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Salesforce is Building an NFT Cloud Service

Salesforce has informed its employees that it plans to build an NFT cloud service, according to a report from the US press.

Salesforce is best known for that CRM softwareHowever, co-CEO Marc Benioff, who also owns TIME magazine and its NFT line, is clearly keen to diverge further.

As more companies invest in NFT-related projects, the question of how long the “bubble” will last is truly open.

What is Salesforce actually building?

Salesforce wants to create a cloud-based platform that artists can create. NFT Then sell them.

Co-CEOs Marc Benioff and Bret Taylor mentioned the idea in a private meeting for more details. CNBC Depends on the individual attending. Executives reportedly postponed Pepsi’s entry into the NFT world, as an example of the possibility.

NFT trading platforms like OpenSea are already up and running, processing billions of dollars in transactions. Salesforce wants its own slice of irreplaceable pie.

According to Salesforce insiders, the platform for buying and selling NFTs can be integrated into the company’s existing sales technology ecosystem, within which all transactions can be processed.

Salesforce Chief Marc Benioff has already shown a keen interest in NFTs through ownership of TIME Magazine.Magazine produces clockA digital collection that allows readers to unlock content and events.

NFT: Bubbles that won’t burst – yet

in short, NFT A crypto asset that exists on the Ethereum blockchain. It is not “substitutable” as it contains a digital signature that can be used to verify ownership. Conversely, Bitcoin and other cryptocurrencies are “substitutable” because they can be exchanged with each other.

NFTs have existed since the early 2010s and have become a multi-billion dollar industry in the last few years.

OpenSea, an NFT trading platform, recently raised about $ 300 million at a valuation of $ 13.3 billion.According to the decentralized app store DappRadarThe total platform sales exceeded $ 23 billion in 2021.

Exactly how dangerous an economically dangerous NFT is is hotly debated. To be charitable to critics NFTs bring out all the classic features of the asset bubble. This raises the price of a particular item, product, or object without the underlying fundamentals that may result from a rise, such as demand surpassing supply or true usefulness.

But again, the same thing is said about Bitcoin, let’s see how far it goes. In addition, some may argue that concepts such as “ownership” and “value” are simply being redefined in real time or updated to address the growing interest in digital assets. Hmm.

Salesforce jump to ride the trend of blockchain

The news is pretty much confirming that Salesforce is trying to add its name to the long list of companies in the NFT world-whether it’s as successful as its name. CRM software As seen.

Pepsi is one of the names Salesforce gave as an example of internal conversation, but in reality it’s just the tip of the iceberg.

Both Nike and Adidas have embarked on their own NFTs, the former currently suing StockX for its trademark “free riding” and using it to create tokens. Hermes is another major brand that has recently taken legal action against NFT-related trademark infringement.

Coca-Cola, McDonald’s and Ray-Ban are three other business giants who are beginning to rely heavily on NFTs for marketing purposes.

With CEO Marc Benioff’s Time magazine NFT, Salesforce is seriously heading into this competitive market.

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