E-commerce giant Shopify has announced it will introduce new crypto-centric features to its platform including allowing brands to give NFT holders exclusive access to gated products and experiences, a feature Shopify refers to as ‘tokengating’:
🪙 Tokengated Experiences— Shopify (@Shopify) June 22, 2022
Ready to give superpowers to your most loyal fans?
Build even stronger communities around your brand and reward your people by unlocking exclusive shopping experiences. Think limited-edition merch drops, discounts, and much more (oh hey @doodles). pic.twitter.com/gyq5iu2GRH
The tokengating feature will be made available for both online sales and in-person purchases at bricks-and-mortar stores. Tokengating on Shopify is currently in closed beta and is available only to select merchants.
How Will Tokengated Stores Work?
According to Shopify, store owners will be able to easily create a tokengated store in the Shopify app or add the feature to a physical store. Customers will need to connect their crypto wallet to verify ownership of a required NFT before they can purchase or access gated content, products or experiences.
Shopify says this model will help retailers more easily turn enthusiasm for their brand into sales by recognising and rewarding brands’ biggest fans and giving them access to exclusive content.
NFT Gating May Increase Brand Engagement
Tokengating will likely appeal to NFT collection creators looking to increase brand engagement and monetisation, allowing them to move beyond simply selling NFTs and into selling real world products.
Evan Keast, co-founder of the popular NFT collections Doodles, says tokengating offers NFT holders a chance to access exciting new brand experiences:
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.Evan Keast, co-founder, Doodles
Tokengating isn’t Shopify’s first foray into the world of NFTs and crypto. Last month the platform announced a partnership with Crypto.com that allows merchants to accept zero-fee payments in more than 20 cryptocurrencies. And in December 2021, Shopify introduced functionality allowing merchants to mint NFTs directly from Shopify.
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