NFTs and e-commerce: a new dawn in online shopping

E-commerce holds tremendous promise, which cannot be fulfilled without a transparent mode of transaction with a high level of inclusivity. NFTs – digital collectibles that can be traded or used as a means of exchange in marketplaces – may be the key to unlocking the potential of online buying and selling.

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Jay Crypto

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Last updated Jul 27, 2022 at 6:59 PM

Posted Jun 23, 2022 at 4:00 AM

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E-commerce Before Now

E-commerce is one thing that web2 brought us. It gives shoppers the ability to hover over products in an online shop, pay, and get the products at their doorstep. E-commerce grants almost instant gratification to buyers, but some lag between purchase and delivery still remains.   Incorporating NFTs with online products may reduce this gap considerably.

NFTs and commerce: The new approach

NFTs (Non-fungible tokens) continue to gain ever-greater use in marketplaces. Basically digital assets such as artworks, music, and videos, NFTs are unique pieces that are not interchangeable; only one person can hold the proof of ownership. NFTs can be sold or traded. These digital assets are making an impact in the e-Commerce industry with new

use-cases. NFTs can digitally represent a physical product on the blockchain, and this is where it gets interesting. NFT e-Commerce allows for product or service characteristics to be associated with a unique digital token that can then be uniquely owned by the customer within and outside of the blockchain ecosystem.

Uses of NFTs in e-Commerce

Apart from the NFT marketplace, online buying and selling are being adopted for business branding and improved customer experiences. Online websites such as those for home decorations, online auctions, and apparel can greatly benefit from the use of NFTs. Some of the uses of NFTs in the e-Commerce industry include:

1 Proof of Ownership: Digital signatures or details of transactions can be created and traced from one point to another with NFTs. Since NFTs are stored on a blockchain-based ledger, the attributes are impossible to change;  consequently, the authenticity of ownership can never be compromised. The attribute of an NFT can be linked to a physical asset; thus, e-Commerce businesses can use NFTs as an undeniable proof of ownership.  This security of ownership can then serve as incentives for buyers. NFT e-Commerce platforms that sell expensive or high-value products like antiques or patents can adopt this approach.

2 Immediate rewards for customers: Shipping is an indispensable component of e-Commerce. A linked NFT could be given to the buyer at the point of purchase since it is digital. NFTs can lessen the worry attached to the seemingly lengthy time between purchase and delivery. Selling NFTs with digital products might boost revenue in the long run.

3 Unique loyalty programmes: E-commerce businesses can also incorporate a kind of NFT marketplace by allowing customers to earn points in exchange for NFTs. Loyalty programmes are available almost everywhere; rewards can be used in shops, eateries, or cinemas. A loyalty programme could also offer unique collectibles, which bring much more value.  Shopify NFT allows anyone to sell or buy NFTs and might be a great start for anyone who earns NFT through a loyalty program.

NFTs are creating a new order in the eCommerce industry and different ideas are coming into fruition on how best they could be used to improve online shopping in its entirety. NFTs might create a totally new eCommerce experience if well utilized.

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