Salesforce trials NFT service amid plunging trading volumes

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Bloomberg reported that American cloud-based software company Salesforce is piloting a new non-fungible token (NFT) cloud service for minting, managing, and selling NFTs.

The service is titled NFT Cloud and seeks to streamline the NFT experience for consumer brands. Specifically, the product is designed for consumer brands that aim to sell NFTs for special access, such as admission to an event. Salesforce will initially allow select customers to test the service before rolling it out officially in October.

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

NFT Cloud will also allow brands to host sales on their sites to prove the legitimacy of their tokens. On the other hand, Salesforce will handle back-end security, contract writing, and authentication.

According to Adam Caplan, the Senior Vice President of Emerging Technology at Salesforce, clients are interested in using NFTs to drive engagement instead of increasing asset value.

Caplan added that Salesforce’s NFT Cloud would help fight climate change by allowing brands to purchase carbon offsets. Additionally, the service will leverage eco-friendly blockchains to minimize the industry’s carbon footprint.

Security proves a major concern in NFTs

The trading volume of NFTs continues tanking. NonFungible, an NFT analyst, claims the trading volume of the burgeoning digital collectibles industry has plunged 90% from its November 2021 peak. Nonetheless, collectors spent more than $2 billion on NFTs in May.

The sharp decline in the trading volume of NFTs is partially due to the crypto market crash. Apart from the lackluster performance of the crypto market, the NFT space has also been subject to multiple attacks, which has seen it lose millions of dollars so far into the year.

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

Before this, an attacker compromised the Twitter account of renowned digital artist Beeple to promote a phishing site. By doing so, 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.