Taking the Plunge: Salesforce Releases NFT Cloud
5 min read | June 9th, 2022
What is NFT?
NFT is an acronym for Non-fungible Tokens. Appearing as early as 2014, NFTs are a digital asset that represents real-world objects like art, music, avatars, homes and more which can be bought, traded or sold via digital markets. The ownership of an NFT is recorded in blockchain, and functions similarly to other cryptographic tokens. However, unlike cryptocurrencies such as Bitcoin or Ethereum, NFTs are not mutually interchangeable. Though they’ve been around for nearly a decade, they’ve only recently garnered popularity in 2021 and its presence has since continued to grow astronomically. If you’re scratching your head in total confusion about why this matters and what this has to do with Salesforce – stay with us!
Bored Ape Yacht Club, which launched in April, 2021, has become a highly sought after NFT.
Salesforce’s Involvement & NFT Cloud
Back in February of 2022, there were rumors that Salesforce may build a platform to support this new age of technology and art. As of yesterday – that became a reality. Adam Caplan, Salesforce’s Senior VP of Emerging Technology announced during CNX ‘22 that the pilot phase will take place this month, June 2022. While much is still unknown about the specifics of NFT Cloud, here’s what we can tell you:
Enhanced Digital Experiences
Salesforce’s NFT Cloud aims to bridge the gap between digital and physical experiences with new ways to engage diverse communities with integrated data. Users will have the ability to mint and sell NFTs on a secure yet sustainable platform while accelerating company growth into new digital worlds with little to no code.
Drive Customer Loyalty
It is Salesforce’s hope that with the presence of NFT Cloud, it will enable companies to interact and support clients in more meaningful ways. By utilizing rare digital and physical goods, Salesforce aims to promote customer loyalty through exclusive deals and perks, early access to product drops and community memberships for the NFT owners (Salesforce NFT Cloud).
The Future of Tech
The deployment of Salesforce’s NFT Cloud indicates that they’re leaning into the next evolution of the internet and are reimagining what is possible with Web 3.0. It will likely serve to empower not only their employees to further push the envelope but also allow customers to take full ownership over their digital identity.
Why Does This Matter?
Much of the controversy surrounding Salesforce’s decision to stake a claim in the NFT gold rush involves NFT’s notoriety for their detrimental effects on the environment. However, Salesforce emphasizes their commitment to creating ethical and inclusive technology. Salesforce’s Office of Ethical and Humane Use of Technology diligently works with product and engineering teams to ensure all product development is done with accountability at its forefront. Furthermore, their NFT Cloud plans to “automatically calculate carbon emissions of blockchain options, and allow the user to offset the emissions through trusted, high-quality carbon credits” (Salesforce NFT Cloud). Beyond that, Salesforce is collaborating with organizations like the Crypto Climate Accord, to accelerate sustainability in Web3 and will only support transactions on energy-efficient blockchains. This is all incredibly important for Salesforce users because it indicates the future of Salesforce. Taking steps into NFT solidifies the company’s commitment to reinventing the way business is done while continuing to look for greener and; sustainable solutions.
With the release of Salesforce NFT Cloud, it places Salesforce in a critical position of tech leadership where they continue to redefine business and push the envelope of what is possible for businesses. While there is no known release date for NFT Cloud as of yet, there are rumors that it will become publicly available by October 2022. To stay up to date on all things Salesforce, check out AGG’s blog.
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