Shopify Supports NFT Sales And It Started With Chicago Bulls

Shopify supports NFT sales as of today and all partners will be able to sell NFTs directly to their fans as we can see more in our latest crypto news today.

As Shopify supports NFT sales, its partners can sell NFT collectibles from their storefronts and the functionality debuted with the Chicago Bull’s NFT Drop starting today. The leading e-commerce platform that lets websites and storefronts and accepts payments, added support for NFTs allowing the store owners to sell crypto-collectibles without having to rely on external marketplaces. Word of the NFT support came from the Shopify president Harley Finklestein who tweeted the news and said that the official NFT drop from the NBA Chicago Bills was announced last week but it marked the first example of the tech being used by Shopify partners and said that this functionality is open to a few partners for now.

Introducing the Bulls NFT Legacy Collection.

Six NBA Titles.
Six Championship rings.
Six opportunities to own a Bulls NFT Championship ring starting on July 26th.

Get priority access and challenge reward details at https://t.co/WtDafr9rHv pic.twitter.com/xHZFPC7OPv

— Chicago Bulls (@chicagobulls) July 22, 2021

An NFT is a type of crypto that functions like a deed of ownership to a digital item and enables scarcity for collectibles like photos, artwork, videos, or even tweets. Dapper’s NBA Top Shot was one of the leading NFT projects to date and amassed more than $700 million in trading volume since launching back in 2020. Each Top shot moment is an NBA video highlight that is packed with animated elements and released in a limited number. The market enhanced at the start of the year and saw an estimated $1.5 billion in total trading volume in the first quarter of the year and the momentum seemed to slow into Q2 but DapprRadar reports showed that the NFT market saw a $2.5 billion in trading volume during the first half of the year. Finklestein said:

“Before Shopify offered this capability, merchants would have to sell through a 3rd party marketplace a.k.a. 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.”

If you’ve spent 1 minute on the internet this year, you’ve seen a lot about NFTs. @Shopify we are making it easier for our merchants to sell NFTs directly through their stores, with one of the first being the @ChicagoBulls NFT store. https://t.co/Qv2wKO7RCS

— Harley Finkelstein (@harleyf) July 26, 2021

The Chicago Bulls NFT collection consists of digital collectibles inspired by the six NBA championship wins from the 1990s spread out on a few levels. The first set is inspired by the initial 1991 NBA Finals Win and went on sale today, getting sold out in a few hours. Each NFT takes the form of an animated video clip. The Bulls NFTs are minted on Dapper Labs’s flow blockchain which is used for the NBA Top Shot Platform but Shopify’s NFT support is not limited to flow alone as one spokesperson said:

“Today, merchants can choose from Flow and Ethereum, but soon merchants will have more choice with other blockchains on Shopify. Merchants can choose the best blockchain protocol that makes sense for their own products and customer base.”