Salesforce Leans into Web3 with New NFT Cloud – Virtualization Review
Salesforce leans into Web3 with the new NFT Cloud
Salesforce, known for its cloud-based software for business features like customer relationship management (CRM), has boosted its adoption of cutting-edge Web3 technology with the closed pilot of an upcoming NFT Cloud.
Web3 and NFT (for non-fungible token) are related because both are based on blockchain technology and the concepts of distribution and decentralization. Blockchain is a relatively new, complicated, and versatile technology that leverages cryptography for its most well-known use case: digital currency such as bitcoins. However, in the corporate world, it has many other uses, providing a decentralized and distributed ledger created to record the provenance of a digital asset. This is where the new NFT Cloud comes in.
According to Salesforce, “An NFT (non-fungible token) is a digital asset that represents digital or physical objects like art, music, event tickets, videos, etc. They are backed by smart contracts, which which allows them to have distinctive properties such as as secondary sales and transferable value.”
“Salesforce NFT Cloud has been formalized, starting its pilot phase in June 2022,” the company said. “The goal is for customers to create a whole new breed of communities – a shift from being a customer to being an audience, and now to a real community because of the ownership element. Salesforce has thought about that very carefully. NFT Cloud will go to market with confidence and durability, two of Salesforce’s core values, by design.”
The company tied the new cloud to Web3, which Wikipedia describe as the “concept of a World Wide Web based on public blockchains”.
“Salesforce’s NFT Cloud Pilot enables brands to extend customer experiences to Web3 environments in a sustainable and reliable way,” the company said in the June 8 press release. “They can manufacture, manage and sell non-fungible tokens (NFTs) directly on the Salesforce Customer 360 platform and securely connect customer data to get a 360-degree view of a customer’s physical and digital worlds. .”
More specifically, the NFT cloud The site says the new offering — Salesforce just announced it will debut at a later date — will impress customers in these ways:
- Connect physical and digital experiences: Engage new communities in unique ways with integrated data.
- Boost loyalty with virtual drives: Create NFTs using your CRM and sell them on your existing commerce site.
- Build trust and monetize sustainably: Deploy audited smart contracts, backed by a trusted platform
The NFT Cloud is Salesforce’s latest Web3 initiative, which has jumped on the Web3 bandwagon in a big way, as evidenced in last month’s article titled “Kara Swisher Says You Need a Web3 Strategy – Here’s Why.”
The article states: “With Web3, everyone from artists and gamers to big brands is getting involved via crypto, non-fungible tokens (NFT), virtual reality (VR), augmented reality (AR) , blockchain, and other interactivity as part of the metaverse. Just as businesses before building websites, mobile strategy, and social media presence, businesses now need to get on board with Web3.”
Salesforce even published a “Web3: the future of the Internetmodule on its Trailhead learning site with four segments ranging from getting started and understanding fundamental technologies to learning about trust and security.
In explaining why Web3 is important, the company linked it to previous incarnations of the web, as shown in the graphic above.
Web3 is a point of evolution beyond where we operate. It is an extension of Web2, which incorporates the advanced technologies that we see coming to fruition today. The idea of Web3 is not just to fuel the formation of the metaverse and the expansion of cryptocurrency, but to touch other major industries in our globally interconnected world. The ultimate goal of Web3 is to create a more connected and open digital world.
Web3 does not require “permission”, which means that central authorities will not decide who uses which services. Nor is it necessary for an intermediary to facilitate virtual transactions between the parties. Web3 theoretically protects user privacy better in certain ways, because it is these Web2 authorities and intermediaries that do most of the data collection.
The learning module indicates that Web3 has the potential to deliver a number of benefits, including:
- Decentralization: Middlemen would be removed from the equation and blockchains would provide a transparent platform where rules are unbreakable and data is publicly recorded.
- Data Ownership: End users will take back control of data by creating a public record of all their activities on the blockchain. Information could then be shared on a case-by-case and authorized basis.
- Potential to reduce hacks and data breaches: As more businesses enter the space, there will be a great need for additional security. This new technology can provide enhanced security as the data will be decentralized and distributed. With the further development of rules and regulations, there is a potential to reduce hacks and large-scale data breaches where hackers would need to shut down the entire network of servers and record every transaction on the blockchain to access information.
- Blockchains without permission: Anyone could create an address and interact with the network. Users will not be excluded based on geography, income, gender, orientation, or a host of other sociological and demographic factors.
Stay tuned to find out how the NFT Cloud and the company’s other Web3 initiatives deliver on the promise of delivering these benefits.