The Block: Shopify allows merchants to add utility to NFTs

E-commerce platform Shopify is giving e-store merchants a new way to connect with loyal customers through non-fungible tokens (NFTs).

Shopify customers can now connect their crypto wallets to stores on the platform to validate they own specific NFTs. This activation will then give them access to things pre-sales for drops, experiences in real life and exclusive content or merchandise. The company calls this 'tokengated' commerce.

The feature was already being tested in beta-mode, by invitation only, to a select group of merchants with an NFT collection, but is now available to all merchants anywhere in the world.

The news comes as digital asset conference NFT.NYC takes place in Times Square. On Tuesday, entrepreneurs, NFT artists, designers, and businesses took the stage of Edison Ballroom to discuss fashion, e-commerce and NFTs. One theme that emerged from the panel discussions was the increasing role that utility will play in ensuring NFTs hold their value longterm.

Yesterday, The Block reported that payments firm MoonPay is launching a utility NFT minting service.