Shopify took one step towards integrating Web 3 technologies into the present eCommerce business systems. Shopify partnership with Novel, a no-code platform invested in reducing the barrier to Web3-enabled eCommerce.
The partnership seeks to democratize the technology by making the ecosystem available for more users. Undoubtedly, it will give impetus to adopting nascent technologies like Web 3 among merchants and stores.
At present, Shopify has a vast user base with 4 million stores. In 2021, the platform’s US stores yielded over 10% of all US eCommerce sales.
What Will The Shopify-Novel Partnership Offer Ecommerce Customers?
The Shopify App store, which has thousands of useful applications that meet the demands of businesses, will now feature a Novel application.
The application will extend the unique benefits of innovative Web3 technologies to eCommerce players.
It will also impart industry-related expertise in niche domains to align with the business goals of Shopify users.
Most importantly, it requires no monetary cost, no technical expertise, and no spare time. Shopify users need not upgrade their existing tech stack to implement the Web 3 features in their stores.
It marks a new episode towards the adoption of Web3 in the eCommerce industry.
What is Web 3?
The origin story of internet communication dates back to the 1980s. From then to the 2020s, the period of growth and development of the world wide web is roughly divided into three parts:
Web1: It is the infancy of the internet. It spanned from 1990-2005. Complicated infrastructure, overburdening costs, and limited supporting technology kept it company-based.
Web2: From 2006 to 2020, the internet space is community-based. Major conglomerates dominate it, like the Big4: Alphabet (Google), Amazon, Apple, and Meta (Facebook).
Web3: Web3 is individual-based, and the content is breaking from the clutches of a selected few organizations. Adopting new instruments like blockchain technology, cryptocurrencies, VR & AR, mining, etc., and novel internet features are building a new web. It also allows web players to monetize their data.
Web 3 Benefits For eCommerce Customers
Web3 has the potential to change eCommerce by offering these unique utilities-
Improved Logistics Management: Blockchains can add security and accountability to eCommerce logistics. It can reduce the dependency on expensive third-party solutions for logistics management.
Access to New Demographics: Cryptocurrency can influence the market penetration of a younger generation of customers.
Liquidity: Web3, especially cryptocurrency, can bring more liquidity and capital to eCommerce businesses.
Secure treasury activities: Web3 enables secure money transfers, exerts better control over the capital, and manages digital investments more efficiently.
Benefits For the Shopify Users
After the partnership between Shopify and Novel, merchants who opt for onboarding the Web3 platform can use the Novel application for two things-
1)Minting and Distribution of NFTs
This component lets users generate art for a new Non-Fungible Token (NFT) collection or upload a current NFT collection.
Novel will deploy smart contracts over the collection to render them available to users. They can purchase the NFTs on the Shopify platform.
After purchasing NFTS, the Novel app automates the currency bridge to make an affiliated crypto wallet for customers.
It allows Shopify merchants, brands, and creators to enable utility across tokens on their storefronts.
Novel lets merchants, including brands and creators, enable token-based utility on their Shopify storefronts.
It includes token-gated products, URLs, discounts, and cross-chain gating on blockchain technologies like Ethereum, Polygon, etc.
Therefore, the partnership empowers Shopify merchants to quickly find the ideal tools to leverage the benefits of Web3 in their stores.
Story originally written and published by Infostor.com.