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Salesforce to join NFT bandwagon with cloud NFTs

Salesforce to join NFT bandwagon with cloud NFTs
Photo Credit: Reuters
11 Feb, 2022
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Salesforce reportedly wants to cash in on the ongoing boom in the non-fungible tokens (NFT) space.  Top company executives told employees in a sales kickoff that it plans to release an NFT Cloud, reported CNBC. 

Salesforce is one of the top SaaS companies that provides cloud-based software solutions for sales and marketing teams. It also offers a low code blockchain solution for customers that want to create and offer blockchain networks and apps. 

Though it is still not clear what Salesforce means by cloud NFTs, it can be some sort of cross platform ecosystem that is based on cloud and aggregates NFTs from multiple marketplaces on Blockchain such as Open Sea. 

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Interest in NFTs has soared in the past year. A December 2021 report by DappRadar shows that 2021 was a turning point for NFT space with over $23 billion in trade volumes. Also, the number of daily unique active wallets connected to decentralised apps (dapps) increased seven times, reaching an all-time high of 2.7 million. 

Mathew Sweezey, Director, Market Strategy, Salesforce had said in a blog post, published December 2021, "the novelty of art is only the starting value of what an NFT can be. To unlock their full potential, brands are going to have to start creating utility via the token."

In 2022, you’re going to hear a lot more about NFTs, he added. 

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Salesforce CEO Marc Benioff, who also owns the Time magazine, had released a collection of NFTs from the magazine's various issues in September 2021. 

Several major tech companies have shown interest in NFTs. For instance, Twitter is allowing users to post a NFT they own as their profile picture by connecting their Twitter account to their crypto wallet. NFTs will also feature extensively in Facebook’s metaverse, as indicated by CEO Mark Zuckerberg at the Facebook Connect event in October 2021. In December 2021, Microsoft led a $27 million funding round in NFT studio Palm, which provides services to artists and rights holders looking to establish NFT marketplaces. 

NFTs are digital tokens with unique identification codes that can be linked to any digital file including artwork, images and videos to establish proof of ownership. They can be minted, purchased and transferred on Blockchain platforms and NFT marketplaces. 

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