Cloud computing company Salesforce.com (NYSE:CRM) could be entering the non-fungible token space according to a report from employees. Here’s a look at what that could mean.
What Happened: Salesforce co-CEOs Marc Benioff and Bret Taylor announced plans for an NFT cloud service to employees, according to a CNBC report.
The company has no timetable for the launch of the NFT Cloud and details remain light.
References were made by Salesforce executives to the work PepsiCo, Inc. (NASDAQ:PEP) has done in the non-fungible token space.
Salesforce Director of Market Strategy Mathew Sweezey noted that 2022 will be a pioneering year for brands searching for utility via NFTs.
“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 Clinton discussed 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.
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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. By utilizing tools where transactions could be managed by NFT collections themselves, it could cut down on the need to use OpenSea.
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 (NYSE:BUD), Nike Inc (NYSE:NKE), Adidas AG – ADR (OTC: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. Coinbase Global Inc (NASDAQ:COIN) is also launching a rival NFT marketplace.
Time will tell if Salesforce ends up being a direct competitor to platforms such as OpenSea and Coinbase or if it can work in tandem, providing better data and analytics to the NFT space.