Category: E-commerce

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Doodles E-commerce NFTs Payments

Shopify Releases New Crypto Features Including NFT-Gated Storefronts

E-commerce giant Shopify has announced it will introduce new crypto-centric features to its platform including allowing brands to give NFT holders exclusive access to gated products and experiences, a feature Shopify refers to as ‘tokengating’:

The tokengating feature will be made available for both online sales and in-person purchases at bricks-and-mortar stores. Tokengating on Shopify is currently in closed beta and is available only to select merchants.

How Will Tokengated Stores Work?

According to Shopify, store owners will be able to easily create a tokengated store in the Shopify app or add the feature to a physical store. Customers will need to connect their crypto wallet to verify ownership of a required NFT before they can purchase or access gated content, products or experiences.

Shopify says this model will help retailers more easily turn enthusiasm for their brand into sales by recognising and rewarding brands’ biggest fans and giving them access to exclusive content. 

NFT Gating May Increase Brand Engagement

Tokengating will likely appeal to NFT collection creators looking to increase brand engagement and monetisation, allowing them to move beyond simply selling NFTs and into selling real world products. 

Evan Keast, co-founder of the popular NFT collections Doodles, says tokengating offers NFT holders a chance to access exciting new brand experiences:

As an ambitious community-driven project, we’ve placed a strong emphasis on setting the standard for unique NFT collector experiences. By partnering with Shopify on tokengated merch, we surprised our holders and gave the ownership of a Doodle a whole new meaning. 

Evan Keast, co-founder, Doodles

Tokengating isn’t Shopify’s first foray into the world of NFTs and crypto. Last month the platform announced a partnership with Crypto.com that allows merchants to accept zero-fee payments in more than 20 cryptocurrencies. And in December 2021, Shopify introduced functionality allowing merchants to mint NFTs directly from Shopify.

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Alchemy Pay DeFi E-commerce Payments VeChain

VeChain (VET) Now Accepted as Payment in 2,000,000 Stores Worldwide

VeChain (VET) has partnered with payments provider Alchemy Pay (ACH) to allow VET holders to make crypto payments to over two million merchants in over 70 countries worldwide:

However, the response to the Alchemy Pay partnership, although generally positive, wasn’t enough to see VET buck the general downturn in crypto markets over the past week: 

At the time of writing VET was trading at US$0.047, about nine percent down from when the partnership went live on April 28.

Alchemy Pay Bridges Fiat-Crypto Gap

Touting itself as a hybrid payments system, Alchemy Pay allows merchants to accept both established forms of payment – such as credit cards and PayPal – and cryptocurrency. It provides crypto acceptance payment systems for online and offline businesses including via popular merchant platforms Shopify and Arcadier.

In additional to VET, Alchemy Pay accepts numerous other cryptocurrencies including Bitcoin, Ethereum, Tether, Polygon, Elrond and Algorand.

Regarding the integration of VET into its payment system, Alchemy Pay CEO John Tan said:

Our partnership will improve [VeChain’s] access to users and increase the possibilities for developers on Thor. After integrations with VeChain as well as other leading blockchains, we expect our fiat-crypto on-ramps to be a major driver of the mainstream adoption of crypto services and dApps going forward. 

John Tan, CEO, Alchemy Pay

Payments Capability Increases Utility, Adoption

VeChain CEO Sunny Lu explained that the ability to use VET as payment for goods and services across a vast network of merchants should increase the utility of VET and spur further mainstream adoption of crypto:

With Alchemy Pay’s fiat payment channel and crypto on-ramps, we are bringing more mainstream accessibility to our network. This has benefits, not only for users but also for all developers building on the VeChainThor blockchain. The integration of VET into Alchemy Pay’s crypto payment system is important in further expanding the real-world use cases for VET as a form of payment. 

Sunny Lu, CEO, VeChain

Founded in 2015, VET is built on top of the Thor blockchain and is known predominantly for its supply chain focus. Recently, however, VET has branched out into other sectors, such as real estate, through a partnership with Jones Lang LaSalle Incorporated, and vaccination passports, via a partnership with the government of the small European republic of San Marino.

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Crypto News E-commerce NFTs Payments

Ebay CEO: We May Accept Crypto Payment This Month

E-commerce giant eBay may start accepting cryptocurrencies soon, according to CEO Jamie Iannone, who says the company is considering adding cryptocurrencies as a medium of exchange and “other forms of payments” as soon as next week.

This comes a few months after eBay changed its policies allowing the trading of non-fungible tokens (NFTs), though it has yet to make an official announcement.

So even without announcing anything or doing anything, people started trading NFTs on a platform. It reminded me of many years ago when people just started selling cars when we didn’t even have a vehicle business at that point. So we’re seeing the same type of thing [with NFTs].

Jamie Iannone, CEO, eBay

eBay Targeting Younger Audiences

Iannone revealed that eBay is focusing on the younger generation who are actively selling sneakers on the platform. As cryptocurrencies and NFTs appeal to Gen Z, the multinational is considering expanding its list of available form of payments.

We’re appealing to the younger generation, where they’re coming in selling their sneakers, becoming collectors on the platform, and they’re building new marketing capabilities.

Jamie Iannone, CEO, eBay

There’s actually already a way to buy on eBay using crypto through a service called Bitrefill, where you can use your Bitcoin (BTC), Ether (ETH) and more to buy eBay gift cards, and then use them to purchase products from eBay directly.

NFTs and Crypto Now Part of Everyday Life

The rise of NFTs and decentralised finance (DeFi) is now seen everywhere, from retail traders and crypto-savvy people to real estate companies and fashion brands entering the metaverse and creating their own NFT collections.

This week, Crypto News Australia reported that Decentraland will host the first Crypto Fashion Week, gathering the elite of the fashion industry including Paco Rabanne, Dolce & Gabbana, Tommy Hilfiger and many more.

German manufacturer Puma also entered the metaverse last month in the wake of its sports apparel rivals Nike and Adidas, renaming itself Puma.eth on Twitter.

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Blockchain Crypto News E-commerce Fashion NFTs Tezos

Clothing Retailer The Gap Launches Tezos-Based Gamified NFT Collection

Gap Inc is collaborating with Brandon Sines, the artist behind Frank Ape, to launch a non-fungible token (NFT) collection on the Tezos blockchain with a gamified digital experience called Gap Threads.

This week’s release will offer a gamified digital experience in which customers can unlock the opportunity to buy digital art by Sines and a physical, limited-edition Gap hoodie. The digital collectibles for Gap Threads feature four levels: Common, Rare, Epic, and One of a Kind. The first level, Common, went on sale at 9am PT on January 13 for a reasonable price of 2 Tez (XTZ) each until 8:59 PT on January 15.

Additional drops will be available over the next two weeks: Rare on January 15 for six XTZ, Epic on January 19 for 100 XTZ, and One of a Kind will go to auction on January 24. At the time of writing, two Tez were worth US$8.30, but exact conversion rates may vary based on market price fluctuations.

Why Tezos?

As part of Gap’s commitment to do the right thing for the planet, it has chosen to leverage Tezos, an open-source blockchain, to create the customer experience. Tezos requires less energy and cost to operate than proof-of-work algorithms, thus making it an ideal platform for sustainable uses. The platform has recently been involved in collections from other consumer-facing brands, including Red Bull.

Gap intends to learn more about how customers want to engage in a digitally focused environment and has flagged additional digital experiences in the future, developed in partnership with cultural influences.

According to Gap’s chief digital and technology officer John Strain, “As part of our mission to create enduring customer relationships, our teams are constantly innovating. We are excited about the possibilities that a more planet-friendly blockchain technology can unlock for us and all the new ways it will enable us to connect with our customers.” 

The Future of Clothing is Here

NFTs are the perfect fit for the fashion industry, which is obsessed with authenticity and exclusivity. Chris Le, co-founder of RTFKT, has said that augmented reality will be a huge part of society in the future and that “you’re going to be walking out on the street and seeing NFT clothing on people”. RTFKT sold about 600 pairs of digital sneakers for US$3.1 million in just seven minutes last February at the inaugural Crypto Fashion Week.

Not everyone shares this view and many believe technology still needs more time before the big luxury brands dive in, according to RTFKT Studios co-founder Benoit Pagotto. If you also believe that the fashion industry is not quite there yet, and think the NFT market is overheated, you can short it.

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Crypto News E-commerce Payments

Airbnb CEO Confirms Site is Working to Accept Crypto in 2022

After asking his Twitter followers to share their ideas for a new service it can offer in 2022, Airbnb co-founder and CEO Brian Chesky was met with 4,000 suggestions – of which integrating cryptocurrency payments ranked as number one.

After crypto integration, other top suggestions included clear pricing displays and guest loyalty programs:

According to Chesky’s tweet, the peer-to-peer lodging service is “already working on some” of the proposed ideas, and “will look into others”. Elaborating on the possibility of integrating crypto support into the platform, he said that this suggestion included “a variety of token ideas”, which would most likely not be confined to one or two digital assets.

As it stands, Airbnb accepts Visa, MasterCard, Apple Pay, Google Pay and PayPal as payment methods, and since 2013 the company has processed US$336 billion in transactions.  

Crypto ‘Revolution’ All About ‘Trust’

This is not the first time Chesky has opened up regarding the company’s potential acceptance of cryptos. Two months ago, he stated that Airbnb was “looking into it”.

He added:

Like the revolution in travel, there is clearly a revolution happening in crypto; Airbnb and crypto both have interesting relationships with trust.

Brian Chesky, co-founder and CEO, Airbnb

More and More Industries Accept Crypto Payments

The news from Airbnb comes after many e-commerce companies have expressed their openness to crypto integration. Last year, eBay said it was considering accepting crypto as a payment option. In December, Croatia’s top food retailer introduced crypto payments. After partnering with local fintech Electrocoin, Konzum modified its PayCek system to introduce crypto payments.

There is a wealth of evidence to suggest it won’t be the last.

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Crypto News DeFi E-commerce NFTs

Shopify to Offer Merchants NFT Minting Services

Shopify has opened its non-fungible token (NFT) beta that allows participants to mint and trade their own branded NFTs on its platform. The multinational e-commerce company has partnered with blockchain company GigLabs to integrate NFT utilities on its platform.

Shopify CEO Tobias LĂŒtke announced the release on December 16, having previously shown interest in the DeFi and crypto space.

The Shopify application is built on Flow, a decentralised blockchain, and for the time being the “NFT Beta program” will only be available to US-based merchants on Shopify Plus. Participants will be able to buy the digital collectibles with Shopify Payments, Shop Pay, crypto payment gateways, credit/debit cards, and others. Users can also choose on which blockchain they want their NFTs minted, including Ethereum, Polygon, Near and Flow.

NFTs for Branding and Customer Engagement

Earlier in the year, Shopify made it possible to sell NFTs on its platform but now users will be able to access a host of additional functionalities. Included among these will be the ability to “forge [their] own branded experience” by minting NFTs, scheduling airdrops, memberships, and content-gating.

The platform has simplified much of the convoluted procedure required to get your hands on an NFT. Customers can easily claim their NFTs via email and add them directly to their wallets from there. Other companies, such as the entertainment company Superplastic, have praised the application for helping with a successful NFT drop for their brand.

Shopify’s platform is f****** amazing. It helped Superplastic and our partner Christie’s create a massively successful NFT drop for Janky and Guggimon.

Paul Budnitz, founder and CEO, Superplastic

NFT Industry Continues to Boom

Just last month, leading NFT marketplace OpenSea surpassed US$10 billion in all-time trading volume, marking quite an achievement since its total volume trading for all of 2020 was just US$21 million.

Other massive multinational companies have also jumped aboard the bandwagon. For example, sports apparel giant Nike flagged its interest in NFTs earlier this week with the acquisition of RTFKT, a digital arts studio specialising in NFT collectibles.

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Blockchain Crypto News E-commerce NFTs

Shopify Merchants Can Now Sell NFTs Directly on the Platform

Popular e-commerce platform Shopify is gradually tapping into the non-fungible tokens (NFTs) trend. In a recent tweet, president Harley Finkelstein mentioned that Shopify merchants can now sell NFT content directly from their online stores. 

At the moment, this offering is only available for a limited number of merchants. “A select few for now. Stay tuned,“ the president said. 

Chicago Bulls to Debut First NFT Sale on Shopify

According to Finkelstein, the Chicago Bulls basketball team will be hosting one of the first NFT collection sales under Shopify. The so-named “Bulls Legacy Collection” will be a limited edition offering to highlight the team’s six World Championship rings and NBA titles. 

The Chicago Bulls NFTs were minted on Dapper Labs’ Flow blockchain, and “no more than” 567 will be minted. 

Before Shopify offered this capability, merchants would have to sell through a third-party marketplace [with] less control of the sale and customer relationship. Once again, we are putting the power back into the hands of merchants and meeting customers how and where they want to buy.

Shopify president Harley Finkelstein

Shopify Keeps Drawing Close to the Crypto Space

Shopify is one major e-commerce company that has tried to blend into cryptocurrency trends. Since 2014, the company has been supporting crypto integrations. As recently as April 6, Shopify CEO Tobi Lutke showed interest in DeFi, asking for opportunities and suggesting the role the company could play in the decentralised finance space. 

Last year, Crypto News Australia reported that Australian developer Jeronimo Backes was working on an integration that will enable Shopify stores to accept payments easily in Cardano (ADA).

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Australia Crypto News E-commerce

Aussie Startup @Pay Aims to Bridge DeFi and E-commerce

Australian startup @Pay is leveraging blockchain technology to bridge the DeFi space with e-commerce by creating innovative payment solutions for shoppers, merchants and marketplaces worldwide. 

Bringing Innovative Solutions for the E-commerce Industry

@Pay wants to tackle the BNPL (Buy Now, Pay Later) industry by introducing several payments solutions with a blockchain-integrated cryptocurrency alongside fiat, saving significant costs to the industry.

According to BNPL provider Splitit, the single biggest challenge for e-commerce retailers is overcoming approximately 70 percent cart abandonment by shoppers. This translates into US$4.6 trillion in lost e-commerce sales each year.

@Pay whitepaper

The BNPL market is expected to reach US$33.64 billion by 2027. It isn’t as heavily regulated in Australia as other credit or financial services, as BNPL providers are considered not to be regulated under the country’s National Credit Act. However, they are subject to ASIC’s product intervention law.

How it Works

The platform is powered by the @Pay token, which uses Ethereum’s ERC-20 standard. The token is multi-functional; it can be used to make payments, receive incentives, and to win rights to vote in the protocol’s governance system.

Through blockchain and smart contracts, the protocol is targeting people of all ages in the e-commerce world, providing an appealing experience for customers.

DeFi in Australia

The DeFi sector in Australia has been growing, but decentralised autonomous organisations are construed as partnerships or unincorporated associations. The Australian regulatory framework -which has been heavily criticised over time – remains unclear for most investors.

However, the Digital Law Association and international law firm Herbert Smith Freehills have proposed changing the national environment, suggesting Australia should create a new legal entity to recognise DAOs as legal companies.

The DeFi space offers innovative solutions that otherwise wouldn’t be achieved by traditional banks, and it has been put to the test in Australia. As Crypto News Australia reported in February, a software engineer paid off his mortgage to the Commonwealth Bank of Australia and refinanced it through fixed-rate lending protocols.

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Australia Crypto News E-commerce

EFTPOS Australia to Use ConnectID to Verify Identity When You Pay

Move over KYC, connectID is here. Powered by EFTPOS, connectID is an identification hub for the entire Australian identity ecosystem. Think of it as an extension of Australia Post’s Digital iD app combined with your Digital Licence or Proof of Age card and loyalty points program all wrapped into one.

With online shopping and mobile payments part of everyday life nowadays, issues such as online fraud and identity theft have become a real headache for individuals, banks and businesses alike. The constant need to fill in forms and repeatedly upload personal information for proof of identity has only added to the pain. ConnectID aims to streamline the process, offering a neatly packaged one-stop-shop app with identity verification and KYC built in.

In Australia there is a real need to facilitate identity verification methods to help reduce instances of fraud and identity theft, and improve ‘digital trust’ between customers and vendors. We aim to seamlessly combine identity and payments transactions within the same flow and create even better customer experiences.

Rob Allen, EFTPOS ‘Entrepreneur in Residence’

Created with assistance from identity and authentication provider SecureKey, connectID is designed to work within the federal government’s Trusted Digital Identity Framework (TDIF) and the financial industry’s TrustID framework, as well as recognising emerging international standards in distributed digital identity credentials.

Benefits of connectID

  • Manage risk by knowing who you’re selling to
  • Protect yourself against fraudulent transactions
  • Gain customers’ trust with a simple, straightforward experience

EFTPOS says it is providing Australian businesses with a trusted, reliable and cost-effective infrastructure, ensuring all transactions flow quickly and easily through the Australia-based identity hub.

Financial Services, Online Stores and Government Departments to Adopt connectID

Powered by EFTPOS, ConnectID acts as the middleman to connect identity requesters such as financial services, online stores and government departments with every online identity issuer in Australia. Consumers and digital merchants will have secure, private, easy and trusted access to any identity provider in Australia.

Identity providers in turn will be able to offer an additional trust-based service to their customers and connectID enables each of them to talk to the others seamlessly.

Watch the video below to see how connectID works

As previously reported by Crypto News Australia, EFTPOS has also teamed up with Hedera Hashgraph blockchain to develop a micropayments proof-of-concept. This ultimately could lead to the deployment of blockchain technologies in running autonomous vehicles or powering smart cities.

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Crypto News Dogecoin E-commerce

Will Amazon accept DOGE payments?

Amazon Day Delivery
Amazon Day Delivery [amazon.com]

A Doge-like image on Amazon website has got some Dogecoin enthusiasts thinking that one of the largest e-commerce companies, Amazon, would consider accepting payments with the meme cryptocurrency.

This would be a milestone for Dogecoin (DOGE), which could also push price above the $1 mark, owing to the popularity of the e-commerce company.

However, that doesn’t seem to be the case. The image on the Amazon app was actually a “Corgi” and not Dogecoin’s “Shiba Inu,” as some DOGE-fans thought. Amazon users confirmed this, saying that the Corgi image has been on the mobile application for years.

Meanwhile, this doesn’t negate the fact that many Dogecoin enthusiasts want Amazon to accept payment the cryptocurrency, which is currently the fourth-largest by market capitalization.

Dogecoin Enthusiasts Wants Amazon to Accept DOGE

In a recent survey conducted by GamblersPick, nearly 53 percent of the respondents indicated that they want Dogecoin to be accepted on Amazon. Apparently a good number of them believe that the meme cryptocurrency is the future and the “next Bitcoin”.

Dogecoin as a currency [GamblersPick]

Amazon is not the only big company to have expressed interest in cryptocurrency payments and blockchain technologies.

At the time of writing, DOGE was listed at $0.5007 USD on CoinMarketCap. On a weekly count, the cryptocurrency lost about 11.5 percent of its value. Its market capitalization sits around $64.8 billion USD.

Tesla Might Add Dogecoin 

On Tuesday, Elon Musk opened a Twitter poll on whether to accept Dogecoin for payment in Tesla. At the time of writing, the results indicate that about 78 percent out of over 3 million respondents want the electric car company to add Dogecoin (DOGE) as a payment option.