Single adds tokengated NFT commerce for musicians, others as Shopify invests
Single is now enabling tokengated commerce and content for musicians and other creators on Shopify and landed a secured a strategic investment from the e-commerce powerhouse.
Single helps power 3,000 artist and label stores on Shopify, helping to sell millions of albums and more than a million livestream tickets,
By integrating Web 3.0 functionalities into its Shopify app, Single is empowering musicians and other creatives with tools to engage with their fans in new ways and to unlock innovative commerce experiences.
What Is Tokengating & How does it work?
Tokengating is a method of adding value and utility to an NFT by allowing the holder exclusive access to content, a community, and even or even physical products. Think of it as a key that the creator can enable or disable at will, but still remains an ongoing part of the NFT.
“A better way to think about tokengating is to compare it to a fan club,” said Tommy Stalknecht, founder and CEO of Single. “A fan purchases an NFT through a creator’s Shopify storefront, which gives them access to exclusive offerings and experiences that only fellow NFT owners have access to. Put simply, we’re letting artists create NFTs that actually do things… that unlock specific tangible value,”
Single’s process is quite straightforward: a creator uploads any file to the Single Platform to mint it as an NFT on the Solana blockchain and pushes it directly to their Shopify storefront to be purchased alongside existing merch.
Following the purchase of an NFT, the fan can use their NFT as a “digital key” to gain access to exclusive offerings from the creator – merch, audio or video content, live streams, and more – a process known as tokengated commerce.
Want to see if action?
Visit this link to purchase a free Single NFT then use it to unlock a special prize: https://sn.gl/gating-demo.
TikTok, YouTube, Spotify & More
RecentlyTikTok, YouTube, and Spotify all announced Shopify integrations, and Single tells Hypebot that purchase of their tokengated NFTs is compatible with all three. Fans just need to go to the storefront to connect their wallet and claim any gated products.
Bruce Houghton is Founder and Editor of Hypebot and MusicThinkTank and serves as a Senior Advisor to Bandsintown which acquired both publications in 2019. He is the Founder and President of the Skyline Artists Agency and a professor for the Berklee College Of Music.