Giving the internet users the ownership on the internet is the gist idea of founding web3 where NFTs are the key to unlock. In today’s article we dive deep into how commerce is changing at the advent of NFTs and web3.
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How Commerce Is Changing At The Advent Of NFTs And Web3
Let’s start off with the definition of commerce to spot out the change. Commerce is considered as an act in which a buyer and a merchant come to do a challenge together. It is the challenge of building a relationship together, and the challenge of coming together and deciding whether we are going to make the buying or selling transaction or not. We often do the challenge to create a relationship together. Commerce is that a buyer is doing a challenge and then owning the outcome of that challenge together with the merchant. And to make the wheel run, or to let commerce work, the quintessential thing required is that people show up his owner. The buyers have to show up the real buyers and vice versa to the merchants. This requirement is pretty easy to recognize in a real-life, physical commerce. However, to e-commerce, it requires authentication verification, causing nuisance to buyers and merchants sometimes.
With NFT wallet or blockchain wallet, showing ownership is being made easily possible.
Probably, we first saw the adoption of NFT wallet links to practical commerce-like things when Dapper Labs released the NBA Top Shot collection earlier last year.
Dapper Labs have shown us what it is about from end to end. Basically, you have a blockchain wallet, then you can sign up for a particular thing. NBA Top Shot allows users to buy, sell, and collect NBA NFTs that showcase influential “Moments” minted on the FLOW blockchain. Some Moments are rarer than others, with the rarest versions being worth the most. Moments are minted in “Packs,” much like you’d expect from physical trading cards. Packs are minted in Sets as part of a Series. The timeline of each Series runs concurrently with the NBA season. As a result, each week or so, users can purchase new digital packs of NFT Moments that showcase the season’s most significant plays. Although pack drops are driven by the current season’s events, legacy fans needn’t worry about missing out on owning their favorite plays from the past.
NFTs are not the output of commerce, they are actually the input of commerce in Dapper labs case. Not only selling NBA Top Shot NFTs, Dappers Labs engaged with its fans by creating challenges and rewarding winners with freshly minted NBA Top Shot NFT. The challenges are only exclusive to Dapper Labs users. So we could see that NFT is not a kind of product, it’s a kind of buyer, buyer of the freshly minted NFT Top Shot. And the action of buying has been acquired via doing the challenges that Dapper Labs launched.
Following this brilliant idea of considering NFT owners as potential buyers of things, we also spot out that Shopify, the prominent e-commerce company, is also working on this. A novel example is that Shopify had partnered with Doodle to power a real-life merchant store and an online presence in March 2022.
Shopify tweeted, “Gm from #DoodlesSXSW where we with @doodles bring together URL and IRL in a first of its kind token-gated NFT retail drop.”
Doodle holders have a chance to unlock limited edition merchandise and exclusive costumes at the festival.
Shopify also launched a website with Doodles, where non-Doodle owners can purchase a mascot figure for $350 and holders can unlock exclusives such as the mascot figure LE for $350 or both figures (exclusive and non-exclusive) for $650.
All in all, both Dapper Labs and Shopify x Doodle case, we both see NFT as the key to unlock limited edition merch, rewarding fans and assisting building fan community or loyal community. In other words, Dapper Labs and Shopify are embracing the composable format where they take NFT as the social information on the way in and turn it into a commercial experience or social experience on the way out. As mentioned above, NFT wallet is showing us what it is about from end to end. It is unlocking a huge potential for enterprise and market coordinators in web3 commerce.