Shopify has partnered with music commerce app Single to make most of its NFT-based functionality. The strategic investment was confirmed by Single, Inc. “More than 50 million individuals worldwide are creators online, and more than two million of those people are using their creativity to make a full time living,” Single founder and CEO Tommy Stalknecht said as quoted by digitalmusicnews.com.
“But there’s still a massively fragmented ecosystem when you look at the tools available for creatives, artists, and musicians to reach fans with their art and make a living at the same time,” he added.
We’re letting artists create NFTs that actually do things, that unlock specific tangible value.
Tommy Stalknecht, Founder and CEO, Single Inc.
What Is NFT Functionality?
Single works on Solana blockchain technology to help Shopify merchants use non-fungible token (NFT) functionality to upload music and video files. NFT is a financial security system that helps store digital data in a blockchain. This data can then be sold, traded or transferred by the owner.
With the help of NFT technology in the Solana blockchain, Single enables artists on Shopify to sell music and video content like any other physical merch. NFT will act as a security key for the buyer to access creative content.
“Web 3.0 is having a huge impact on the broader creator ecosystem, especially in the music space, but the feedback I hear most often is that NFTs don’t inherently have value on their own,” Stalknecht explained.
“Put simply, we’re letting artists create NFTs that actually do things, that unlock specific tangible value,” he added.
This Shopify app helps more merchants unlock new and engaging commerce experiences.
Chevy Walcott, Corporate Development Manager, Shopify
Community Building
According to Shopify Corporate Development Manager Chevy Walcott, the company’s strategic investment in Single will be beneficial to increase engagement and build a community of like-minded users.
“The launch of Single’s new artist- and creator-focused features in their Shopify App helps more merchants unlock new and engaging commerce experiences,” Walcott said.
Stalknecht joined in by explaining how artists can establish a healthy relationship with their fans using Single app on Shopify. “We’re giving creatives, artists, and musicians a way to own the relationship with their fans, and fans a way to support artists directly and continue gaining more value over time,” he said.
The US-based app comes with a 14-day trial period for Shopify merchants.
Here’s how it works!
About Single
Founded in 2016, Single helps artists manage merch, tickets sales, live streaming and concert hosting besides trading of creative content. It claims to have associated with over 3,000 artists and music labels, having sold more than 20 million record sales and five million digital albums. The creative giant has also managed over 500 live streaming events and helped artists sell over one million tickets for both virtual and physical events. Live Nation and EMPIRE are among some of its most prominent clients.
