Earlier this week, e-commerce company Shopify announced that it would be launching NFT-gated storefronts as a new feature for brands looking to make their stores more exclusive.
The online shopping giant, which allows small businesses to create custom e-commerce shops, sees NFTs as the future of e-commerce and is tapping into it by launching the NFT-gated storefronts. In an announcement video released by the firm, a narrator urged investors and users to “Invite your community into a world that recognizes and rewards loyalty.”
The video announcement also featured a skateboarding woman making her way through a pastel portal before turning into a Doodles NFT.
According to the video, token holders can connect a crypto wallet to unlock exclusive shopping experiences; from early access to drops and limited collections to one-of-a-kind experiences.
Shopify’s “gm” shop is currently in its beta phase, and only those with existing NFT collections have permission to apply for early access. However, the unapproved ones can still add an NFT token-gating app to their Shopify storefronts.
Token-gating can be considered as a means of adding more value to an NFT by allowing the holder exclusive access to a community, content, or even physical products, in addition to the digital token.
Shopify revealed that it had to collaborate with the Adam Bomb Squad, Doodles, World of Women, Invisible Friends, Superplastic, Stapleverse, and Cool Cats NFT collections before it could roll out the token-gated storefronts.
To support the online token-gating, the company is adding “IRL” token-gating at brick-and-mortar store points so that only eligible NFT holders can buy selected products at that physical location.
Interestingly, this isn’t Shopify’s first gig with NFTs. The firm announced the rollout of NFT sales through its platform last year. Meanwhile, brands are allowed to mint and sell NFTs to customers on Ethereum, Polygon, Solana, or Flow via Shopify.