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Salesforce trials NFT service amid plunging trading volumes

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Bloomberg reported that U.S. cloud software company Salesforce is testing a new non-fungible token (NFT) cloud service to create, manage and sell NFTs.

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The service is called NFT Cloud and aims to make it easier for consumer brands to use NFT. Specifically, the product is aimed at consumer brands looking to sell NFTs for special access, such as event entry. Salesforce will first allow select customers to test the service before officially rolling it out in October.

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Aware of the recent attacks on NFT platforms and projects, Salesforce plans to offer a more secure service to its customers. To prevent fraud, Salesforce will be able to freeze assets or wallets associated with illegal activity.

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NFT Cloud will also allow brands to conduct sales on their websites to prove the legitimacy of their tokens. On the other hand, Salesforce will handle internal security, contract drafting, and authentication.

According to Adam Kaplan, senior vice president of emerging technology at Salesforce, customers are interested in using NFT to increase engagement, not to increase asset value.

Kaplan added that Salesforce’s NFT Cloud will help fight climate change by allowing brands to purchase carbon offsets. In addition, the service will use environmentally friendly blockchains to minimize the industry’s carbon footprint.

Security proves a major concern in NFTs

NFT trading volume continues to fall. not interchangeable, an analyst at NFT, claims that trading volume in the burgeoning digital collectibles industry is down 90% from its November 2021 peak. Nevertheless, collectors spent more than $2 billion on NFTs in May.

The sharp decline in NFT trading volume is partly due to the collapse of the cryptocurrency market. In addition to the low performance of the crypto market, the NFT space has also been subjected to numerous attacks, resulting in millions of dollars lost in a year.

Over the past 30 days, the NFT industry has lost over $2 million. Exploits in space include a phishing attack on Moonbirds, an Ethereum NFT project. This attack resulted in the loss of 29 NFTs worth about $1.5 million.

Prior to this, the attacker compromised the Twitter account of well-known digital artist Beeple to promote a phishing site. Having done this, the hacker walked away with $438,000. The most recent attack was on the popular NFT project Bored Ape Yacht Club (BAYC). This exploit resulted in the loss of $360,000 worth of NFTs.





Credit : cryptoslate.com

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