Shopify has introduced some new features. These include the introduction of the non-fungible token (NFT) gated stores for small businesses. On Shopify, businesses get the facility to build e-commerce stores according to their needs. With the new feature, merchants will be able to start token gated stores in which people holding tokens of a particular brand will get access.

The firm has also offered to sell NFT directly from blockchain to online stores. For this, tie-ups have been done with about a dozen apps associated with NFT. The blockchains for these transactions will get support from Ethereum, Polygon, Solana, and Flow. A Shopify survey has revealed that about 45 percent of consumers in India are likely to buy NFT this year. The firm hopes that this will help brands strengthen connections with their consumers through reward programs and NFT. A statement from the firm to Gadgets 360 said, “Token gated transactions on Shopify will allow customers to have the option of NFT on behalf of merchants to connect to their preferred brands. ”

Recently, Mastercard expanded the scope of the facility to buy NFT from card payments. For this, MasterCard has partnered with Metaverse firm Sandbox, Immutable X, Spring, Nifty Gateway, and a few other firms. In NFT, the use of blockchain technology authenticates tokens of unique items that are connected to digital assets that can be reproduced. These can include art, music, in-game items, and videos. These can be traded online but they cannot be duplicated.

With the increase in business in this segment, cases of scams have also increased. In some such cases, those who buy NFT have suffered huge losses. Some of the major fraud cases involving this segment have been revealed in the US. Some of the accused have also been arrested. These cases have raised fears about trading in this segment. However, despite this, the popularity of NFT is increasing.