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Salesforce launches NFT Cloud platform for enterprises

Salesforce launches NFT Cloud platform for enterprises
Photo Credit: 123RF.com
10 Jun, 2022
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Leading software-as-a-service (SaaS) company Salesforce has announced its official entry into the non-fungible token (NFT) ecosystem with the launch of its NFT Cloud marketplace for enterprise users. Salesforce said that the platform will allow users without coding knowledge to mint and sell NFTs in a trusted and sustainable manner. It can also be used by companies to create and offer connected experiences to customers.

Salesforce also assured that its https://www.salesforce.com/products/web3/nft/https://www.salesforce.com/products/web3/nft/NFT Cloud NFT does not support proof-of-work (PoW) blockchains, which makes them more environment-friendly, given the huge volumes of power consumption due to the higher hash rates in PoW blockchains.  

In February, Salesforce had told its employees in an internal event about its NFT Cloud plans. Salesforce said that the NFT Cloud is currently in pilot and will be generally available at a later date. Last September, Salesforce CEO Marc Benioff, who also owns Time magazine, released a collection of NFTs from the magazine’s various issues.

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Also read: Metaverse, gaming NFTs are most common type of collectibles owned: Survey

Salesforce also has a low code blockchain solution in its portfolio that allows customers to create and offer blockchain networks and apps.

In an interview with TechCrunch, Adam Caplan, SVP of emerging technology at Salesforce said that with the NFT Cloud the company wants to make creating NFTs more accessible for businesses and business heads. He added that CMOs and CDOs are increasingly asking for help to enter the Web3 ecosystem.

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NFTs are unique digital tokens that can be linked to any digital file to establish proof of ownership. They can be minted, purchased, and transferred on Blockchain platforms and NFT marketplaces such as Salesforce’s NFT Cloud. OpenSea remains the biggest marketplace for NFTs. Though individual artists and creators have made NFT popular, the interest in enterprise NFTs has also been growing. More companies are launching their NFT collection. Several companies in India such as MG Motors and MakeMyTrip have even launched NFTs that can be purchased with fiat currency to encourage even non-crypto owners to invest in them.

Globally large banks such as JP Morgan have opened their metaverse and introduced NFTs for their customers.

According to a December report by DappRadar, the trade volume of NFTs in 2021 was over $23 billion, while the number of daily unique active wallets connected to decentralised apps reached 2.7 million. 

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