Salesforce plans to launch a cloud service for NFTs. The company is not yet officially announcing this, but it is said to have already been discussed internally.
Salesforce is going to launch an NFT Cloud. That’s what CNBC knows on the authority of anonymous sources. Co-CEOs Bret Taylor and Marc Benioff reportedly talked about Salesforce’s NFT strategy at a private online event.
The NFT Cloud should allow people to create digital content and trade it on an NFT marketplace. In time, Salesforce is considering integrating the cloud into its own ecosystem and also managing the buying and selling of NFTs, eliminating the need for an external marketplace. Further details of the plans are currently lacking.
NF-what?
NFT stands for Non Fungible Token. They are the most recent addition to the crypto-hype. NFTs are unique tokens that allow artists to assign ownership of digital art to a buyer. The latter can then further trade the things. Those who buy an NFT of an art object usually hope that the token will quickly increase in value.
On the one hand, it is not surprising that Salesforce wants to embrace NFTs. Benioff and his wife own Time Magazine and thus are already betting on tokens. Since they believe in things, it makes sense that Salesforce would also be tasked with playing a role.
Worthless, but worth a lot of money
Along the other hand, NFTs are weird critters. The tokens are worthless in reality. If you buy an NFT of an artist’s digital image, you then own that NFT and nothing more. According to fans, the NFT indicates that you are the owner of a specific print. In practice, ownership of an NFT comes with no official right. Anyone can still download and copy the print you bought, and the artist retains the copyright. The buyer of the NFT actually only acquires the right to boast that he or she is the rightful owner to other people who assign value to NFTs.
Despite that limitation of NFTs , the market is doing well. There is tremendous hype right now and people are buying NFTs of anything and everything. For example, you can buy an NFT of any color, prints of thirteen-in-a-dozen made specifically to make a profit or through NFTs, or even goals from Club Brugge. The lack of practicality does not stop people from giving their money to it. In 2021, the NFT market was worth 40 billion, and according to Bloomberg, that market value will continue to climb at an average of 185 percent a year through 2026.