In the crypto year 2022, NFTs (non-fungible tokens) were the reason for heated discussions beyond the crypto scene: critics consider the unchangeable tokens, which are often interpreted as small works of art, to be unnecessary and money-making. Supporters point to a variety of uses for NFTs, citing for example Instagram where the integration of NFTs is reaching millions of people. In this mixed situation, a message from Avalanche makes you sit up and take notice, describing how NFTs can now become bulk goods for Shopify online shops.
Read more on the subject and find the latest financial news from around the world with the Born2Invest mobile app.
Shopify is a software solution for online shops that is used by more than 1.7 million companies worldwide
These customers can now easily create NFTs based on Avalanche (AVAX) through a Shopify-compatible app extension called Venly. create (“Minten”) and sell. The highlight here: When buying these NFTs, end customers do not initially come into contact with AVAX and other specifics of the crypto world, but pay as usual with Fiat via their credit card or other channels. When the purchase is complete, the new owner of the NFT will receive an email with a unique link to an Avalanche wallet where the NFT is already secured. Also, to create NFTs in this solution, traders and creatives do not need any prior knowledge of crypto or AVAX, just a subscription to the Venly app.
Spokespersons from Venly and Avalanche emphasize that their solution also has the great advantage of low fees compared to the NFT market leader Ethereum (ETH). Creating and broadcasting an Ethereum NFT can easily cost $100+, with the Venly and Avalanche model costing less than $10. For Shopify, the head of the blockchain department, Christina Lomazzo, can be quoted as saying that the cooperation proves how new possibilities are being opened up by Web3 and e-commerce. It would also be possible, for example, not only to sell NFT art via the new channel but also NFTs as avatars or admission tickets.
Conclusion: NFTs as mass-produced goods? Avalanche, Shopify and Venly with an exciting approach
Several infographics on NFTs showed in 2022 that in Germany there is still a lot of catching up to do in terms of understanding, but on the other hand, German citizens do not condemn NFTs. The solution that has now been rolled out by Shopify, Avalanche, and Venly has the potential – not only in this country – to advance the mass adoption of NFTs.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in BLOCK-BUILDERS.DE, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Trusters and Leone Investments Finally Receive Approval Under EU Regulation
After almost a month under the new EU Regulation, two platforms, including the historic Trusters launched in 2018 and the...
Coinbase Wallet Has a New Feature: Send Crypto via Web Link
The exciting part is actually in the small print: This is because Coinbase covers the fees for transactions via stablecoin...
Sanofi Reaches an Agreement with Aqemia for $140 Million in Generative AI
Paris-based Aqemia will receive upfront and milestone payments under the deal that will be used to deepen R&D. In addition,...
Burkina Faso and the United Nations Review the Achievements of the Peacebuilding Fund
Eligible since 2017, Burkina Faso has already benefited from the fund's support through the financing of various projects to the...
Malta Approves Three New Cannabis Clubs and Holds First Harm Reduction Training Sessions
According to Malta's rules on cannabis clubs, only the societies listed on the ARUC website can grow and distribute cannabis...
Crowdfunding2 weeks ago
Innexta and Assofintech Event Gathers 200 Investors to Meet Live Crowdinvesting Portals
Business3 days ago
Groupon Is Overhyped and Overexposed — Here’s Why RDE, Inc. Is a Better Alternative
Fintech1 week ago
After Obtaining Endorsement as a Fintech, Klu Will Seek to Become a Sofipo
Impact Investing1 day ago
Vortex Fights Food Waste in Italy