Following the news that Salesforce has launched NFT Cloud, an NFT minting and sales platform, and Salesforce’s own employees have already protested NFT Cloud on ESG* grounds;

Amrit Dhami, Associate Analyst at GlobalData, a leading data and analytics company, offers her view:

“Salesforce’s NFT Cloud is not too late to the party and the leading tech company’s stamp of approval may well renew the NFT hype. Having been presented as a ‘layman’s guide to NFTs’ for brands, NFT Cloud could encourage more consumers to get involved—going a long way in deflating the perception that NFTs are fun for the ultra-rich but scams for everyone else.

“While more brands minting their own NFTs would give more consumers access to the world of NFTs, this could deter celebrities and influencers from associating with it in the long run. A lot of its value is in its exclusivity. If existing social ecosystems propped up by NFTs fail to keep providing the benefits and social kudos that they currently offer, their desirability and power as a social currency will quickly diminish as the mystique around NFTs dissipates. Indeed, Salesforce’s focus does appear to be around engaging brand new NFT communities.

“Making NFTs a more mainstream concept might also force the industry to acknowledge its damaging ESG impact. Anything blockchain-related requires high-power computers for the cryptography involved, and the huge amounts of electricity that come with a large carbon footprint. This stands against Salesforce’s highly-emphasized commitment to sustainability.”

Dr Lil Read, Senior Analyst at GlobalData, offers her view:

“Salesforce’s NFT Cloud no code is effectively an NFT-as-a-service (NFTaaS) platform that could provide an easy steppingstone for enterprises into the metaverse and Web3.

“By lowering the barrier for entry and encouraging more widespread adoption of NFTs and broader Web3 themes, Salesforce could be well positioned in the next wave of the rapidly evolving internet. Although Web3 and the metaverse are not the same, there will be many overlapping components, including NFTs. Web2.5-based metaverse will take off quicker than Web3-based metaverse.”

* Environmental, social and governance (ESG)

Hear Amrit and Lil speak about this topic on GlobalData’s Instant Insights Podcast! The Podcast is available on Youtube and Spotify.