Shopify Forays Into NFTs With web3 Developer Platform Thirdweb

Shopify has announced a partnership with thirdweb, a Web3 developer platform, to launch a new development kit for merchants called Commercikit. It promises to be an all-in-one framework for users to build Web3 commerce experiences.

With ecommerce only accounting for 13% of total retail sales according to the US Census Bureau, ‘Commercikit’ is set to provide merchants with new ways to engage their audience by aiding Shopify users in the selling and distributing of NFTs as products or for future campaigns. thirdweb even noted the possibility of users rewarding loyal customers with NFTs. 

As one of the biggest ecommerce platforms, Shopify has 45 million users across 175 countries, having generated $650 billion in revenue over its 17 years of operation. Thirdweb, meanwhile, is a relatively new startup, but one that already boasts 50,000 monthly active developers and half a million blockchain transactions. And although hard to track due to the decentralized nature of cryptocurrency, the NFT market made $24/7 billion in 2022 alone.

Jake Loo, co-founder and CTO of thirdweb, said demand is “huge” for the integration of Web3 and ecommerce and that combining their development tools with Shopify’s commerce tools will truly “kickstart the Web3 commerce revolution”. Current tools for Web3 commerce experiences are outdated and limited, but the brand alleges this partnership with Shopify will prove that “smart contracts and Web3 wallet addresses are an essential part of the commerce and loyalty toolkit.”

What is Web3?

‘Web3’ refers to the idea of a newer, decentralized version of the World Wide Web built upon blockchain technologies and token-based economies. 

Some claim Web3 to be a new revolution for the internet that will provide increased security, scalability, and privacy for its users. Others have argued the term is merely a marketing buzzword and noted the harmful effects cryptocurrencies and NFTs have on the environment. 

Alex Danco, Director of Product at Shopify, says of the partnership,

“As a merchant, understanding your customers and finding new buyer segments is mission-critical for running a successful business.

“We’re excited to partner with thirdweb, the fastest shipping team in Web3, to help make smart contracts and Web3 wallet addresses an essential part of the commerce and loyalty toolkit.”

There is no news yet on when Commercikit will be rolled out for Shopify developers, but users can expect that should it prove a success, it and other Web3 platforms like it will become more prevalent in all online spaces, not just in commerce.