Salesforce has launched the NFT Cloud pilot after reports in February that there were a few developments and brainstorming on an NFT Cloud. Of course, on a subject like this, there will be strong opinions for and against the proposition, but the truth has finally emerged, and we throw light on the features associated with it and learn more about NFTs.
It was launched during the Salesforce Connections conference in Chicago on Wednesday by Adam Caplan (SVP of Emerging Technology), and we see its implications here.
There was a constant seeking for help by the customers to navigate Web 3.0. NFT Cloud is about helping our customers mint, manage, and sell NFTs – and it will be on no-code, he said. There is a reappearance of the theme of cutting-edge, complex technologies and those of the Web 3.0 world.
This step is a turn to the future, born out of customer curiosity. Salesforce is entering this phase after seeing a lot of interest from CMOs and CDOs keen to enter web3 and is enthusiastic about bringing innovations, products, and offers. NFT Cloud will help the customers to drive communities who sincerely wish to pursue the brand. It represents a shift from being customers to becoming an audience, and a move towards a community on the strength of ownership. Salesforce envisages the initiation of NFT Cloud in fashion retail, Consumer Packaged Goods, and media. The associated brands are leaning into it and there is a specific interest as they are interested in the utility angle. NFT holders get a benefit in the physical or digital world and are in line to receive a special and preferential treatment also. Salesforce has a plan to deliver a Web 3.0 CRM –enabling Web 3.0 data to work in coordination with the Salesforce Customer 360 platform data.
Abstracting all the complicated technology in this web3 world on a huge platform, like Salesforce will be easy. This step will also serve as a way to market to customers by adding value to them and is about utility as an NFT holder to obtain benefits.
It will cover both the digital world and the physical world. The impact can be on receiving something new in exchange for owning the NFT, participation in a game environment, or entitlement of special powers for the NFT owners to access.
Also, there is careful thought on the ethical and ecological impact of going into it, but in the future, all acts which are consistent with Salesforce values will take place.
NFTs can serve as a bridge between the digital and physical worlds. Salesforce will link data, communities, and wallets besides allowing users to use the most secure and sustainable technology.
There was a survey focusing on the state of digital commerce, and Salesforce observed that 30% of organizations were ready to offer cryptocurrency as a payment option. Additionally, 46% plan to provide such service to their customers by 2024.
The issue of Trust and Sustainability
Salesforce gives a lot of importance to the set of core values. Adam Caplan went further and said that as we enter into this space, trust and sustainability are paramount to this approach. The question of any gets the answer through handling by building NFT Cloud on a conscious, and sustainable foundation. The measures adopted are launching the NFT Cloud pilot with Net Zero built-in, in sustainability, and offering customers sustainable blockchain options, and having proof of stake blockchains.
Another significant area will be automating carbon emission calculations and allowing brands to offset emissions and making them purchase the trusted and high-quality carbon credits. Also, there is a plan to work in coordination with sustainability leaders. There is a focus on trust to protect brands and consumers by using written and audited smart contracts, reducing fraud, and avoiding other contractual challenges.
Other measures are partnering with third-party vendors to check risk in the crypto wallet, flagging all suspect, harmful, and illegal activities, and finally introducing the capabilities to pause NFTs. There will be an assurance to the consumers that their buy is authentic.
A careful approach
Besides the above precautions, there will be no centralization of powers around one person; and many people will be responsible for minting and moving money between wallets.
Salesforce has expressed a will to experiment with the NFT community and broaden the engagement. It is ready with the consequential unfolding and a long haul. There is an expectation on a roadmap, and management must play a strong and dynamic role. Salesforce NFT Cloud has started the pilot phase in June 2022. There is a careful thought behind this, leading to excitement, engagement, and personalization.
Consumers see NFTs as collectibles or a part of the loyalty and rewards strategy. The brand-issued NFTs can gain customer insights and presently most blockchain transactions are fully transparent. When a customer accepts an NFT reward, he/she provides the wallet address. This will provide a great amount of data, which may lead to exciting possibilities.
Salesforce will collaborate with organizations such as the Crypto Climate Accord, which seeks to eliminate carbon emissions from the crypto industry by 2030. The pilot will offer audited smart contract templates, where the sellers and buyers can look into fraud prevention tools, and pause assets and wallets.
To provide a more secure checkout experience, customers can host branded marketplaces on their site while Salesforce handles the backend and authentication.