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How to Sell NFT on Shopify
Last modified: January 15, 2024
NFTs have become popular and in recent years become very valuable. The average value of an NFT can vary around platforms, with some going for $150 and others going for $900. Though there are some rare cases where NFTs have gone for millions. One NFT was sold on December 2, 2021, was bought for $91.8 million. While slower on the uptake, Shopify is now offering options that allow businesses to sell NFTs on their platform.
If you’re looking to learn how to sell NFT on Shopify and earn a living, then read this guide on how to get started.
- What Is an NFT?
- Why Shopify’s Change Has Opened Up the Market
- How Is Shopify Supporting the Sale of NFTs?
- Which Blockchains Does Shopify Support?
- What Payment Methods Can You Accept?
- Learning How to Sell NFTs on Shopify
- Step 1 - Create an Account on Shopify
- Step 2 - Build a Website
- Step 3 - Choose Payment Processing System
- Step 4 - Review Website
- Step 5 - Create the NFT for Your Website
- Step 6 - Set a Price
- Step 7 - Marketing
- Earning More Money from Your Shopify Website
What Is an NFT?
An NFT or Non-fungible token is a piece of digital property that cannot be replicated or replaced by on a like-for-like basis. It is owned by an individual (or group in some cases) and can be traded with others for money.
NFTs have become very popular as the growth in the metaverse has expanded, and digital artists are looking for ways to earn money. Shopify is now allowing those who have no experience with website building to create a website to earn from NFTs.
Before this move, the only way to sell NFTs was on specialist markets. Therefore, the only audience you had was those who know what an NFT was, had high interest, and was willing to use cryptocurrency.
Why Shopify’s Change Has Opened Up the Market
With Shopify’s new change, the market has been opened up. They’re offering a platform that is more accessible to the entire market, a seamless payment solution and easy transactions that is all within one e-commerce platform.
At the same time, it allows you to build a bigger community, reach a large audience and take payments in traditional currencies. However, you can also integrate PayPal with your Shopify store that do accept cryptocurrencies.
How Is Shopify Supporting the Sale of NFTs?
There has been an increase in interest with the sale of NFTs on Shopify. However, there are additional features now that are allowing Shopify to do the process on its own without third-party help.
For one thing, Shopify websites come with built-in payment processing capabilities. And you can sell any product/service without additional merchant services. Therefore, you can sell NFTs and take any credit, debit or other digital payment option on the go. There are also ways that you can accept mobile payments with ease. Shopify has also allowed you to accept cryptocurrencies.
Using these mechanisms, it isn’t much more challenging to sell your NFTs. All you really need to do is turn a digital asset into an NFT. Then you can list it on your products page. When a customer would like to buy the NFT, they can simply buy it through traditional means. You’re then able to provide the NFT through blockchain technology that can be sent through an app like Verisart.
This is a very simplified process that allows your customers to shop for NFTs as they would clothe, toys or gifts.
Which Blockchains Does Shopify Support?
While Shopify aims to support numerous blockchains in the future, currently it only supports two: Ethereum and Flow. Therefore, you’re able to create your NFT on either of these two platforms and then sell them on Shopify without any problems.
It is important to note that Shopify will not host any NFTs. It is your responsibility as the seller.
What Payment Methods Can You Accept?
There are more than 130 currencies and 300 cryptocurrencies that you can accept as a payment option. Therefore, you can accept lots of different ways to accept payments for the NFTs listed on your website. This widens your audience and allows you to attract more buyers from those who are used to using cryptocurrencies and those who would rather pay with traditional options.
Learning How to Sell NFTs on Shopify
Here are the instructions on how you can sell NFTs on your Shopify store. The following guide will take you through all the necessary steps that can create a store and list your products. There are differences in this routine than those that you might expect if you were to sell physical or other digital goods like e-books.
So here are those steps for you.
Step 1 - Create an Account on Shopify
The first step in the process is to create a Shopify account for your store. This is a really simple process, and it is very straightforward. You can start by looking at the Basic plans that are available for Shopify.
Check over the plans that are available and decide which is the best option for you. Then you can complete the process by completing the details required. You can then make the payment for your account, and you’ve created an account.
Step 2 - Build a Website
Now you need to build your website. This is really simple process that starts with you adding a domain name to your account, although you can start with a Shopify domain name.
When designing your website on Shopify, you can start with numerous templates that are available from Shopify or third parties. The biggest advantage of Shopify is that it is very easy to customize the templates for your specific needs. You can customize the text, images and more that allow you to create a brand for your website.
You’re also able to change the color scheme on many themes that can help you get the branding just right.
With Shopify, you can make changes to the themes with ease and swap the theme if something that is not converting well.
Step 3 - Choose Payment Processing System
Shopify has numerous options when it comes to the payment processing services that are on offer. Not only does it have its own options, but you can choose from numerous other third-party payment processors. You’re able to create a website and choose which service you would like to use.
Therefore, you can browse the list of cryptocurrency payment options that are available and integrate them into your store. You can then add in other payment options like Shopify Payments or PayPal.
Step 4 - Review Website
Now that you’ve got the basics down, you should spend time reviewing your website. Ensure that there are no grammar mistakes, links between website pages work well and that there are no errors on your website.
Step 5 - Create the NFT for Your Website
Now you can create an NFT. This has to be done by you and cannot be done on the website itself as Shopify does not take any responsibility or ownership to support this.
If you’re experienced with NFTs, then this might be the easiest part for you. Or you might already have a list of NFTs that you would like to sell to an audience.
Step 6 - Set a Price
Now is the time that you can set the price for your NFT. It is important to know what the value of your NFT is, but it can be very challenging to determine. There are many different elements that can affect the price of your NFT. For instance, your reputation within the Metaverse, the demand for the goods.
The price is also very subjective and can change over time. You might not be very popular at the moment, but if someone mentions your work on a blog post and then demand increases, the prices you can charge can be much higher.
You might also want to charge different rates for various NFTs depending on their value within the market. Or you might want to auction NFTs, so the right price is met by the current demand for an NFT, though this is a riskier option but could offer high rewards.
Step 7 - Marketing
There are going to be many different ways that you’re able to advertise your NFTs for your website. There are some who will use social media. But this will only work when you have lots of followers. Social media companies tend to restrict the organic reach of content made by brands, this can be as little as 5% of the followers of a page. Though, there are times when you might get 17% of your followers getting your content.
Another option is to use paid adverts. But this can be very expensive. The average cost for a PPC campaign is between $27 and $55 per conversion. If you’re only selling your NFTs for about $150, then a third of your revenue goes on advertising through PPC. This doesn’t include transaction costs, hosting, app subscriptions or more. Therefore, you need to sell lots of your NFTs to make any money.
Another option is to blog. Blogging can be a good option because it helps to improve your SEO and build trust. You can blog about 15 times a month and benefit from a 70% increase in lead generation and conversions. Blogging could also be taken across other channels, and you can create blog posts for third party websites.
There are also options to use video marketing. Within the gaming community, video content is very popular and therefore, you can grow your brand with ease showing gameplay of games where your NFTs can be used.
You could also try email marketing. This is a longer-term option, but the results can be excellent. For every $1 that is spent on email marketing, brands tend to make $38 to $44 in return.
Then you’re done. Marketing is a continuous option, and you should really look at doing at least two or three of the options above.
Earning More Money from Your Shopify Website
Selling NFTs might not be a great revenue stream to start with, or it might not be the best option to rely on for your entire earnings. Therefore, you might want to try finding other ways that you can earn revenue from your brand.
There are several options here. The best NFT sellers tend to also be very popular on gaming websites and within the gaming community. This gives them an opportunity to sell merchandise like t-shirts, hats, pins and more. These can be produced on a print on demand basis, where the products are only bought and paid for by you when the customer purchases them.
Also, the merchandise is sent to the customer directly, so you don’t have the fulfillment problems that you might have with traditional models.
Another option is to use advertising on your website. This could be through sponsored blog posts or native advertising that allows you to collect a payment for every click. These can offer you small recurring payments.
You’ll also be able to add affiliate links to your website. This is slightly different to advertising on your website. With affiliate marketing, you’re only paid when the visitor on your website goes to the third party website and converts. Generally speaking, the payments from the commissions is much higher than the payments for the clicks.
Both advertising and affiliate marketing can be used with your YouTube videos. YouTube’s videos can be added to your website where adverts are included at the beginning and in the middle where you get some money if they’re shown. The payment for this can be as little as $1 for every 1000 views. So it can be hard to earn money like this.
Then there are options like Patreon and Buy Me A Coffee, where you are paid a subscription by patrons who want to see more of your work. In exchange for their subscription, you promise to provide them with special deals.
Expanding Your Digital Horizon: Selling NFTs on Shopify
Embracing the NFT Trend
NFTs, representing a range of digital assets, are popular. The unique nature of each NFT, tracked and verified for its authenticity, offers an opportunity for Shopify sellers to dive into this burgeoning market.
Community Building Through NFTs
Selling NFTs goes beyond transactions; it’s about fostering a community. NFTs enable customers to transition from mere observers to active participants, adding value and awareness to your brand.
NFTs: A New Avenue for Creativity
NFTs offer a creative playground for sellers, allowing the fusion of digital artistry with e-commerce. This opens up ways for brands to connect with their audience, especially in a post-pandemic where digital presence is paramount.
Technical Insights: NFTs on Shopify
Platform Support for NFTs
Shopify’s support for selling NFTs is growing, with options for integrating various blockchain technologies and payment methods. This flexibility enhances the reach of your digital products to a broader audience.
Crafting and Pricing Your NFTs
The journey of creating and pricing NFTs is intricate. It involves understanding the digital art market, gauging the value of your creations, and setting prices that reflect their worth in the ever-evolving NFT space.
Marketing Your Digital Assets
Effective strategies for promoting NFTs on Shopify encompass a mix of social media engagement, content marketing, and targeted advertising. The goal is to create a buzz and drive traffic to your Shopify store.
Conclusion: How to Sell NFT on Shopify
Are you looking for information on how to sell NFT on Shopify? Above is a step-by-step guide on how you can do this. In addition, there are tips to help you earn more money from your website. At the end of the article, you could be ready to establish your Shopify website within just a few hours.
Can I use Shopify’s existing payment gateways for NFT transactions?
No, Shopify’s existing payment gateways do not directly support NFT transactions due to the unique nature of NFTs. You’ll need to integrate specialized NFT payment solutions.
Can I integrate Shopify with external NFT marketplaces?
Yes, you can integrate Shopify with external NFT marketplaces by embedding links or widgets, allowing customers to access your NFT listings on those platforms.
Is it possible to track NFT sales analytics on Shopify?
Yes, Shopify provides basic sales analytics, but to monitor NFT-specific metrics such as transaction history, token ownership, and secondary market activity, you may require third-party tools or develop custom analytics solutions.