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Salesforce Enters into Crypto World With New NFT Cloud
  • img-writerSarika Kamat
  • |
  • icon-calendar July 20, 2022

Almost every day, you must have heard people talking about Digital. You must have seen many small & big businesses trying to ride this digital Transformation wave as well. However, many businesses or marketers still struggle to understand their customer’s entire journey.

Salesforce Enters into Crypto World With New NFT Cloud

Crypto currencies, such as Bitcoin and Ethereum have continued to attract investors and there is a steep surge in masses embracing the decentralized ecosystem of Web3, blockchain, and metaverse.In order to create a new platform for buying and selling digital assets, Salesforce has taken the infrastructure for digital assets and just recently announced the introduction of a pilot NFT Cloud. According to Adam Caplan, SVP of Emerging Technology at Salesforce, NFT Cloud will be a platform with no-code functionality that customers can use to create, manage, and sell NFTs.

 

What is NFT?

NFT stands for Non-Fungible Token, which refers to tokens that exist on a blockchain and signify ownership of unique items. An NFT is created, or “minted,” and becomes a digital asset that can represent both tangible objects (such a physical good or work of art) and intangible objects (like song rights, digital media, community membership, and more).

 

What is Blockchain?

A blockchain is a distributed database or ledger that is shared by all nodes in a computer network. A blockchain acts as a database that electronically stores data in digital format, opening up new possibilities for data sharing among a network of businesses. Additionally, it aids companies in developing a new, trustworthy architecture that allows them to track, share, and exchange data with various partners more reliably and securely.

A super-admin and the shared data are not kept in a single location. Instead, it’s distributed throughout a network of partners, each with a copy of the database. The partners cooperate to define the network’s rules transparently. Blockchains are of two types public and private.

Every change is saved onto a blockchain in a way that is easily traceable and visible to anyone who needs to see or act on that data. With this configuration, errors are less likely to occur, data integrity is improved, and real-time monitoring of data changes is possible.

 

Benefits of Blockchain

Lower Cost: By eliminating or greatly reducing the requirement for intermediaries or third parties to verify transactions, blockchain drastically lowers overhead and transaction costs.

Trusted verification: Rather than relying on a central administrator to verify, the blockchain network acts as a platform for automatic verification.

Immutability: Data that has been saved cannot be changed and is irreversible. That offers a degree of technology trust that a conventional database does not.

 

Introducing Salesforce Blockchain

Salesforce Blockchain is directly incorporated into the Salesforce Platform and is built on the open-source Hyperledger Sawtooth technology. Customers may now create their blockchain trust networks, data, and applications by using clicks rather than coding and simple tools.

Create your own trust networks quickly using Salesforce Blockchain to securely extend CRM to partners (industry, suppliers, distributors, public institutions, & customers). Organizations can also install secure, sustainable technology, link data, communities, and wallets, launch their brands into new digital realms, and do much more.

 

WayForward

Since Salesforce introduced the NFT Cloud, there has been a lot of discussion about any potential negatives. 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.”

This pilot project is created with the intention of letting its users create new communities while keeping sustainability, security, and trust in mind. Moreover, as enterprises are forward thinking this would prepare them to be early adopters, as digital assets hold the future.

Author
Sarika Kamat
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