Maintaining real forms of pictures and moments is difficult, thanks to the emergence of NFT, which propagated the purchase of digital artworks and pictures. People can use it as a form of investment or a hobby to collect NFTs. NFTs are not all about converting precious artefacts like famous paintings into unique digital forms. Users like you and me can even develop their own NFTs to publish out in the world. Businesses can use the NFT world by creating their own personal community by developing and minting NFTs related to their work, this will allow customers to follow their likes and be related to a business which aligns with their interests.
The emergence of NFTs has boosted a lot of spheres like NFT clouds, Web3, crypto banks and transactions, which is why Salesforce even launched an NFT Cloud during the recent CNX ’22 to allow businesses to enjoy the fun of NFT.
NFTs are the acronym for Non Fungible tokens. It is a method of digital authenticated protection of artwork, pictures or any such precious possessions which can be converted into a digital form.
Another well-known term in the NFT world is NFT Cloud. It is a cross-linked ecosystem made by linking NFTs from all existing digital marketplaces, allowing businesses and developers to exchange and mint NFTs as per their wishes and the company’s needs.
NFT clouds help developers register real-world objects over the blockchain, which acts as a digital asset for possession or a method of investment.
Salesforce has always worked towards the future needs of its customers by incorporating new technologies and trends, which is why it has even taken a step into the metaverse by launching Salesforce’s NFT Cloud.
Salesforce officials understood that NFT could be the new mode of engagement and exchange by the brands to engage more customers by giving them a personalized platform where they can exchange or mint NFTs of the theme of their choice and observing the hype in users about selling and minting NFTs.
The announcement of the launch of this new NFT Cloud was made by Salesforce at CNX ’22, as mentioned by VPs and officials. The Cloud is a pilot project available to a limited audience. It is being aimed by the resources that the NFT Cloud will be a fully functioning no-code platform. Currently, there is no information regarding the release date of NFT Cloud for general users and developers.
After reading about the Salesforce NFT Cloud, let’s understand the technology that supports the existence of NFTs, and that is Web3.
Web3 is a virtual, futuristic version of the internet. It is a hypothetical version of the internet we use. The only difference is that Web3 is based on blockchain technology. This new face of the internet comprises digital assets and entities like cryptocurrencies, NFTs, DAOs, Decentralized finance, and much more.
Web3 is not just about surfing the internet and knowing about the world; it is more about building communities. It promises to change the experience of being on the net dramatically for the users by giving them more rights and powers over web communities existing with the help of assets like NFTs, which people can collect, mint and exchange based on communities they like and follow. For example, someone who is a basketball fan can visit the NBA TopShot. It is an NFT Cloud, officially licensed by the NBA to act as a digital collectables platform where users can get NFTs made of great moments in matches that happened in basketball history. In addition, they can get their favorite player’s special moments or arts which are unique and specific to a single user.
But the universe of Web3 has risks like catfishing, security attacks, online fraud etc. Many companies that joined this universe could not maintain their space due to the backlash they faced regarding customers being robbed of digital overpayments. Since Web3 transactions and events are all over digital media, it generates a lot of carbon footprint, which is why many companies got pushed out of the space as they couldn’t work on the sustainability or security factor for the case.
Sustainability is a burning issue in the crypto world, and Salesforce, a company working towards sustainability, has promised to have a sustainable approach even with the NFT Cloud. The Crypto universe being a digitally operating platform, creates a lot of carbon footprints and thus increases energy costs. Salesforce has announced its determination to use proof-of-chain blockchain technology with nearly negligible carbon footprints. Furthermore, the company presented that their NFT Cloud will be eliminating energy consumption from blockchain usage to a great extent, and the Cloud will be equipped to calculate carbon emissions over the functioning automatically, and this data will be available to users so they can track their carbon footprint directly from the platform and work accordingly to reduce it. The company takes these steps to keep their idea of sustainability alive and prominent in their products.
Security and Trust are other potential backlashes that come hand in hand with Crypto technology. Salesforce has measures and ideas to address the security concerns over its NFT Cloud. The company says that customers will have written and audited intelligent contracts to help reduce fraud and other challenges. Additionally, Salesforce announced that it has partnered with third-party vendors to work on curbing the crypto wallet risk and flagging suspected harmful & illegal activities. These vendors will ensure evil entities will not be able to make transactions over the NFT Cloud, which can affect the functioning of the NFT.
Customers will provide a secure and authenticated checkout experience over the company’s site so that they will be assured of the fact they made an original NFT purchase directly from the brand.
Since Salesforce launched the NFT cloud, there has been considerable noise about the fact that what drawbacks it might have; the company brought this pilot project into existence with the idea of allowing the customers to generate a new cult of communities while keeping the factors of sustainability, security and Trust in mind.
The company has taken this step to allow customers better engagement in retail, CPG and media markets. Adam Caplan, SVP of Emerging Technology, quoted, “Yes, the art should look great – but that’s not the point, not how the brands we work with are leaning into this. Our customers are interested in utility. NFT holders receive benefits which could be in the physical or digital world – e.g. vote on a new line of clothing, receive a unique piece of clothing periodically.”
*Please Fill Complete Details
Book a call with our consultants today and we'll turn your ideas into reality.
Looking to build a new career?Apply Now
Register to get updated on our upcoming live webinars. The webinars tailored for you, your business, and your growth.
24th Nov, 2022 | 8:30 PM IST, 10 AM EST
Register for our Free Salesforce Health Check Services
Fill out the form to access the presentation.