With a rebranding of the NFT Cloud, Salesforce has announced Web3
During the past three years, the world of cryptocurrency and NFTs have appeared to be a bit of a fantasy, with bitcoin’s value reaching an astounding $68K and crypto-millionaires shelling out enormous sums of money for a digitized avatar.
While others believe that these online phenomena will eventually fade away and expire, a sizable group of blockchain aficionados believe that Web3 and decentralized technology will usher in the next stage of internet development.
Cloud Salesforce NFT
The globe experienced an NFT-mania around the conclusion of 2021 as well as the beginning of 2022, with a billion dollars getting invested in NFTs every month. Every new television show, movie, or product seems to be accompanied by the release of NFT.
As a result, information indicating that Salesforce planned to introduce the NFT Cloud 4 months ahead of schedule leaked in February 2022. According to trust as well as sustainability concerns, this was greeted with vehement opposition from the workforce; yet, this might be seen as a disguised blessing as Salesforce heavily integrated this input into the product. During their Connections conference in June 2022, Salesforce formally unveiled its NFT Cloud. At that time, the amount of trading on the NFT market had dropped precipitously, falling by 60% in Q3 over Q2 of that year.
When Salesforce gave us their last update on the NFT Cloud in June of last year, many of us assumed the initiative had been put on hold until today.
Launch of Web3 by Salesforce
Today, Salesforce announced Web3, a platform that enables organizations to build interconnected user experiences throughout Web2 as well as Web3.
The NFT Cloud, which has been renamed NFT Management, appears to fall under Salesforce’s new product category Web3, which includes several other products. Customers now have the option to “create and administer NFT collections straight through Salesforce, access real consumer insights, monitor blockchain movement, and automate operations using Salesforce Flow,” according to the company.
Web3 Connect is a new tool that “allows marketers to build tailored, omnichannel encounters across Web2 and Web3 and provides a 360-degree picture of how customers engage with their NFT collections,” according to the announcement.
While some may continue to view this as “jumping on the bandwagon,” there are a few reasons why this statement is particularly intriguing.
Even if NFT-mania has subsided after 2021–2022, Salesforce has continued to advance the development of its Web3 efforts.
To implement this solution, they are collaborating with international consulting partners, including Accenture, Deloitte Digital, as well as Vayner3.
They facilitate more than 275,000 NFT payments and have three well-known client success stories.
Customer Success Stories via Web3
From the beginning of 2022, the general public began to learn about NFTs, and many people—including myself—were duped into investing in the most recent NFT venture that promised to make us all rich. I bought a virtual horse!
One of the strongest justifications for the NFT market, however—to foster community, foster brand loyalty, and link the virtual and real worlds—failed to take this into account.
This is the reason why, according to a Salesforce poll, 3 out of 4 customers who have previously purchased an NFT say doing so makes them more devoted to that brand. Moreover, 45% of consumers indicated that they would be more inclined to purchase an NFT if it originated from their favorite brand.
Today, Salesforce is letting us in on their Web3 trial program, which let Crown Royal, Mattel, as well as Scotch & Soda, complete more than 275,000 transactions.
Even though awareness of NFTs has undoubtedly decreased since its peaks in 2021 as well as 2022, the industry is beginning to show indications of a resurgence, and from the client success stories, it is apparent that businesses are satisfied with their outcomes.
I continue to be cautiously enthusiastic about the prospects for NFTs. I completely understand how passionate people may be about particular products; however, are the NFTs appealing enough to encourage me to purchase and participate?
You can’t dispute that discussions around cryptocurrency and NFTs are engaging, whether you love them or detest them. And who knows, perhaps some of our forecasts regarding Web3 and NFTs will age just as horribly as this one on the internet!