Web3 is Salesforce’s new product category for numerous products, including NFT Cloud, which has been rebranded as NFT Management. As a consequence, clients are able to “create and manage NFT collections directly through Salesforce, receive real-time customer insights, monitor blockchain activity, and automate operations with Salesforce Flow”. You can check out our Salesforce online certification course.
What are NFTs?
Before we go into the technicalities of what a Salesforce NFT Cloud would entail, let’s clarify what an NFT is!
NFT stands for Non-Fungible Token. The “non-fungible” component means that everything you buy is unique. Fungible assets include cash and bitcoin, which may be traded for one another. Non-fungible examples include actual paintings and rare baseball trading cards.
NFT technology is built on blockchains like Ethereum and can store nearly anything. According to Ethereum.Org, examples include digital artwork, in-game assets, digital collectibles, music, and event tickets.
Examples
NFTs, like true art, are speculative assets that only have value if the market believes they do. Nonetheless, they are the primary company; in 2021, revenues will reach $41 billion (approximately $130 per person in the United States), exceeding the previous $100 million.
Although NFTs can contain any type of digital content, two “categories” of NFTs are currently growing. They are unique works of art, such as the Mona Lisa, as well as collections of NFTs, which are similar to baseball trading cards.
Mike Winkelmann’s ‘Everyday: The First 5000 Days,’ a collage of 5,000 digital images, is one of the most expensive NFTs ever sold. In 2021, Christie’s sold the NFT for $69.3 million. A programmer based in Singapore named Vignesh Sundaresan bought the item and has it exhibited in a digital museum.
Collections, on the other hand, are a limited run of similar photos. Consider the Bored Ape Yacht Club (BAYC), a collection of 10,000 Bored Ape NFTs that are frequently purchased and used as display images on social media platforms like Instagram and Twitter.
BAYC currently sells for a minimum of $160,000 on OpenSea.io. In addition to being a collectible, it functions as a Yacht Club membership card, providing access to a private members club. The club has become synonymous with celebrity owners, with members like Eminem, Jimmy Fallon, Steph Curry, and Paris Hilton.
Salesforce NFT Cloud
Salesforce looks to seek a slice of the $40 billion (about $120 per person in the US) NFT pie, which is now owned by OpenSea.io, which has a claimed 60% share. However, OpenSea.io also raised $300 million in Series C funding, valued at $13.3 billion (about $41 per person in the United States).
The idea is for customers to drive a new sort of community, transitioning from client to audience and now, owing to ownership, to actual community. Salesforce has given this considerable thought. By design, NFT Cloud will launch with trust and sustainability, two of Salesforce’s basic pillars.
We did not expect Salesforce to unveil the NFT Cloud trial so quickly. However, after hearing from Adam Caplan (SVP of Emerging Technologies), we are thrilled about the possibilities for engagement and customisation.
Web3, which is the next generation of the internet, includes emerging technologies like blockchain and NFTs, which enable marketers to reach new audiences and tap into first-party data to improve consumer relationships and drive loyalty.
According to survey findings, nearly half (45%) of consumers* would be more likely to purchase an NFT from their favoured brand. Three out of four consumers who have purchased an NFT in the past believe it makes them more loyal.
Features of Salesforce Web3
- Smart Contract Templates: For new NFT collections, configure contract settings using a secure audited template.
- Web3 Data Model: Use fresh blockchain data, such as wallet IDs and NFT transaction history, that has been integrated into your CRM.
- Collection Monitoring: Use your CRM to monitor real-time blockchain data from collections launched on Ethereum and Polygon.
- Wallet Risk Scoring: Identify and indicate wallets that are involved in potentially fraudulent or risky actions.
- Built-in security features include smart contract multi-signature actions, role-based privacy protections, and more.
- Sustainable Blockchains: Before implementing a blockchain, choose one that is sustainable and evaluate its carbon impact.
Why is Salesforce Entering the Web3 space?
Salesforce has seen a rise in customer demand for NFTs to boost brand loyalty and consumer engagement. Companies can use NFTs to engage new audiences, collect zero-party data, and facilitate co-creation and co-ownership, token-gated communities, and targeted interaction based on wallet data.
However, like with any emerging technology, there are potential problems about safety, privacy, and trust. For example, 59% of 935 global respondents in a recent Salesforce poll reported experiencing or seeing fraud (the most prevalent being phoney accounts impersonating a brand for phishing). There was also a significant trust gap between people who had previously purchased an NFT and those who hadn’t. For these reasons, Salesforce needs to offer customers a dependable, long-term platform for operating NFT campaigns and programs.
For these reasons, Salesforce needs to offer customers a dependable, long-term platform for operating NFT campaigns and programs.
Conclusion
To learn more about Salesforce Web3, check out our Salesforce course online.
