Shopify teams up with NBA’s Chicago bulls and allows merchants to sell NFTs
In what looks to be a first on both fronts, the Chicago Bulls have launched their first NFT on Shopify, an online retail platform that has also recently integrated Sweet’s NFT marketplace.
- The Chicago Bulls of the NBA have released NFTs portraying six championship victories from the 1990s.
- Shopify integrated Sweet’s NFT marketplace will enable brands and partners alike to sell their licensed non-fungible tokens (NFTs)
- The decision by Shopify to create an NFT marketplace was fueled by rising demand from merchants looking to sell NFTs.
Sweet’s NFT marketplace launched recently on Shopify, allowing eligible merchants to sell non-fungible Tokens (NFTs) on the site. While this is the first of its sort for an e-commerce platform, it opens up new possibilities for a wide range of companies throughout the world.
Jumping on the moving train on Monday is the NBA’s Chicago Bulls, who have just signed up with the e-commerce giant to become the first official partner for the new solution. More interesting, the NBA’s Chicago Bulls likewise debuted their first-ever NFTs – the “Bulls Legacy Collection” portraying six championship victories from 1991 to 1998 – as a result of the partnership.
Also, in case you are wondering “why third-party platform,” it’s worth noting that NFTs are typically offered on a marketplace rather than on a brand’s website. As a result, Shopify’s solution allows businesses like the Chicago Bulls to set up an NFT store on the platform.
Sold out in seconds
The thrill of selling out a new product in seconds is incomparable, and the Chicago Bulls must have felt the same way after selling out their first NFT in 90 seconds on the first day they were available. While other NFTs are scheduled for launch over the next few days, the initial success, however, was attributed to an exceptional service offered by the e-commerce platform.
According to Shopify’s VP of merchant services, Kaz Nejatian, Bulls fans can now purchase digital art directly from the team’s online store using a credit or debit card, adding that the experience is exceptional.
“You could buy NFTs on credit cards before, but honestly the NFT buying experience outside Shopify isn’t awesome for anyone right now,” Kaz told TechCrunch. “That’s why we decided to do this work. Merchants and buyers shouldn’t have to take a course in crypto to buy things they care about,” He added.
NFT continues to attract eyeballs
Although the NFT industry has recently cooled off after receiving a lot of attention earlier this year, it has continued to thrive, with total sales exceeding $2.5 billion in the first half of the year alone.
While the NFT effort has just recently gained much-deserved attention, more crypto enthusiasts and businesses are trying to get involved. More notably, given that NFTs provide customers with a viable alternative to cryptocurrencies in general, the need for a platform like Sweet’s NFT marketplace is well-understood.