OpenSea raised $300 million last month at a valuation of $13.3 billion, on the strength of a spike in NFT trading that will top $23 billion in 2021.
According to the sources familiar with the matter, Salesforce might integrate the product into its own ecosystem for the management of transactions. There may be no need for OpenSea if the Salesforce marketplace is controlled by the company.
Salesforce’s interest in the space isn’t a huge surprise at this point in time. As part of Time’s recent launch of TIMEPieces, a new digital collectable, publisher Marc Benioff and his wife Lynne announced that subscribers will have access to exclusive magazine content and events.
Mathew Sweezey, director of market strategy at Salesforce, predicted in a blog post in December that “pioneering brands will hunt for utility via NFTs” in the upcoming year.
Salesforce tells employees it’s working on nft cloud service
Executives at the meeting referenced NFT-related work that Pepsi has done as an example, another person said.
Salesforce, which provides cloud-based software for sales reps, marketing departments and e-commerce vendors, wants to offer a service for artists to create content and release it on a marketplace like OpenSea, one person said. Last month, OpenSea said it raised $300 million at a $13.3 billion valuation, on the back of a surge in NFT trading, which surpassed $23 billion in 2021, according to DappRadar, a store for decentralized apps.
Salesforce could also potentially integrate the tool into its own ecosystem, where transactions could be managed, the people said.
A Salesforce-owned marketplace could mean there wouldn’t be a need to use OpenSea.
Salesforce’s interest in the space shouldn’t come as a surprise.
Time magazine, which is owned by Benioff and his wife, Lynne, recently introduced TIMEPieces, a digital collectible that gives owners access to magazine content and events.
In a blog post on 2022 predictions published in December, Mathew Sweezey, director of market strategy at Salesforce, said that in the coming year “pioneering brands will search for utility via NFTs.” He called Time’s project a “great example,” and said NFTs will become more pervasive as they move beyond the novelty phase.
“To unlock their full potential, brands are going to have to start creating utility via the token,” Sweezey wrote. “In 2022, you’re going to hear a lot more about NFTs, and there will be winners and losers.”
A Salesforce representative didn’t immediately provide a comment.
Salesforce shares rose 1.5% in extended trading on Wednesday to $225.40.
Salesforce tells working nft cloud-init
Some workers also voiced shock that the company’s move came on the heels of a recent sustainability campaign, including a major Super Bowl ad in which an astronaut-suited Matthew McConaughey urges all of us to plant more trees. “While the others look to the metaverse and Mars, let’s stay here and restore ours,” McConaughey says, ironically, in retrospect. In September of last year, the company touted net zero carbon emissions, while Benioff reaffirmed his commitment to “sequester 100 gigatons of carbon by restoring, conserving, or growing 1 trillion trees,” a strategy that scientists have deemed controversial.
But supporting NFTs would seem to clash with that mission at present, as the mechanism used by many popular blockchains is notorious for burning massive amounts of carbon.
Salesforce tells working nft cloud9
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Salesforce tells working nft cloude
But it’s also important to understand that Blockchain enthusiasts are working hard to reduce the environmental impact of decentralized networks, with the Proof-of-stake concept due to arrive in June 2022, and promised to massively reduce the environmental impact.
I’m sure Blockchain, Cryptocurrency, and NFTs will remain controversial subjects for many years to come. Just as David Letterman mocked Bill Gates back in 1995 in regards to the internet, the same may happen with NFTs in 10-20 years’ time.
Whilst I always find new technology exciting, especially the kind that looks to disrupt and create an entirely new industry, it’s hard to get around the environmental impact that NFTs create.
According to Bloomberg, the NFT market surpassed $40 billion in 2021 and is predicted to have a compound annual growth rate of 185% through 2026. Suffice to say, there’s big money on the table and it’s a market Salesforce could profit from.
The interest in NFTs is also reflected in the rise of companies such as OpenSea.
Founded in 2017, OpenSea has a $13.3 billion valuation as of a $300 million funding round in January.
Photo: Wikimedia CommonsA message from John Furrier, co-founder of SiliconANGLE:
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Salesforce Cofounder gave the term to Steve Jobs as a thank you for all the support he had given them.
They Have A Lot Of Domain Names
Since Salesforce is all about their own image, they have seized a lot of domain names that they want to hold onto for future projects, some of these include names like: Desk.com, Do.com, Site.com, Social.com, Force.com, Work.com, Data.com, and Database.com
Some of these names have been sold off, and others are still being held, but it will be very interesting to see what other domain names they are going to buy next and what projects or websites will be associated with them.
Salesforce Offers Email and Phone Support Too
Salesforce allows you to make phone calls using their software “Lightning Voice”, where all the phone calls are made on the cloud if your phone number is synced to the platform.
“To unlock their full potential, brands are going to have to start creating utility via the token,” Sweezey said.
Loup Ventures managing partners Gene Munster and Doug Clintondiscussed the latest news about Salesforce entering the NFT space in a video.
“They see some sort of opportunity to build a tool that will help these corporations and engage with customers who are using their digital assets,” Clinton said.
Related Link: Complete List: Here Are All The Companies With Super Bowl LVI Commercials
Why It’s Important: Salesforce provides cloud-based software for companies and could offer a similar platform in the NFT space.
One source told CNBC that Salesforce wants to create a product similar to the OpenSea NFT marketplace.
Salesforce.com Inc. is reportedly working on plans to release a cloud service for nonfungible tokens.
CNBC, referencing people familiar with the matter, reported today that Salesforce co-Chief Executives Marc Benioff and Bret Taylor both discussed the strategy at an online employee event. Should it come to fruition, the service would allow artists to create content and then release it on a marketplace such as OpenSea.
The report claims that Salesforce could also potentially integrate the tool into its own ecosystem where transactions could be managed, negating the need to use a service such as OpenSea.
NFTs are a digital asset that uses blockchain technology to represent the ownership of a digital item such as artwork, video or in-game item.
NFT owners can prove that they “own” the digital item because they have the cryptographic token associated with the artwork.
Physical art or a rare baseball trading card are both non-fungible examples.
NFT technology is built on Blockchains e.g. Ethereum, and allows you to store practically anything.
Ethereum.Org lists such examples as: digital artwork, in-game items, a digital collectable, a song, or a ticket that gives you access to an event.
Examples of NFTs
Just like physical art, NFTs are a speculative asset; they are only worth whatever the market deems them to be worth. Currently, they are big business; in 2021, sales hit $41 billion, eclipsing the previous figure of $100 million.
Although NFTs could potentially contain any kind of digital asset, there are two “types” of NFTs that are currently thriving.
Benioff is the owner of Time magazine, which has partnered with several NFTs and launched its own collections called TimePieces.
Clinton also highlighted the numerous large companies getting into the NFT space.
“A lot of very large companies are taking NFTs quite seriously, Salesforce the most recent example,” Clinton said. “There’s big companies experimenting with this.”
Clinton said that in the future, everyone’s going to own some sort of digital asset.
The Loup Ventures duo discussed Pepsi, Anheuser-Busch InBev SA BUD, Nike IncNKE, Adidas AG – ADR ADDYY and the National Football League as big companies that have launched NFTs.
The rising volume and valuation of OpenSea could be too intriguing for Salesforce to not consider launching a comparable NFT service.