BanklessDAO
BanklessDAO
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Developers Guild
Developers Guild
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🏗️
Dev Guild Projects
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Bankless Checkout (Shopify integration)
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Knowledge Base

Knowledge Base

 
 
Crypto payment integrations on shopify
ㅤCurrencies/tokensCaveatsBusiness Modeladditionalrewards for customersmarket
Strikereceive BTC payments as US dollaronly US-based merchantsㅤㅤㅤㅤ
crypto.com20 tokens (BTC, ETH, CRO, SHIB, DOGE and APE, etc)ㅤwaive of 0.5% settlement fee. zero transaction fees for one month after integration (june 30 2022 cut off)off-chain servicecrypto-cashback Pay Rewards when they checkout with Cronos token (CRO)crypto.com has more than 50 million customers around the world
CoinbaseCommerceㅤㅤㅤinvoicing capability: https://commerce.coinbase.com/docs/api/#invoicesㅤㅤ
BitPayㅤㅤㅤㅤㅤㅤ
Woocommerceㅤnot shopify, but interesting ㅤㅤㅤㅤ
 
crypto.com
notion image
 
GTM in DAOs
https://future.com/go-to-market-in-web3/#:~:text=For social%2C culture%2C and art,believe in that same purpose.
  • “Rather than spending funds on traditional marketing to entice and acquire potential customers, core developer teams can use tokens  to bring in early users, who can then be rewarded for their early contributions when network effects weren’t yet obvious or started.” >> what does this mean for products rather than DAOs
  • “For social, culture, and art DAOs, go-to-market means building a community with a specific purpose — sometimes even starting as a text chat between friends — and growing it organically by finding other people who believe in that same purpose.” >> this is more applicable to USM, but how does this translate to DAO-tooling”
  • “Product-led  user acquisition is focused on getting users to try the product itself. For example, one of Alchemy’s products is Supernode, an Ethereum API targeted at any organization that is building on Ethereum but that doesn’t want to manage its own infrastructure. In this case, customers would try Supernode via a free tier or freemium model, and those customers would recommend the product to other potential customers.”
  • “https://mobile.twitter.com/otterspace_xyz/status/1531996834306064389”
    • Before we dive in, why is DAO GTM actually hard?
    • We rely on inaccurate heuristics
    • DAOs are in a constant state of flux
    • DAOs are sense-making organisms that coordinate as a network of people
    • Nobody, including DAOs, fully knows what they need
    • DAOs are early
      •  
      “Forego inaccurate heuristics by segmenting effectively. Ask yourself what types of DAOs are likely to feel the problem and why. Some properties we found helpful in segmentation are lifecycle stage, treasury size, contributor size, On-chain maximalists, DAO purpose/mission.”
Competitors
competitors on token gating and rewards
https://help.shopify.com/en/manual/products/digital-service-product/nfts
https://help.shopify.com/en/manual/products/digital-service-product/nfts/blockchain-app-partners
Crypto payments
“Crypto.com Pay lets Shopify capitalize on the emerging crypto payments space—and we expect the value of global crypto transactions will grow 70.5%  year over year in 2022, per our forecasts.”
notion image
 
“A report we launched in January 2022, ‘Going inside the crypto community’,  found that 33% of crypto owners already say crypto is the future of payments, and 21% claim that in the future they want to make all their payments using crypto.”
 
“We have seen the emergence of a new group of consumers who are “crypto rich and fiat poor” – people with large balances of cryptocurrency with few ways to convert to fiat without paying high fees. That fee hurdle and consumer reluctance to spend crypto is changing though, and a large part of cryptocurrency development in the near future will be devoted to future-proofing blockchains to meet consumer demand.” >> so the target is cryptonative, crypto-rich customers who have no desire to convert to fiat or who are fiat-poor
 
“According to Paysafe’s independent research released in December 2021, nearly half (48%) of businesses say they are committed to accepting crypto payments in their online checkout as quickly as possible, and 53% say they either already accept crypto payments or plan to offer crypto payment options in their online checkout in the next year. Luxury fashion label Off White, for example, began accepting cryptocurrency payments in April 2022, across its flagship stores in Paris, Milan and London.”
 
However, a payment provider should be as flexible as possible, allowing customers to pay with several currencies, while at the same time, ensuring that this is a viable option for merchants. In decentralized communities, or businesses in web3, there is already an idea of having a diversified treasury (which should hold stables to weather bear markets and be able to maintain some level of liquidity during these times).
 
“any integration needs to be led by solving customer pain points rather than simply trying to find use cases for new technology. This has been an issue with crypto and blockchain use cases in the past, but now we are starting to see the technology genuinely being used to solve the issues of today’s consumers.”
 
Importantly, any integration should offer solutions to customer problems, which at the moment include (1) high volatility, (2) expensive and slow transactions. The latter, could be solved with L2 solutions.
 
“For a business, accepting quality stablecoins as a first step into cryptocurrencies would present the lowest risk while still offering an additional way for customers to pay; opening the business up to a new consumer segment and positioning the business as being innovative.”
Terra and the recent events not withstanding, stables are a very important part of the conversation that would be preferable to customers who hold these coins and do not want to be exposed to the high volatility of holding other currencies. These are a specific type of customer.
 
“There is still the need to simplify the crypto payment processes to offer a seamless experience for consumers, but work on addressing these challenges is well advanced. The latest generations of digital wallets, which support both fiat and crypto currencies offer familiar interfaces for anyone who has used digital banking. The outlook for what can be achieved is an exciting one.”
 
It could also be useful to offer integration with multiple wallets, so as to make it as easy as possible for customers. Metamask is the most popular non-custodial wallet, and the leading wallet for DeFi, web3 DAPPs and the NFTs.
MetaMask Surpasses 10 Million MAUs, Making It The World's Leading Non-Custodial Crypto Wallet .
What are other wallets that could be added?
 
“What are customers really looking for when making a digital currency payment? What pain points can be fixed?”
 
 
“almost one in ten consumers had started to adopt crypto as a payment method since the outbreak of COVID-19.”
 
notion image
 
https://www.paysafe.com/fileadmin/user_upload/Lost_in_Transaction_Consumer_Payment_trends_2021.pdf
 
“40% of the 18–35 year-olds say they would like to pay for goods and services with crypto during the course of 2022.”
“Our survey sample includes a small but significant community of people who make money from the online gaming, creator and gig economies. We found a larger community of participants, fans and aspiring professionals who are also very active within these economies. The data shows clearly that these communities are early adopters of crypto and have an appetite for being paid, and spending money, in cryptocurrencies.”
 
USDC, and USDT >> most preferred consumer cryptos
 
https://www.checkout.com/campaigns/demystifying-crypto?utm_campaign=gl_crypto_report&utm_medium=content&utm_source=blog
Paying w/ Governance Tokens
 
The main utility of governance tokens is, well, governance. In most decentralized communities, member vote is weighted by the number of tokens owned. With this in mind, how viable is it, or how desirable is it, for customers to pay with governance tokens, thereby diluting the weight of their votes in their respective communities.
 
 
Polygon: growth
 
“Cryptocurrencies must become quick to confirm payment, cheap to transfer and reliable. When compared to mainstream consumer payment methods some cryptocurrencies demonstrate multiple issues which could create a headache at the checkout. The most popular cryptocurrencies (e.g. Bitcoin, Ethereum) can bring price volatility, high transaction fees and long transaction confirmation times – often around ten minutes - all factors which limit acceptability for businesses and consumers.”
 
 
 
 
 
Token Gating
https://www.shopify.ca/retail/token-gating
 
  • “Bring tokengated commerce to your store: Shopify helps you build communities around your brand with token-gated experiences. Give NFT holders exclusive access to in-person events, store activations, products, and collections. Bring your brand to the blockchain today.”
  • “Looking for inspiration? Popular NFT collection Doodles partnered with Shopify at SXSW 2022 to create an immersive experience  for festival goers and Doodle NFT holders. During this collaboration, Shopify “brought URL and IRL together in a first-of-its kind tokengated NFT retail drop with @doodles,” according to a tweet . Doodle holders had exclusive access to apparel and limited-edition merchandise and were able to transact seamlessly using Shopify POS.”
  • “NFTs are taking the world by storm. Is tokengating the future of retail? Only time will tell. With tokengating, retailers can reward fans with exclusive access to products, events, communities, and more. Tokengating’s security features, profitability and built-in marketing power make it useful to businesses of all kinds.”
 
Liquidity in bear markets: how does that affect crypto-payments besides the obvious
 
 
 
Checkout experiences <> online business
 
“Overall, 44% of consumers choose which online businesses they buy from based on the overall checkout experience, and more than half (53%) of all consumers agree that a poor checkout experience will result in them not purchasing from an online business again. This includes the breadth of available payment methods, as 56% of consumers only shop with online stores that accept their preferred payment method.”
 
Metamask, metamask mobile
 
notion image
 
 
Create2Earn?
Increasingly, these people use MetaMask to earn a supplemental income or to make long-term investments. Many are unable to access their local banking system and thus need alternative technology to act as a savings account. For example, the average percentage of people who don’t have access to a bank account in South America by country is 54% .
BanklessDAO
BanklessDAO
/
Developers Guild
Developers Guild
/
🏗️
Dev Guild Projects
/
Bankless Checkout (Shopify integration)
/
Knowledge Base

Knowledge Base

 
 
Crypto payment integrations on shopify
ㅤCurrencies/tokensCaveatsBusiness Modeladditionalrewards for customersmarket
Strikereceive BTC payments as US dollaronly US-based merchantsㅤㅤㅤㅤ
crypto.com20 tokens (BTC, ETH, CRO, SHIB, DOGE and APE, etc)ㅤwaive of 0.5% settlement fee. zero transaction fees for one month after integration (june 30 2022 cut off)off-chain servicecrypto-cashback Pay Rewards when they checkout with Cronos token (CRO)crypto.com has more than 50 million customers around the world
CoinbaseCommerceㅤㅤㅤinvoicing capability: https://commerce.coinbase.com/docs/api/#invoicesㅤㅤ
BitPayㅤㅤㅤㅤㅤㅤ
Woocommerceㅤnot shopify, but interesting ㅤㅤㅤㅤ
 
crypto.com
notion image
 
GTM in DAOs
https://future.com/go-to-market-in-web3/#:~:text=For social%2C culture%2C and art,believe in that same purpose.
  • “Rather than spending funds on traditional marketing to entice and acquire potential customers, core developer teams can use tokens  to bring in early users, who can then be rewarded for their early contributions when network effects weren’t yet obvious or started.” >> what does this mean for products rather than DAOs
  • “For social, culture, and art DAOs, go-to-market means building a community with a specific purpose — sometimes even starting as a text chat between friends — and growing it organically by finding other people who believe in that same purpose.” >> this is more applicable to USM, but how does this translate to DAO-tooling”
  • “Product-led  user acquisition is focused on getting users to try the product itself. For example, one of Alchemy’s products is Supernode, an Ethereum API targeted at any organization that is building on Ethereum but that doesn’t want to manage its own infrastructure. In this case, customers would try Supernode via a free tier or freemium model, and those customers would recommend the product to other potential customers.”
  • “https://mobile.twitter.com/otterspace_xyz/status/1531996834306064389”
    • Before we dive in, why is DAO GTM actually hard?
    • We rely on inaccurate heuristics
    • DAOs are in a constant state of flux
    • DAOs are sense-making organisms that coordinate as a network of people
    • Nobody, including DAOs, fully knows what they need
    • DAOs are early
      •  
      “Forego inaccurate heuristics by segmenting effectively. Ask yourself what types of DAOs are likely to feel the problem and why. Some properties we found helpful in segmentation are lifecycle stage, treasury size, contributor size, On-chain maximalists, DAO purpose/mission.”
Competitors
competitors on token gating and rewards
https://help.shopify.com/en/manual/products/digital-service-product/nfts
https://help.shopify.com/en/manual/products/digital-service-product/nfts/blockchain-app-partners
Crypto payments
“Crypto.com Pay lets Shopify capitalize on the emerging crypto payments space—and we expect the value of global crypto transactions will grow 70.5%  year over year in 2022, per our forecasts.”
notion image
 
“A report we launched in January 2022, ‘Going inside the crypto community’,  found that 33% of crypto owners already say crypto is the future of payments, and 21% claim that in the future they want to make all their payments using crypto.”
 
“We have seen the emergence of a new group of consumers who are “crypto rich and fiat poor” – people with large balances of cryptocurrency with few ways to convert to fiat without paying high fees. That fee hurdle and consumer reluctance to spend crypto is changing though, and a large part of cryptocurrency development in the near future will be devoted to future-proofing blockchains to meet consumer demand.” >> so the target is cryptonative, crypto-rich customers who have no desire to convert to fiat or who are fiat-poor
 
“According to Paysafe’s independent research released in December 2021, nearly half (48%) of businesses say they are committed to accepting crypto payments in their online checkout as quickly as possible, and 53% say they either already accept crypto payments or plan to offer crypto payment options in their online checkout in the next year. Luxury fashion label Off White, for example, began accepting cryptocurrency payments in April 2022, across its flagship stores in Paris, Milan and London.”
 
However, a payment provider should be as flexible as possible, allowing customers to pay with several currencies, while at the same time, ensuring that this is a viable option for merchants. In decentralized communities, or businesses in web3, there is already an idea of having a diversified treasury (which should hold stables to weather bear markets and be able to maintain some level of liquidity during these times).
 
“any integration needs to be led by solving customer pain points rather than simply trying to find use cases for new technology. This has been an issue with crypto and blockchain use cases in the past, but now we are starting to see the technology genuinely being used to solve the issues of today’s consumers.”
 
Importantly, any integration should offer solutions to customer problems, which at the moment include (1) high volatility, (2) expensive and slow transactions. The latter, could be solved with L2 solutions.
 
“For a business, accepting quality stablecoins as a first step into cryptocurrencies would present the lowest risk while still offering an additional way for customers to pay; opening the business up to a new consumer segment and positioning the business as being innovative.”
Terra and the recent events not withstanding, stables are a very important part of the conversation that would be preferable to customers who hold these coins and do not want to be exposed to the high volatility of holding other currencies. These are a specific type of customer.
 
“There is still the need to simplify the crypto payment processes to offer a seamless experience for consumers, but work on addressing these challenges is well advanced. The latest generations of digital wallets, which support both fiat and crypto currencies offer familiar interfaces for anyone who has used digital banking. The outlook for what can be achieved is an exciting one.”
 
It could also be useful to offer integration with multiple wallets, so as to make it as easy as possible for customers. Metamask is the most popular non-custodial wallet, and the leading wallet for DeFi, web3 DAPPs and the NFTs.
MetaMask Surpasses 10 Million MAUs, Making It The World's Leading Non-Custodial Crypto Wallet .
What are other wallets that could be added?
 
“What are customers really looking for when making a digital currency payment? What pain points can be fixed?”
 
 
“almost one in ten consumers had started to adopt crypto as a payment method since the outbreak of COVID-19.”
 
notion image
 
https://www.paysafe.com/fileadmin/user_upload/Lost_in_Transaction_Consumer_Payment_trends_2021.pdf
 
“40% of the 18–35 year-olds say they would like to pay for goods and services with crypto during the course of 2022.”
“Our survey sample includes a small but significant community of people who make money from the online gaming, creator and gig economies. We found a larger community of participants, fans and aspiring professionals who are also very active within these economies. The data shows clearly that these communities are early adopters of crypto and have an appetite for being paid, and spending money, in cryptocurrencies.”
 
USDC, and USDT >> most preferred consumer cryptos
 
https://www.checkout.com/campaigns/demystifying-crypto?utm_campaign=gl_crypto_report&utm_medium=content&utm_source=blog
Paying w/ Governance Tokens
 
The main utility of governance tokens is, well, governance. In most decentralized communities, member vote is weighted by the number of tokens owned. With this in mind, how viable is it, or how desirable is it, for customers to pay with governance tokens, thereby diluting the weight of their votes in their respective communities.
 
 
Polygon: growth
 
“Cryptocurrencies must become quick to confirm payment, cheap to transfer and reliable. When compared to mainstream consumer payment methods some cryptocurrencies demonstrate multiple issues which could create a headache at the checkout. The most popular cryptocurrencies (e.g. Bitcoin, Ethereum) can bring price volatility, high transaction fees and long transaction confirmation times – often around ten minutes - all factors which limit acceptability for businesses and consumers.”
 
 
 
 
 
Token Gating
https://www.shopify.ca/retail/token-gating
 
  • “Bring tokengated commerce to your store: Shopify helps you build communities around your brand with token-gated experiences. Give NFT holders exclusive access to in-person events, store activations, products, and collections. Bring your brand to the blockchain today.”
  • “Looking for inspiration? Popular NFT collection Doodles partnered with Shopify at SXSW 2022 to create an immersive experience  for festival goers and Doodle NFT holders. During this collaboration, Shopify “brought URL and IRL together in a first-of-its kind tokengated NFT retail drop with @doodles,” according to a tweet . Doodle holders had exclusive access to apparel and limited-edition merchandise and were able to transact seamlessly using Shopify POS.”
  • “NFTs are taking the world by storm. Is tokengating the future of retail? Only time will tell. With tokengating, retailers can reward fans with exclusive access to products, events, communities, and more. Tokengating’s security features, profitability and built-in marketing power make it useful to businesses of all kinds.”
 
Liquidity in bear markets: how does that affect crypto-payments besides the obvious
 
 
 
Checkout experiences <> online business
 
“Overall, 44% of consumers choose which online businesses they buy from based on the overall checkout experience, and more than half (53%) of all consumers agree that a poor checkout experience will result in them not purchasing from an online business again. This includes the breadth of available payment methods, as 56% of consumers only shop with online stores that accept their preferred payment method.”
 
Metamask, metamask mobile
 
notion image
 
 
Create2Earn?
Increasingly, these people use MetaMask to earn a supplemental income or to make long-term investments. Many are unable to access their local banking system and thus need alternative technology to act as a savings account. For example, the average percentage of people who don’t have access to a bank account in South America by country is 54% .