Salesforce reportedly working on NFT cloud service

Salesforce NFT

Fin is a former junior editor at TechForge.

Cloud software specialist Salesforce is working on an non-fungible token (NFT) cloud service, according to a CNBC report.

The plans were revealed by Salesforce co-CEOs Marc Benioff and Bret Taylor during an online sales call, with references made to companies like Pepsi which are making similar NFT plays.

Salesforce, which mostly provides cloud-based software for sales teams, marketing departments, and e-commerce sites, believes it can offer a service for artists to create content and release it onto NFT marketplaces.

Such a service could be integrated into Salesforce’s own ecosystem, bypassing the need for NFT marketplaces such as OpenSea.

Last month, OpenSea raised $300 million (£221m) in a Series C funding round whilst also smashing its previous monthly trading record from August 2021 by nearly two billion dollars.

Benioff has been demonstrating his interest in NFTs outside of Salesforce too. Since September last year, TIME magazine, which he owns, has been releasing a series of NFT collections called TIMEPieces.

The series is part of TIME’s “Web3 community strategy” which aims to “bring together artists, collectors, and fans in a collaborative manner with the goal of building utility and community value over the long-term”.

In a 2022 predictions blog post from December, Salesforce director of market strategy Mathew Sweezey also hinted at NFT adoption. He said that in the coming year “pioneering brands will search for utility via NFTs” and that TIMEPieces was a great example of this.

“To unlock their full potential, brands are going to have to start creating utility via the token,” he wrote. “In 2022, you’re going to hear a lot more about NFTs, and there will be winners and losers. Winners will move past NFT’s as simply collectable to find greater utility through the token.”

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