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Salesforce hopes its NFT Cloud will combat the challenges facing OpenSea and other marketplaces.
Software company Salesforce (NYSE: CRM) has launched NFT Cloud for brands to mint and sell non-fungible tokens. According to Salesforce, NFT Cloud is currently in its pilot stage and will be available to the general public later. More companies are making their debut in the NFT industry despite the unpleasant market condition.
With NFT Cloud, Salesforce said brands could easily explore the NFT space. Additionally, the company described the new initiative as an accessible path to the metaverse. Brands will be able to utilize cloud-based tools provided by Salesforce to create and sell NFTs, interact with online communities, and pull data from their offerings. Aside from digital artwork, collectibles, profile pictures, and others, NFTs can be used for brand initiatives.
“…we are building security and trust into every layer of the NFT Cloud pilot, including audited smart contract templates to protect sellers and buyers; branded first-party marketplaces to provide controlled, secure checkout experiences; and fraud prevention tools to help keep your brand’s NFTs out of the hands of bots and bad actors.”
Notably, Salesforce did not specify the blockchain platforms that it will use in minting NFT. However, the company does not plan to back any blockchain that uses an energy-intensive proof-of-work consensus model. This suggests that Ethereum, which is the leading platform for NFTs, is off the table. Ethereum has been planning to transit from a proof-of-work model to proof-of-stake for quite some time. As it stands, there is no proposed date for the transition.
Sources Hints on NFT Cloud Service by Salesforce
In February, Coinspeaker reported that Salesforce was envisioning an NFT Cloud service. An anonymous source revealed the plans, adding that the company will integrate blockchain technology.
Furthermore, Salesforce hopes its NFT Cloud will combat the challenges facing OpenSea and other marketplaces. Some of the challenges include phishing attacks and insider trading. Salesforce customers can list their NFTs on their websites while the software company holds bank-end security. Salesforce will also take care of authentication and writing of smart contracts.
The head of emerging technology at Salesforce, Adam Caplan said brands would use more environmentally-friendly blockchain. He added that they would also be able to buy carbon offsets.
While scams dominate the NFT space, the industry continues to explode. Notably, US consumers lost more than $1 billion to crypto-related fraud between January 2021 and March 2022. While scams dominate the NFT space, the industry continues to explode with more companies exploring the space. At the same time, celebrities from different sectors have shown interest in the growing market. The NFT industry accounted for $25 billion worth of trading volume in 2021. However, the global economic meltdown has affected all sectors and caused a major crypto crash.