The ecommerce software giant has already begun testing an NFT sales platform for merchants
NFT sales skyrocketed in 2021. Starting from a base of hundreds of millions of dollars in 2020, NFT sales skyrocketed to $ 25 billion globally in 2021, thanks to the influx of digital artists, musicians, video game enthusiasts and collectors in general to blockchain and crypto technology. Some analysts (especially Jefferies forecasters) see a sales boom of up to $ 35 billion in 2024.
A handful of creators and collectors have made a lot of money in the NFT world and the sudden size of this market is attracting the attention of investors. If you're looking for a way to invest in NFTs but don't know which token, artist, or creator project to start with, Shopify actions could be a great place to start.
A fully functioning NFT market in which you can actually invest
As is often the case with new technologies, the NFT field is crowded with options and potential opportunities. Some of them quickly paid off. However, many blockchain projects (on which NFTs are "minted" or created, usually on the Ethereum blockchain (ETH 11,31%)) and actual art and NFT collections have a low probability of maintaining their value over time. This doesn't mean you shouldn't buy an NFT. On the contrary, there are reasons why you might want to buy one - or if you are an artist or creator, you mint and sell some of your works as NFTs.
For the layman, however, I always recommend starting look for publicly traded companies that play a role in an expanding new industry. At this time, NFT actions are limited. Coinbase Global is working on an NFT market and has a waiting list to get early access. EBay also began allowing NFT sales on its site last year. Amazon's AWS cloud segment has some extensions available to help developers build their own marketplace. The main destinations for minting and purchasing NFTs such as OpenSea and nft profit apps which are currently private companies.
Shopify, the e-commerce software giant used by a couple of million merchants around the world. Shopify already has its NFT software up and running. During the Q2021 XNUMX earnings call, Shopify President Harley Finkelstein said that developing new ways for small businesses and aspiring entrepreneurs reaching customers is always a top priority and has drawn attention to Shopify's NFT technology.
In 2024 we will continue to innovate on behalf of our merchants, offering more exciting opportunities and features to these brands, improving their ability to sell in new and creative ways, such as selling NFTs. ” There NFT sales on Shopify, currently in beta, creates a new way for brands, artists and creators to engage with their communities by selling their NFTs across multiple blockchains. "
Currently, the Shopify's NFT Beta program is available to all U.S.-based Shopify Plus customers (those who subscribe to the $ 2.000 per month service which includes all parts of online business management). Shopify's site building and management software is especially interesting for those who want to be in control of their brand and their customers' NFT journey.
Dig and shovel, or sift the earth?
Of course, NFT sales are an insignificant part of Shopify's business right now (as the project is still in beta testing), and that probably won't change anytime soon. Nonetheless, I believe this is a very good investment in NFT, with great upside potential over the next decade, without having to sift through the countless NFT projects in circulation in search of a very rare gem.
Shopify has a solid track record of promoting new ecommerce ventures on behalf of its users and it is preparing for another round of heavy investment. Finkelstein's launch of the NFT service during the earnings presentation phone call can be interpreted as an indication that things have started well for traders who have used it so far.
Perhaps most importantly, in the event that NFT sales suddenly lose pressure (it's possible, remember this is still a pretty new technology), Shopify's stock certainly won't blow up. Think of NFTs as a low-risk but high-yield bet for Shopify right now. Given that Shopify is well rooted in the fabric of the ecommerce industry, I think it might work. If it were to succeed, that would be great! If Shopify's NFTs are a flop, there's nothing wrong with that. You still own shares in one of the best digital trading companies around.
