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by Katie Clinebell | Published on June 10, 2022
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The company addressed energy and security concerns of the newly released NFT Cloud.
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In the midst of a fluctuating crypto market, Salesforce is expanding into the world of NFTs (non-fungible tokens), recently launching a new platform called NFT Cloud. The platform is currently a closed pilot and will allow brands and businesses to mint and manage NFTs. The company hopes to help businesses increase brand engagement, believing that brands are more likely to use NFTs for engagement and access rather than just to sell collectibles.
NFTs are blockchain tokens used to identify ownership of a physical or digital item. The “non-fungible” part makes them unique and irreplaceable. NFTs are often digital art, video game items, sports collectibles, or profile pictures.
Salesforce’s NFT Cloud is currently a limited pilot, but the company aims to make it widely accessible in October of this year. Using the Salesforce Customer 360 Platform, users will be able to create, manage, and sell NFTs, engage online communities, and directly pull data. A recent press release from the company stated, “Salesforce’s NFT Cloud pilot lets brands expand customer experiences to Web3 environments in a sustainable and trusted way.”
Upon releasing NFT Cloud, Salesforce addressed two common concerns among the crypto community: energy use and security. The company promised listening sessions to hear concerns and answer questions for about 400 employees who reportedly signed an open letter opposing the plan.
Many crypto currencies use proof-of-work blockchain technology, which needs frequent equipment upgrades, resulting in large energy usage and carbon footprints. To combat electronic waste, the company has expressed that it will not support proof-of-work technology and will instead hope to use the proof-of-stake method, almost eliminating energy consumption. Users will also be able to track their carbon footprints because of Salesforce’s agreement to automatically calculate carbon emissions for blockchain options.
Security is forever an area of caution within the crypto world. The company plans to ensure honest transactions with the use of smart contract technology and with branded purchasing technology to fight against fraud. Salesforce has also promised to include what it calls “best-in-class brand and consumer protections, identifying — and preventing — the use of the product for fraud, force, or fear.”
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Despite some recent ambiguity of where NFTs are headed, Salesforce took a major step in announcing its piloted NFT Cloud platform, set to be widely available in October. The company’s expansion aims to help brands and businesses determine the personal value of NFT usage, manage NFTs, and engage online communities. Time will tell if its proof-of-stake blockchain approach and security measures will put crypto communities, and users, at ease.
Interested in NFTs, but not sure if they’re the right play for you? Check out our guide to investing in NFTs to find out today.
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Katie Clinebell is a freelance content creator and digital marketing strategist for FinTech, blockchain, and crypto brands. She has created award-winning campaigns for Snapple and Tai Pei Frozen Asian Food and received an Adobe Academic Achievement Award for content about Olympic athletes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
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