Salesforce told employees at a sales pitch on Wednesday that the company plans to launch an NFT cloud, according to people with knowledge of the matter.
NFTs (non-fungible tokens) are unique digital assets stored using blockchain technology. They’ve taken off in the world of art and collectibles, and Salesforce sees an opportunity to bring the technology into enterprise software.
Salesforce co-CEOs Marc Benioff and Bret Taylor discussed strategy at the online event, one attendee said. The person asked not to be named because the event was private. Executives at the meeting cited NFT-related work Pepsi has done as an example, another person said.
Salesforce, which provides cloud-based software for sales reps, marketing departments and e-commerce providers, wants to offer a service for artists to create content and post it to a marketplace like OpenSea, one person said. Last month, OpenSea said it raised $300 million at a valuation of $13.3 billion, thanks to a surge in NFT trading, which surpassed $23 billion in 2021, according to DappRadar, a decentralized app store. .
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 would be no need to use OpenSea.
Salesforce’s interest in the space should come as no surprise. Time Magazine, owned by Benioff and his wife, Lynne, recently introduced TIMEPieces, a digital collectible that gives owners access to the magazine’s content and events.
In a blog post on 2022 predictions published in December, Mathew Sweezey, Salesforce’s director of market strategy, said that in the coming year “first-mover brands will seek utility through NFTs.” He called Time’s project a “great example” and said NFTs will become more widespread as they move beyond the novelty phase.
“To unlock its full potential, brands will need to start creating utility through the token,” Sweezey wrote. “In 2022, you will hear a lot more about NFTs and there will be winners and losers.”
A Salesforce representative did not immediately provide comment.
Salesforce shares rose 1.5% in extended trading on Wednesday to $225.40. The stock is down 13% in the year to close.