NFT Cloud: Salesforce Enters The Web3
After approaching the topic of non-fungible tokens (NFTs), Salesforce has received some feedback from employees regarding environmental considerations. In response, the company is launching a closed pilot program for a service called NFT Cloud. NFTs are a type of digital asset that can represent ownership of a unique item or concept, such as a piece of art or a collectable.
NFT Cloud allows users to create and manage NFTs for brand engagement and marketing purposes, an official video was released by Salesforce to explain key NFT concepts. NFT Cloud aims to make it easy for users to leverage the power of NFTs in their marketing strategies, while also addressing concerns over the environmental impact of blockchain technology. The closed pilot program will allow a limited number of users to test the service and provide feedback before it is made available to a wider audience.
1 - What will the NFT Cloud offer?
The challenge for Salesforce is to provide its customers and brands with tools to create NFTs and manage these digital assets. However, an additional channel also means dispersing customer data. So the vendor promises to help organisations reconcile Web2 and Web3 data on a single platform. And the use cases for these brands are countless. Kheira Boulhila (Salesforce Vice President - Solution Engineering EMEA) cites loyalty and reward programs in particular: "Any user in possession of the NFT will have access, for example, to specific products, or dedicated events (...) The new loyalty card will be an NFT. It will provide exclusivity to consumers."
The platform will offer a range of tools and resources for users to create their own NFTs, including a user-friendly interface for designing and customizing NFTs. Additionally, it can alsointegrate with other Salesforce products, such as Lightning, to provide a seamless user experience. Once users have created their NFTs, they can list them for sale on the SalesforceNFT Cloud marketplace. The marketplace offers a wide range of different NFTs to choose from and allows users to connect with other buyers and sellers to negotiate deals.
2 - How can we explain NFT and Blockchain to novices?
Gartner explains that a Non-Fungible Token (NFT) is a unique programmable blockchain-based digital item that publicly proves ownership of digital assets, such as digital art or music, or physical assets that are tokenized, such as houses, cars or documents, artwork, or in-game items. They are unique because each NFT has a unique digital signature that is verified on the blockchain, making it impossible to forge or duplicate. This ensures that the ownership and authenticity of an NFT can be verified with certainty.
Blockchains are decentralised, meaning that they are not controlled by any single person or organization. Instead, they are maintained by a network of computers that work together to verify transactions and ensure the integrity of the blockchain. This makes blockchains highly secure and resistant to tampering or fraud. Overall, NFTs and blockchain technology offer a new way for users to create, manage, and trade unique digital assets. They are particularly useful for businesses and organizations that want to leverage the power of blockchain technology for their digital assets.
If you wish to get a complete understanding of Blockchain technology, McKinsey published an up-to-date article about it: What is blockchain?
3 - Why NFT is important for Salesforce?
Salesforce NFT Cloud is important for Salesforce because it allows the company to leverage the power of blockchain technology for its customers. By offering a platform for creating and trading NFTs, Salesforce can provide businesses and organizations with a new way to manage and monetise their digital assets. NFTs are particularly useful for businesses because they are unique and verifiable, making them ideal for representing digital assets such as art, collectables, or in-game items. They can also be used to create and manage other digital assets, such as customer data or marketing materials.
Overall, Salesforce NFT Cloud is an important addition to the company's product line, as it allows Salesforce to tap into the growing market for blockchain technology and NFTs, which is expected to grow in the coming years.
Here are some key facilities that SalesforceNFT Cloud will propose in a near future:
User-friendly interface for designing and customizing NFTs
Integration with other Salesforce products, such as Lightning
Marketplace for buying and selling NFTs
Built on the Flow blockchain, which offers high-speed transaction processing and low transaction fees
Built-in security features to protect users and their assets
4 - A Game-Changer for Digital Asset Management
With all its potential, Salesforce NFT Cloud (currently in beta testing) is expected to be released for general use in the nearest future, but a specific release date has not yet been announced. Salesforce NFT Cloud is worth the wait as it intends to leverage this emerging technology to secure a place in the promising NFT market. It remains to be seen how Salesforce will respond to its critics on environmental issues (which are important to the group). Users can sign up for updates and notifications on the Salesforce NFT Cloud website to stay informed about the latest developments and release dates.
Whatever the case, the one undeniable fact is that NFT is a subject that will be discussed a lot in the future and in case there is something more that you’d like to know about it you can always reach out to us!
Aziz Benizy, Senior Business Analyst