The cloud computing giant expects the new platform, which is currently in a pilot program, to be widely available by October.
Salesforce, the cloud software giant, is taking the leap into the NFT space. Today, the leader in customer relationship management software unveiled NFT Clouda platform to help brands and businesses monetize and sell NFT assets.
NFT Cloud is touted as an easy-to-use stepping stone into the world of NFTs and the nascent metaverse, enabling brands to use Salesforce’s cloud-based tools to create and sell NFTs, engage online communities, and extract data from their offers.
An NFT is a blockchain token that serves as proof of ownership for an item, whether digital or physical. The most common use cases for NFTs are digital artwork, profile pictures, collectible sporting goods, and video game items. However, they can also be used for brand loyalty initiatives and to access things like private web communities and real-world events.
Adam Caplan, senior vice president of emerging technologies at Salesforce, told Bloomberg that brands are likely to use NFTs for these latter purposes (engagement and access) rather than selling collectibles with no functional utility.
Salesforce NFT Cloud is currently a pilot program available to a limited number of customers, but is expected to go live in October. The initiative’s website does not specify which blockchain platform(s) will be used to mint NFTs, but it will not support blockchains that use a proof-of-work consensus model to high energy intensity. (The hundreds of employees who initially protested this idea invoked environmental concerns).
This means that Ethereum, the main platform for NFT collectibles, is currently unaffected. Ethereum is transitioning to a more energy-efficient proof-of-stake model, but there is no firm timeline for this model to be in place.
Platforms like Polygon and Immutable X offer scaling solutions that reduce Ethereum’s environmental impact, but it’s unclear if Salesforce intends to operate an NFT platform that ultimately interacts with the Ethereum mainnet.
The NFT market surged in the year 2021, to reach a trading volume of 25 billion dollars, according to data from DappRadar. Exchanges have been up and down so far in 2022, with activity dropping in recent weeks amid a general cryptocurrency market slump. Despite this, NFT exchanges are on course to break last year’s record, with nearly $16 billion in organic sales volume through April.
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Salesforce Unveiled NFT Cloud, a Platform to Help Brands and Businesses Monetize and Sell NFT Assets | metaverse, Salesforce | Cryptocurrency
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