Shopify Launches NFT Platform For Merchants, With Chicago Bulls Debuting Championship Ring NFTs

One of the leading e-commerce merchant partners is making it easier for companies to sell NFTs.

What Happened: The president of Shopify Inc SHOP shared details of the company’s plans to help its merchants sell NFTs.

If you’ve spent 1 minute on the internet this year, you’ve seen a lot about NFTs. @Shopify we are making it easier for our merchants to sell NFTs directly through their stores, with one of the first being the @ChicagoBulls NFT store. https://t.co/Qv2wKO7RCS

— Harley Finkelstein (@harleyf) July 26, 2021

“Before Shopify offered its capability, merchants would have to sell through a 3rd party marketplace, aka less control of the sale and customer relationship,” Shopify President Harvey Finkelstein said.

Finkelstein said the launch is all about “putting the power back into the hands of merchants.”

The move will also help customers be able to decide how and where to buy NFTs, or non-fungible tokens.

Shopify is partnering with Flow Blockchain to help its merchants sell NFTs.

“I’m excited about this because Harley Finkelstein and Tobi Lutke have done more to empower creators than almost anyone in the last decade,” Flow CEO Roham Gharegozlou said.

Gharegozlou said there are zero fees for merchants.

Shopify sites had over 450 million checkouts in 2020. The company counts 1.7 million merchants as customers of its platform.

Related Link: Shopify Cuts Costs For Partners Which Could Lead To Merchant Growth

Chicago Bulls NFTs: One of the first companies to take advantage of the Shopify NFT platform launch is the Chicago Bulls of the National Basketball Association.
The Bulls are offering NFTs of six NBA Championship rings with three levels of scarcity and six token designs.

Each day from July 26 through July 31 will see a ring release for a different year. The 1991 and 1992 ring NFTs sold out, with 91 and 92 versions available, respectively.

Price points were $49 for the 1991 ring NFTs and $92 for the 1992 rings.

The 1991 Championship ring NFTs had six legendary, 23 iconic and 62 rare versions. Rarities are not known until after the NFT is bought.

The ring NFTs could be great for collectors and also come with some perks for those who buy or collect one of each of the six rings.

Owning a legendary version of all six rings by Oct. 31 gives a person a “Bull for a Day” experience that includes signing a contract with the Bulls, a custom jersey, shootaround at the United Center and courtside seats at a game.

Collecting each of the six rings in any tier by Oct. 31 gets the owner a graphic print and two tickets to a 2021-2022 home Bulls game.

SHOP Price Action: Shares of Shopify were down 2.04% at $1,550.04 at last check Tuesday. Shares of SHOP are up over 4,700% in the last five years.

Photo: courtesy of Shopify.