What is NFT?
- Non-fungible tokens, commonly known as NFTs, are unique cryptographic tokens that exist on a blockchain and cannot be replicated—having a unique identification code and metadata.
- NFTs function like communicators or information tokens, but unlike cryptocurrencies such as Bitcoin or Ethereum, NFTs are not mutually interchangeable and are not fungible.
Salesforce NFT Cloud:
- Salesforce has announced its official entry into the non-fungible token (NFT) ecosystem with the launch of its NFT Cloud marketplace for enterprise users. The platform will allow users without coding knowledge to mint and sell NFTs in a trusted and sustainable manner.
- Cloud NFT does not support proof-of-work (PoW) blockchains, which makes them more environment-friendly.
Corners Salesforce is addressing NFT:
Sustainability has been a key challenge with blockchain and NFTs. Many of the first-generation blockchains (including Bitcoin and Ethereum) rely on proof-of-work (PoW) algorithms, which require the use of energy (that is, work) to perform transactions. Salesforce has an opportunity to lead with its values, and shape positive norms and benchmarks for using NFT and blockchain technology sustainably. That’s why the NFT Cloud pilot will not support proof-of-work blockchains.