Salesforce, which is known for its cloud-based commercial applications like customer relationship management (CRM), has made another step into the cryptocurrency sector with the introduction of a new NFT Cloud platform.
According to Salesforce, the platform would make it possible for anyone without any programming experience to mint and sell NFTs reliably and sustainably.
Businesses can also use it to design and provide customers with connected experiences, enabling them to safely integrate customer data to get a 360-degree perspective of a customer’s physical and digital worlds. Backed by a trusted platform, this service also enables audited smart contracts.
What is an NFT?
The non-fungible token, or NFT, belongs to a class of cryptographic tokens that exist on the blockchain and cannot be replicated, they have a unique identification code and metadata.
These NFTs represent digital tokens that symbolize digital data like pictures, videos, and music. These digital files might also represent traditionally physical items like sneakers, concert tickets, etc.
To symbolize something unique or limited, they are created and kept on the blockchain.
You might now be wondering about the differences between Web1, Web2, and Web3. In the simplest terms, Web1 made it possible for users to browse and read the content on websites like Yahoo.
With the start of Web2, users were given more control over the content they created and shared using blogs, Wikipedia, and social media sites like Twitter and YouTube. The community controls ownership in the decentralized Web3 environment.
Examples of NFTs
NFTs are speculative assets, similar to physical art; their value is determined by the market. NFTs enable us to own a variety of digital products even if they are frequently used for art.
NFTs can include any form of digital asset, and there are two “types” of NFTs that are currently successful.
These are – collections of NFTs that could be compared to baseball trading cards, as well as individual, one-of-a-kind works of art like the Mona Lisa.
The largest NFT marketplace, OpenSea, currently has over 4 million assets, including works of art, metaverse land, music, video game items, and more.
To help you understand NFTs better and how they are changing the way we think about digital assets, consider the example defined below.
The Bored Ape Yacht Club (BAYC), which was launched in April 2021 and now sells for at least $160,000 on OpenSea.io, doubles as a membership card for the yacht club, providing you access to an exclusive members club.
As a result of its membership, the club has now been associated with celebrity owners including Eminem, Steph Curry, Jimmy Fallon, and Paris Hilton.
What can NFTs do for your business?
These days products are sold online as well as offline. With a new generation of customers spending time in the physical, digital, and virtual worlds, brands must reach out to buyers where they are.
NFTs help brands to grow their revenue and establish channels for customer feedback by opening doors to new markets, experiences, revenue streams, and brand partnerships.
Salesforce’s NFT Cloud pilot allows brands to expand customer interactions to Web3 environments reliably and sustainably.
NFTs can be the next important thing for independent artists. You can sell directly to customers without using expensive art galleries or auction houses.
Additionally, they enable artists to be paid royalties each time an NFT audio file is played and each time the NFT is sold.
NFTs help you in completing your digital transition and can provide new sources of income.
For instance, NFTs have smart contracts that control how they are used and can be programmed to begin executing at a specific time. Through a smart contract, your company can use royalty to continuously earn money.
Salesforce NFT Cloud
Salesforce plans to make its NFT Cloud available in October of last year. Brands may expand customer interactions to Web3 environments reliably and sustainably all because of Salesforce’s NFT Cloud pilot.
A 360-degree picture of a customer’s physical and digital worlds will be possible, which also enables users to mint, manage, and sell NFTs directly on the Salesforce Customer 360 Platform.
Users will be able to build, manage, and sell NFTs, interact with online communities, and directly retrieve data using the Salesforce Customer 360 Platform.
A common problem in the cryptocurrency industry is security, which Salesforce has acknowledged as the main focus.
By using intelligent contract templates to ensure honest transactions and branded purchasing technology to prevent fraud, the business hopes to avoid the epidemic of hacking and fraud.
Salesforce also expects its new marketplace to address problems like insider trading and phishing assaults that invade other marketplaces like OpenSea. The environment in which NFTs are produced and sold will be safer and more secure.
Salesforce’s customers, who are typically businesses, can list their NFTs on their websites while Salesforce takes care of back-end security, creating smart contracts, and authentication.
What role do NFTs play for brands?
Let us talk about what some well-known brands are already using NFTs in this market. To understand this better, consider the examples below:
- The annual Coachella music festival in California has introduced an NFT marketplace where customers may bid on NFTs to obtain lifelong tickets, one-of-a-kind on-site experiences, along with physical and digital works of art.
- Brewer Stella Artois gave 50 NFT horses for a digital racetrack.
- Alfa Romeo, a car manufacturer, installed an NFT in its new SUV to collect vehicle data and show adequate maintenance over time.
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Salesforce incorporating Web3 with New NFT Cloud
Salesforce, known for its cloud-based software for business operations like customer relationship management (CRM), has adopted the innovative Web3 technology.
Both Web3 and NFTs are built on blockchain technology which is a significantly new, complex, and multipurpose technology.
Its most well-known application is the creation of digital currencies like bitcoins. In the business world, it has a lot more applications because it offers a decentralized, distributed ledger designed to record the origin of a digital asset. The brand-new NFT Cloud fills that gap.
There are several advantages that Web3 has to offer, including:
1) Ownership of data and information
By generating a public record of all their activities on the blockchain, end users can regain control over their data. The sharing of information is then done with authorization and on a case-by-case basis.
Blockchains offer a transparent platform where the rules are unbreakable and data is publicly recorded, eliminating intermediaries from the process.
3) Fewer hackers and data breaches
There will be a significant need for extra protection as more firms and industries move into space. Because data will be distributed and decentralized, this new technology can offer improved security.
With further laws and regulations development, there is a chance that large-scale hacks and data breaches will decrease.
This is because hackers would then need to disable the entire network of computers and record every transaction on the blockchain to access information.
4) Unrestricted Blockchains
Here anyone can create an address and interact with the network. Users will not be denied access because of their location, financial level, gender, sexual orientation, or a variety of other sociological and demographic characteristics.
Salesforce NFT – Key points
- Salesforce plans to fight security vulnerabilities through smart contracts and branded purchasing technology.
- Despite recently declining NFT revenues, Salesforce has introduced a closed pilot that allows users to mint and manage NFTs.
- The company is considering proof-of-stake blockchain technology over proof-of-work to manage energy concerns.
What are Minting and Selling NFTs?
Registering or creating a new NFT is referred to as “minting the NFT.” Numerous platforms can be used to produce NFTs. And these platforms are referred to as the NFT marketplace.
After the NFT is minted, you will also get the chance to show it to the visitors and sell it as well. The users can make a good profit by selling the right NFT on the right platform at the right moment.
We hope that you understand the fundamentals of NFTs and their underlying operating principles. The NFT cloud was officially introduced by Salesforce, and the test program will begin in June 2022.
The idea is for customers to drive a completely new breed of communities – a transition from being a customer to an audience, and now to a true community owing to the aspect of ownership.
As a result, there has been tremendous noise regarding what negatives it might have. The purpose of this pilot project is to enable the customers to create new cults of communities while keeping sustainability, security, and trust in mind.
The company made this decision to enable stronger customer engagement in the retail, CPG, and media industries. The Salesforce NFT Cloud is only currently accessible to a small number of customers and is under trial.
However, Salesforce has stated that last year, in October, it will be accessible to the public.
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FAQs (Frequently Asked Questions)
NFTs are digital tokens that reflect ownership of unique items and exist on a blockchain. An NFT is created, or “minted,” and becomes a digital asset that can represent tangible items (like a physical good or artwork) and intangible items (like song rights, digital media, community membership, and more). There can only be one owner of an NFT at a time.
The following guidelines have been provided by Salesforce for the development of goods in the Web3 market:
i) Sustainability: We commit to quantifying, broadcasting, minimizing, and neutralizing environmental impacts resulting in net-zero emissions while promoting greater sustainability across the sector.
ii) Trust and Security: To identify and stop the use of the product for fraud, coercion, or fear, we will integrate best-in-class brand and customer protection.
iii) Accountability: We will involve stakeholders in evaluation while empowering the end-user with answerable governance.
iv) Integrity and Transparency: We are committed to offering accurate information about the product and building trustworthy environments and marketplaces where customers’ safety is a top priority.
We are integrating security and trust into every layer of the NFT Cloud pilot following these guiding principles, including audited smart contract templates to safeguard buyers and sellers.
NFT Cloud is currently in pilot mode and will eventually become commonly accessible. This could happen in October of this year.