Shopify has announced a strategic partnership with Novel to offer its merchant partners with no-code Web3 technologies. Novel launched its Shopify app to offer Web3 innovation experience without technical knowledge, time commitments and at a lower cost.
By integrating with Shopify, we’re able to leverage the industry-leading ecommerce platform they have built to equip all Shopify merchants with the tools they need to enter the Web3 commerce space.
Roger Beaman, CEO and co-founder, Novel
Features of Novel Shopify App
- Minting: Novel app promises help in creation of nonfungible token (NFT) collection or importing an existing one with the help of Novel Generator.
- Distribution: One made or imported, the collection will be dropped directly to the Shopify storefront. “Consumers can buy tokens just like they would at T-shirt,” Novel explains on Shopify App Store.
- Tokengating: It is a feature to offer utility to the target community by “giving NFT holders exclusive access to gated products, content, discounts and experiences”.
Novel uses smart contracts to work on the NFT collection and offer tokens to make purchase on the Shopify store. After the purchase, Novel app automates the currency bridge by offering customers with a corresponding crypto wallet.
Token-based Utility
Not only merchants, creators and brands can also benefit from Novel app by enabling token-based utility on Shopify store. The app uses Solana technology to offer features like cross-chain gating, token-gated products, URLs and discounts.
“By integrating with Shopify, we’re able to leverage the industry-leading ecommerce platform they have built to equip all Shopify merchants with the tools they need to enter the Web3 commerce space,” Roger Beaman, CEO and co-founder of Novel, said as quoted by cointelegraph.com.
Novel App is also useful for retailers to add use cases to their NFT collections.
Shopify’s Bet On Web3
Shopify is investing strategically in Web3 technology with partners like Luxlock, Smart Token Labs, Verisart, Single and Thirdweb.
- On September 9, Customer Experience Management Platform (CDXM) Luxlock announced partnership with Smart Token Labs to offer token-based shopping experience on Shopify. Brand Connector of Smart Token Labs promises to help Luxlock attract new customers to online stores based on their experiences related to digital asset holdings. The software also helps in rewarding the NFT holders.
With 37 online stores based on Shopify, the New York-based company said NFT is “an integral part of bringing brands and consumers to more intimate and exclusive experiences, with token-gated experiences that can increase exposure and awareness to an emerging consumer group”.
- On September 5, Verisart launched a Shopify app to allow art loving merchants to mint as well as sell NFTs. Verisart is available for Shopify Plus merchants on the Shopify App Store. It requires no coding for merchants to mint and sell NFTs along with other products featured on their online stores. The only condition is that they must belong to the art-related commerce and must have “.art” in their domains.
Customers visiting these art stores can claim NFTs using a dashboard provided by the store owner. Verisart is useful for all merchants and customers as it supports multiple blockchains.
- On August 25, Shopify invested in London-based startup Thirdweb to develop a Web3 products toolkit. The startup raised a Serie A funding of $24 million after reaching valuation of $160M by Shopify, Coinbase and Haun Ventures.
Web3 products include non-fungible tokens (NFTs), decentralized autonomous organization (DAOs) and blockchain games. The Web3 toolkit planned by Thirdweb promises to provide features like decentralised logins, smart contracts and publishing options. It not only supports blockchains but also attracts new users by bringing the Web3 products to mainstream.
- On July 29, Shopify partnered with music commerce app Single to enable NFT-based functionality for its merchant partners. “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 at the time of announcement.
“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,” Stalknecht added.
Web3 Future
Speculation around the future of Web3 is rising around the globe, though Thirdweb believes it won’t affect its business.
“The surprising thing is that the builders have continued building. Our weekly growth activity hasn’t slowed down and has continued to increase. Our hypothesis has been that although there are fluctuations people who are building projects in the long term will continue regardless of the crypto or macro outlook,” Thirdweb CEO Steven Bartlett said.
Haun Ventures had led the Serie A funding round for Thirdweb with participation from Shopify and Coinbase Ventures. “Our mission is to accelerate the next generation of the internet and we believe thirdweb will play a critical role in realizing that,” Katie Haun, founder and CEO of Haun Ventures, stated.
“As complexity to develop in web3 continues to increase, the experienced team at thirdweb led by Furqan and Steven have built an elegant solution that allows developers to build fast while avoiding costly mistakes. I’m pleased to see proven founders of this caliber dedicating their next chapter to crypto and look forward to supporting their efforts,” she added.
