Shopify launches NFT platform, where Chicago Bulls debuting NFTs

    29 Jul 2021

    Shopify Inc., a major e-commerce merchant partner, is making it easier for companies to sell NFTs. Shopify’s president shared 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,” posted on Twitter Shopify President Harvey Finkelstein. “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.”

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

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

    This step is also aimed to help customers be able to decide how and where to buy non-fungible tokens (NFTs). Shopify is partnering with Flow Blockchain to help its merchants sell NFTs.

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

    Shopify platform had over 450 million checkouts with 1.7 million merchant customers in 2020.

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

    Each day from July 26 to July 31, it will release a ring for a different year. The 1991 and 1992 ring NFTs sold out, with 91 and 92 versions available, respectively, with price points $49 for the 1991 ring NFTs and $92 for the 1992 rings.

    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. 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 owner of a legendary version of all six rings will be given a “Bull for a Day” experience after Oct. 31, which includes signing a contract with the Bulls, a custom jersey, shootaround at the United Center, and courtside seats at a game. Also, collecting each of the six rings in any tier by October 31 gets the owner a graphic print and two tickets to a 2021-2022 home Bulls game.


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