The cloud software giant expects the new platform to be available widely by October, with a pilot program. Salesforce, the cloud software giant, is entering the NFT market. The leading customer relationship management software company today announced NFT Cloud as a platform that allows brands and businesses to mint and sell NFT assets.
NFT Cloud is described as an easy-to use stepping stone to the worlds NFTs and the budding Metaverse. It allows brands to tap Salesforce’s cloud-based resources to create and sell NFTs online, engage communities online, and pull data from their offerings.
An NFT, a blockchain token, is used to prove ownership of a physical or digital item. The most popular uses for NFTs are digital artwork, profile photos, sports collectibles and video games. They can be used to build brand loyalty and access private web communities as well as real-world events.
Salesforce’s senior vice-president of emerging technology Adam Caplan told that the brands will likely use NFTs to achieve engagement and access, rather than sell collectibles with no functional utility.
Salesforce NFT Cloud is currently only available to a limited number of customers. However, it will be made widely available in October. Although the website does not indicate which blockchain platform(s), it will support all blockchains that use an energy-intensive proof of work consensus model. (Hundreds of employees initially opposed the idea citing environmental concerns.
Ethereum is the most popular platform for NFT collectibles. Ethereum is currently in the transition to an more efficient proof of-stake model . However, there is no firm timetable.
Platforms such as Polygon or Immutable can scale Ethereum’s environmental impact. However, it is unclear if Salesforce plans to tap any NFT platform that eventually interacts with Ethereum.
According to DappRadar data, the NFT market exploded over 2021. It eventually generated $25 Billion worth of trading volume. TRADING has been volatile in 2022 so far, with trading activity declining in recent weeks due to a larger crypto market crash. NFT trading is still on track to surpass last year’s total, with almost $16 billion organic sales volume through April.
