Salesforce to Work on NFT Cloud Service

Salesforce to Work on NFT Cloud Service

During a sales kick off, Salesforce told employees that the company is working on NFT Cloud. NFT stands for non-fungible tokens. They are unique digitals assets that stored using blockchain technology. For example, Bitcoin is not a NFT, since it is not unique and it can be replaced with another Bitcoin. However, a drawing is unique, therefore it is right to say that a drawing is a non-fungible token. NFTs can be anything digital (for instance drawings, music), but the biggest excitement is using the technology to sell digital art. For example, Beeple sold a video to someone for $6.6 million.

The main idea of non-fungible tokens is that they give you the ownership of the work. It means that anyone can buy a Monet print. However, only one person can own the original.

Read this post to learn more about NFT and Ethereum blockchain.

Salesforce sees an opportunity to bring the technology into enterprise software.

Plans To Offer a New Service

Salesforce wants to offer a new service for artists to create content and release it on a marketplace like OpenSea. Salesforce can potentially integrate the tool into its own platform, which would let you manage the transactions. This would eliminate the need for a marketplace like OpenSea.

Salesforce's interest for NFT shouldn't be a surprise though. Time magazine, which is owned by Benioff and his wife, introduced TIMEPieces. TIMEPieces is a Web3 NFT community initiative inclusive of collections.

In a blog post on 2022 predictions, Mathew Sweezey, director of market strategy at Salesforce, published his predictions about NFT. He said that evolving brands will search for utility via NFTs. He also mentioned that we are going to hear a lot more about NFTs, and there will be winners and losers.

Read this post on CNBC for more details.

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