Shopify announces a strategic investment in music- and creative-focused commerce app Single.
The most trusted music and video app for Shopify merchants, Single, recently announced a strategic investment from Shopify to further its development. The news accompanies Single’s launch of additional NFT-based functionality in the form of tokengated commerce and features for Shopify merchants. In addition to its music and video features, Single is a pioneer for NFTs utilizing Solana blockchain technology.
“More than 50 million individuals worldwide are creators online, and more than two million of those people are using their creativity to make a full time living,” says Single founder and CEO Tommy Stalknecht. “But there’s still a massively fragmented ecosystem when you look at the tools available for creatives, artists, and musicians to reach fans with their art and make a living at the same time.”
With tokengated content and commerce on Shopify through the Single app, creators can upload any file to the platform and mint it as an NFT on the Solana blockchain. The NFT can then be pushed directly to the artist’s Shopify storefront for purchase like any other merch. The NFT can be used as a digital key to grant its holder access to exclusive content.
“Web 3.0 is having a huge impact on the broader creator ecosystem, especially in the music space, but the feedback I hear most often is that NFTs don’t inherently have value on their own,” Stalknecht continues. “Put simply, we’re letting artists create NFTs that actually do things, that unlock specific tangible value.”
“Shopify sees NFTs as tools for community building and engagement,” explains Chevy Walcott, Corporate Development Manager at Shopify. “The launch of Single’snew artist- and creator-focused features in their Shopify App helps more merchants unlock new and engaging commerce experiences.”
“We’re giving creatives, artists, and musicians a way to own the relationship with their fans, and fans a way to support artists directly and continue gaining more value over time,” Stalknecht concludes. Single has secured a handful of initial creator partners in its debut of tokengating, with further campaigns launching throughout the remainder of the year.