The cloud services titan Salesforce is joining the NFT sector. NFT Cloud, a platform that enables brands and businesses to mint and sell NFT assets, was unveiled today by the industry’s leading customer relationship management software.
NFT Cloud is touted as a straightforward entry point into the worlds of non-fungible tokens (NFTs) and the emerging metaverse, enabling companies to use Salesforce’s cloud-based capabilities to manufacture and sell NFTs, engage online communities, and gather data from their offerings.
A non-fungible token is a blockchain-based token that serves as evidence of ownership for digital or physical goods. Digital artwork, profile pictures, sports memorabilia, and video game objects are all common uses for non-fungible tokens. However, they may be utilized for brand loyalty programs and gaining access to exclusive online communities and live events.
According to Adam Caplan, senior vice president of emerging technologies at Salesforce, brands are more likely to utilize NFTs for these latter goals — engagement and access — than for selling artifacts with no practical utility.
Salesforce NFT Cloud is currently a limited-access trial product, but in October, it will be made available to all clients. The initiative’s website does not specify which blockchain platform(s) will be used to mint NFTs, although none would be supported that utilize an energy-intensive proof-of-work consensus technique. (Initially, hundreds of employees opposed the proposal, citing environmental concerns.)
Ethereum, the most popular platform for NFT collectibles, is thus temporarily unavailable. There is no clear date for when Ethereum will transition to a more energy-efficient proof-of-stake model.
Scaling solutions such as Polygon and Immutable X lessen Ethereum’s environmental effect, but it is unknown if Salesforce intends to use any NFT platform that ultimately links to Ethereum’s mainnet.
DappRadar data indicates that the NFT market surged in 2021, with a total trading volume of $25 billion. Since the beginning of 2022, trading has fluctuated, with activity falling in recent weeks due to a general crypto market decline. Despite this, NFT trading is on course to beat last year’s total, with around $16 billion in organic sales volume during the first four weeks of April.
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