Single adds tokenized NFT trading for musicians, others like Shopify invest
Single now enables shared commerce and content for musicians and other creators on Shopify and has secured a strategic investment from the e-commerce powerhouse.
Single helps 3,000 artist and label stores on Shopify, helping sell millions of albums and more than a million live stream tickets,
By integrating Web 3.0 functionality into the Shopify app, Single gives musicians and other creatives the tools to engage with fans in new ways and unlock innovative commerce experiences.
What is Tokengating and how does it work?
Tokengating is a method of adding value and utility to an NFT by giving the holder exclusive access to content, a community, and even or even physical products. Think of it as a key that the creator can activate or deactivate at will, but is still an ongoing part of the NFT.
“A better way to think about tokenging is to compare it to a fan club,” said Tommy Stalknecht, founder and CEO of Single. “A fan buys an NFT through a creator’s Shopify storefront, which gives them access to exclusive offers and experiences that only other NFT owners have access to. Simply put, we allow artists to create NFTs that actually do things… that unlock specific concrete values,”
Single’s process is pretty simple: a creator uploads any file to the Single Platform to create it as an NFT on the Solana blockchain and pushes it directly to their Shopify store to be purchased alongside existing items.
After purchasing an NFT, fans can use the NFT as a “digital key” to access exclusive offers from the creator – merchandise, audio or video content, live streams and more – a process known as tokenized commerce.
Want to see about action?
Visit this link to buy a free Single NFT and then use it to unlock a special prize: https://sn.gl/gating-demo.
TikTok, YouTube, Spotify and more
Recently, TikTok, YouTube, and Spotify all announced Shopify integrations, and Single tells Hypebot that purchasing their token-linked 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 the 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 Skyline Artists Agency and a professor at Berklee College Of Music.
