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Shopify has recently incorporated Sweet’s NFT marketplace, and the Chicago Bulls have started an NFT drop through Shopify.
Through top e-commerce platform Shopify, the NBA’s Chicago Bulls have released NFTs portraying six championship wins from the 1990s.
Shopify is a multinational firm that provides website-based storefronts and payments infrastructure. Shopify president, Harley Finklestein, announced the NFT drop on Twitter earlier today.
If you’ve spent 1 minute on the internet this year, you’ve seen a lot about NFTs. @Shopify we are making it easier for our merchants to sell NFTs directly through their stores, with one of the first being the @ChicagoBulls NFT store. https://t.co/Qv2wKO7RCS
— Harley Finkelstein (@harleyf) July 26, 2021
According to Finklestein, the Chicago Bulls franchise is one Shopify’s first partners to launch an NFT storefront on the platform, with Shopify’s president noting the service will only be available to a “select few” in its formative stages.
Sweet’s NFT marketplace was linked into Shopify in May, allowing clients to create and sell nonfungible tokens straight through the popular e-commerce platform. Sweet accepts NFTs that follow the Ethereum ERC-721 standard, the Simple Ledger Protocol’s SLP token standard, and the Flow blockchain from Dapper Labs.
The Chicago Bulls’ NFTs were minted on Flow, which also hosts the officially licensed NBA Topshot tokenized highlight collectibles.
The “Bulls Legacy Collection” will be released over six drops, with each token celebrating the team’s six iconic championship wins between 1991 and 1998. The first NFT was launched on July 26 and has already sold out, with the second token slated for launch later today. The remaining four NFTs scheduled for launch over the next four days.
Despite the current softening of the NFT market, sales of NFTs exceeded $2.5 billion in the first half of 2021.
Cointelegraph reported on July 21 that OpenSea, a popular nonfungible marketplace, had secured a $100 million Series B fundraising round led by venture capital company Andreessen Horowitz with a valuation of $1.5 billion, demonstrating that VC investors remain bullish on the nonfungible sector.
Retail investors are still keen to get their hands on valuable NFTs, with a single token from Tyson Fury’s first NFT launch fetching nearly $1 million in an auction on July 16, and more than 32,000 people signing up to participate in modern artist Damien Hirst’s first NFT drop last week.