chicago Bulls using Shopify. Moreover, Shopify even featured NFTs in their report of ‘Future of Commerce’. Shopify has now provided an opportunity to the Shopify merchants to buy NFTs by creating a sign up portal of NFT beta program where merchants can list popular NFTs using Shopify partner apps. These merchants can sell these NFTs through multiple ways including Shopify payments, credit card, debit card, Shop Pay or crypto payments. Hence this shows that Shopify is putting in efforts to take NFT towards more successful stages by making it a part of e-commerce.

Now we can say that even though NFT, which started as a small business, has made its way to the world of E-commerce and it is not a trend that will just fade away as evident through its success. Therefore, it is never too late to get yourself familiarized with more knowledge regarding NFTs so that you can make use of it to your advantage.

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