Shopify is bringing Web3 tokenization to e-commerce to help brands connect with their fans and enhance sales. This will be done by giving token holders exclusive rewards and experiences.
🪙 Tokengated Experiences
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
— Shopify (@Shopify) June 22, 2022
This is not the first time Shopify is taking a step to integrate Web3 technologies into the platform. Last year, the e-commerce giant allowed users to sell and buy NFTs on its platform. It was done in collaboration with Gigilabs.
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Features of a Tokengated Store
Tokengated commerce is a system where a merchant or store owner places restrictions on certain products and services so that only holders of a unique token can have access to them. These can range from discounts to collections as well as access to premium products.
So how does it work?
When a user tries to access a Tokengated product, with the designated app, the app will check the wallet of the user to know if the required token is available in the wallet of the user. If it’s not, the “gate” remains closed,. Aand the user cannot access the product until the token is purchased and can be accessed by the app.
With this, not only will single merchants and business owners build a more thriving and loyal community for their businesses but there will also be collaborations between brands in a similar industry and those in different industries. This strategy will allow businesses to grow their fan base without leaving their niche.
Those who love NFTs can also use this service to access future NFTs that will be minted by specific brands per time. And with a large community of over 900000 merchants (and still growing) in the Shopify platform, alongside the global awareness of the importance of Web3 and NFTs, this will open a new opportunity in the e-commerce world.
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