A Beginner’s Guide To Shopify Token Gated Commerce
Using NFTs, also known as Non-Fungible Tokens, users can gain access to personalised and exclusive experiences, products, and content. But how exactly do they work? And what are the benefits for both store owners and their customers? We reveal everything there is to know below.
Token Gating: The Basics
Token gating allows Shopify store owners to add more value to their customers. Those customers who have an NFT can use the token to access an exclusive community, personalised content, or even physical products. This includes early access to sales and store openings, members-only events, and even discounts on certain products.
Non-Fungible Tokens are stored digitally on the blockchain, as are any records of transactions. Non-fungible means that these tokens aren’t interchangeable, but they can be used in several ways. Shopify store owners must come up with bespoke and creative ways to allow their customers to spend NFTs. Only then, will they stand out from the crowd.
How Does Token Gating Work for Shopify Commerce Stores?
Token gating on Shopify starts with the creation of a public and private key pair. This will allow network users to connect to blockchains. For example, if someone has your public key, they can then send tokens to your wallet. A private key means they can access the tokens in your wallet.
Armed with this information, programmers can create specific software that allows them to look for NFTs in wallets. This information can also be used to allow wallets to do certain things — depending on if there is a token in there. This is known as token gating. In short, token gating works by looking into a user’s wallet to see if they have a specific NFT and then either allowing them or disallowing them to access a certain feature.
Currently, Shopify commerce store owners require an invitation from Shopify to be able to add token gating to their online store. A Shopify development company like Vsourz will then be able to guide you through the set-up process.
Why Choose Token Gating
Token gating isn’t just a way to provide extra value to customers, it also creates an exclusive community with members-only perks and is a great way to showcase your innovation. That’s not all either. Here’s more below.
Quick To Start
Setting up an NFT store on Shopify is easy and quick to do — even if you don’t currently have a Shopify store. You don’t even need to know the details of NFT technology and running it is just as stress-free. What’s more, there are specialist Shopify development companies that can help you along the way.
Safe and Secure
NFT ownership is managed through blockchain technology, which means there is little risk of token ownership being forged. Only token holders will have access to the specific NFT perks.
Simple NFT Claiming
Token gating isn’t just easy for Shopify commerce owners, but customers too. All they must do is purchase an NFT, and then click the link provided in the email. This automatically adds the NFT to their wallet.
If you choose to use token gating apps in your store, you’re responsible for creating and distributing your own products. This removes the need for a middleman, and instead, means you take home exactly what you earn.
Token gating is still relatively new to the eCommerce market, which means there’s a lot of buzz surrounding it. FOMO (fear of missing out) is a real thing too. If you want to stay ahead of the competition, including a token gating platform in your store is a sure-fire way to get potential customers talking about you and interested in your business.
More Payment Options
Another way to boost your business is to improve the customer experience and token gating does exactly that. It gives customers more ways to pay and allows them to choose between credit card, debit card, and cryptocurrency. When customer satisfaction soars, so do sales.
More Blockchain Options
Shopify supports several different types of NFTs, which again gives buyers more options. When buyers have more options, they’re more likely to be interested in your business compared to your competitors.
Choose Token Gated Commerce to Level Up Your Sales
Blockchain and eCommerce might be two completely different industries but over the past few years they’ve both witnessed extraordinary growth. What’s more, the connection between the two industries is becoming stronger every day. Many online store owners are already reaping the benefits of blockchain technology and token gating.
While there is no end to the possibilities of token gating, it often pays to enlist the help of a Shopify development company to really excel your efforts with Shopify custom development. That’s exactly what the team at Vsourz has been helping businesses of all sizes to do. So, if you want to tap into the world of token gated commerce, get in touch to hire Shopify developers today.