NFTs: Salesforce Is Reportedly Working on a Non Fungible Token Cloud Solution

Salesforce told its workers at a sales kickoff this Wednesday that the firm intends to launch an NFT (non-fungible token) Cloud. This, according to sources familiar with the matter (and cited by CNBC).

As covered, NFTs are provably unique digital assets (and collectibles) that are stored using blockchain or distributed ledger technology (DLT). They’ve really become quite popular in the fast-evolving world of art and virtual collectibles, and Salesforce believes there could be a great opportunity to bring the transformative tech into enterprise-grade software platforms.

Salesforce co-CEOs Marc Benioff and Bret Taylor recently commented on this particular strategy at the online event (according to sources). The individual has asked not to be identified since the event had been private. Execs at the meeting had referenced NFT-related work that Pepsi had been involved in, sources revealed (as noted by CNBC).

Salesforce, which offers Cloud-enabled software for sales reps, marketing units and digital commerce vendors, aims to provide a service for creative artists to produce content and introduce it on a digital marketplace such as OpenSea, sources claim.

Recently, OpenSea revealed that it secured $300 million at a $13.3 billion valuation. The announcement came after a considerable rise in NFT trading, which have now exceeded $23 billion  (as of last year). This, according to DappRadar, a store specifically focused on  decentralized apps (dApps).

Salesforce may be integrating the tool into its vast ecosystem, where digital transactions may be monitored, the sources claimed. A Salesforce-managed marketplace might lead to OpenSea not being required to engage with the nascent NFT trading ecosystem.

While NFTs have become increasingly popular, there are many issues related to how they will be regulated. There have also been many reports of scams being carried out by malicious actors offering bogus NFT deals. Consumers have already lost a substantial amount of money to fraudulent schemes involving NFTs.

Although many experts agree that digital assets including NFTs will be a part of the future economy, it’s not quite clear how these new types of assets will be regulated and how consumers will be protected from bad actors.

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