TPan
Some fun updates in the space that will continue to define what the future of NFTs might look like from a commercial POV.
But first! Iâm creating a Twitter list of Web3 writers in the space.
If you know anyone that should be on the list or would be able to make an intro, itâd be greatly appreciated! đ I want to meet and chat with others that are writing about Web3 and creating some quality content. I believe that writing (well) about Web3 will be fundamental to educating everyone about the space and pushing it forward. đȘ
Shopify recently made some big announcements through Shopify Editions platform. Think digital keynote without any people talking with a cool landing page.
100+ new products and updates 1 destination This is Shopify Editions #PoweredbyShopify shopify.com/editions
Lots of updates ranging from audience targeting, Shop cash rewards, Twitter integrations, Point of Service hardware (look out Square Block), and the list goes on.
But what stuck out to those in the NFT space was this:
Also, Shopify summarized their NFT NYC integrations in partnership with some big names in the space. Cool video:
theyâre a 10 but they donât think âjpegsâ are gonna change commerce
Why is Shopify going in on token-gated commerce? Hereâs my take:
Shopify has data. Lots. Of. Data. They have so much data I bet they know with confidence (not just vibes, but with data) practically everything about consumer. Whatâs hot, whatâs not, user level preferences, even who just got a promotion at work based on what theyâre buying. So, NFTs?
NFTs = Consumer activity = Online commerce = Something Shopify is looking at, closely. What are the consumers buying and selling? The jpegs, of course. But theyâre also purchasing physical merch, just like brands in any other industry.
Did Shopify just blindly jump in and partner with these NFT brands and their activations? Nope. They actually had a pilot a few months earlier at SXSW đ
Watch this, another cool video:
I imagine with all the purchase data they had, they were actually able to rank how successful this partnership was. I donât know what metrics are the most important for this type of test (GMV per visitor, total GMV, GMV per hour?) but I imagine the numbers were encouraging. On top of that, the Doodles activation seemed to be a great experience for holder and non-holders alike. Numbers aside, Iâm sure the Shopify team was impressed at that as well.
At the end of the day, Shopify is a business and $ matters. Shopify is placing a strategic bet to create tools for every NFT project to apply token-gated commerce easily.
Increasing the business moat
Going back to the fact that Shopify is a business. Token-gated commerce, or token-gated anything is still in its infancy. However, I wouldnât be surprised if the resident âTPanâ (or whoever the NFT degen is over there) on their team came to the same conclusions as I did when they saw BAYCâs spring merch drop.
Thatâs a lot of transactional volume no matter how you cut it. Folks, this is for caps, t-shirts, and sweaters.
If Shopify wants to get a lionâs share of this market, theyâre going to jump on it quick. If they donât, a competitor will jump in or the projects will build it. I recall BAYC partnering with Coinbase Commerce for their token-gated drop.
Itâs not just about merch
Merch might be the easiest reason for NFTs to have a Shopify integration, but it isnât only one. Shopify wants to be the payment partner of choice. Crypto, fiat, it doesât matter.
Shoutout Chris, you know who you are đ
Security and better UI are a couple of pain points in Web3. Shopify helps ease that pain from a commerce angle.
Iâm looking forward to seeing how Shopify continues to evolve its Web3 products online and in-person. Kudos to them for skating to where the puck is going. đ
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On Monday, RTFKT (if you donât know about RTFKT check out my dive on them) had a huge announcement.
Cool video TPan, what gives?
These are full body 3D files. This is not a small task. There are 20,000 Clone Xâs out there.
I donât know anything about 3D rendering or animation, but 15 minutes to download these files probably means these are high-fidelity. Also some of the file formats are compatible for Unity and Unreal Engine. If you are a gamer you know what that meansâŠđ€Ż
Fun fact: Unreal Engine is a product from Epic Games, creator of Fortnite
Full commercial rights. This sorta sounds like Bored Ape Yacht Clubâs commercial rights, right? Yup, and we know how that propelled them to a different dimension.
The RTFKT team is serious about this. Theyâve created a whole section in the Discord server dedicated to this announcement. This effort is being set up for success with the proper social and community support.
The community responded with enthusiasm and displayed their skills. And I guess Iâm displaying mine by writing about it đ.
Some of this stuff is mind-boggling. Keep in mind they just released the files on MONDAY. Today is THURSDAY. WTF?!
VegaGenesis.eth @VegaGenesisTM
The power of creation is in your hands now... What will you do with it? đđ§ŹâĄïž
We found a #CloneX stranded in the park near the Jadu Testing Facility. Had to teach him some tricks on a Hoverboard. Wait till he tells all his 20k @RTFKT friends about Jadu Jetpacks & Hoverboards... OpenSea: opensea.io/collection/jadu #clonesunlocked #RTFKTcreators
The legal terms: âFull commercial rightsâ is impressive, but there are some limitations. Iâm not a lawyer (aka this isnât legal advice), but @justfred_ar pointed out something interesting in the terms on a Twitter Spaces a couple days ago.
Less than 1,500 employees and less than $40 million in annual revenue. Interesting, why is that? đ€ No idea how they came to those numbers, but it definitely prevents these folks from being part of the picture:
Also this:
Whatâs a âcompetitorâ?
Interesting, so it seems that RTFKT is granting a broad commercial license, with some restrictions. As they should.
Thanks for the RTFKT legal terms crash course, WHAT GIVES?
Remember RTFKT was acquired by Nike in December. I still get the goosies every time I watch this video, so simple and so powerful.
Welcome to the family @RTFKTstudios Learn more: news.nike.com/news/nike-acquâŠ
I know nothing about whatâs happening behind closed doors over at Nike HQ, but imagine the conversation went something like this đ:
RTFKT: Hey, weâre going to give full commercial rights to our Clone X holders
Nike Legal: What?! Thatâs impossible! Thatâs crazy! NO NO NO NO.
RTFKT: Why not? This doesnât impact Nike IP. Look at what happened with the Bored Apes. We have community of builders and entrepreneurial folks similar to theirs. This would add value to the overall brand.
Nike Legal: HmmâŠThis is just a RTFKT thing? Doesnât affect Nike? They wonât mess with the Swoosh?
RTFKT: Yup, we can create terms that protect the Nike and RTFKT brands respectively. Weâre giving them broad commercial rights, but weâll still create guardrails in the terms.
Nike Legal: This is interestingâŠwe can get behind this.
Can you imagine all the legal teams shaking in their boots when their marketing, product, or strategy counterparts propose NFT products with commercial rights?
Nike just solved that problem. Theyâve created a precedent that could actually make this all work for Web2.
Imagine Disney, licking their chops at NFTs but still on the sidelines due to legal (love/hate relationship with legal haha). Their existing IP is just too valuable to mess with and who knows what their global audience thinks about NFTs.
But what ifâŠ
Who knows, maybe Iâm wrong and Disney will never get into Web3 đ
But it makes you wonderâŠ
See you tomorrow :)
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