By
Temitope Olatunji
May 13th, 2024
Salesforce will provide a service to artists for creating content and later releasing it on an NFT marketplace like OpenSea.
Salesforce, one of the biggest cloud-based software companies, plans to build an NFT cloud service according to a source who attended the company’s online sales kickoff event. References were made to Pepsi’s work with NFTs further highlighting the company’s interest in entering the NFT world. NFTs or non-fungible tokens are unique digital assets that are stored on the blockchain. Salesforce plans to integrate blockchain technology with enterprise software and offer customers a unique product meant for NFT transactions.
Salesforce NFT Cloud Service
Salesforce, known for its cloud-based services, will provide a service to artists for creating content and later releasing it on an NFT marketplace like OpenSea. Besides, there could be plans to assimilate the tool into its own system thereby doing away with the need to have a medium like OpenSea. With the growing popularity of NFTs and Benioff’s own experiences within Time magazine’s NFT-related strategies in the form of TIMEPieces, the digital collectible for accessing magazine content and other events, Salesforce’s NFT plans don’t sound unreal.
Besides, the executives had in the past hinted at the company’s interest in NFTs. For example, Mathew Sweezey, director of Market Strategy at Salesforce, in a blog post mentioned how brands would utilize NFTs in the coming year. He also predicted NFT-related winners and losers in 2022. Thus the ground is all set for the work to begin and soon Salesforce would have an NFT cloud service competing with the other NFT service providers.
NFT popularity has gone through the roof since 2021. These digital assets that signify unique ownership of an artwork or game-based item are slowly entering the mainstream. As per a Bloomberg report, the NFT market has seen over $40 billion in transactions last year and is predicted to achieve an annual compound growth of 185% by 2026. With such potential, who would not want to stake some money over it. And NFTs are not just benefitting the corporates and artists, but even NFT based marketplaces like OpenSea. It came into existence just years ago in 20217 and already has a total valuation of $13.3.
Founded in 1999 by Marc Benioff, an Oracle ex-executive, Salesforce is a cloud-based software company based out of California that provides companies services related to Customer Relationship Management (CRM) and Enterprise Applications developed for marketing automation, application development, customer service and analytics. They bring companies and customers together by uniting teams with their integrated CRM platform, Customer 360. It has almost 150,000 companies as part of its portfolio; from big ones like Godrej and CEAT to the smaller ones like Baby Saffron.
With a project like NFT cloud service, Salesforce would soon join the crypto world, thereby also reaping the benefits of this highly volatile ecosystem.