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Enter Web3 with support from a trusted ecosystem.
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Frequently Asked Questions
- NFTs are tokens that live on a blockchain and represent ownership of unique items. An NFT is created, or “minted,” and becomes a digital asset that can represent tangible items (like a physical good or artwork) and intangible items (like song rights, digital media, community membership, and more). An NFT can have only one owner at a time.
- The unique NFT data makes it easy to verify the creator and owner, and enables token transfers between owners. The creator writes a smart contract that defines the use, royalties, and legal aspects of the NFT.
- Brand-new experiences are being built around rare digital and physical goods through the use of NFTs, and how they can unlock new ways to engage with customers, like exclusive deals and perks, early access to product drops, and community membership for the owners. Many possible use cases for NFTs are being explored.
Sustainability has been a key challenge with blockchain and NFTs. Many of the first-generation blockchains (including Bitcoin and Ethereum) rely on proof-of-work (PoW) algorithms, which require the use of energy (that is, work) to perform transactions. This has resulted in significant energy consumption and carbon emissions, with Bitcoin consuming as much power per year as the country of Thailand (as of April 2022).
The industry is continuing to address sustainability issues as its technology evolves, as we’re seeing with new and upcoming proof-of-stake (PoS) blockchains. Based on current models, it is believed that PoS blockchains drastically reduce the energy consumption of current-state PoW blockchains by as much as 99.95%. Additionally, there is significant electronic waste associated with PoW blockchain use (due to frequent upgrading of equipment) that is eliminated by switching to PoS, which does not rely on physical hardware.
At Salesforce, we have an opportunity to lead with our values, and shape positive norms and benchmarks for using NFT and blockchain technology sustainably. That’s why our NFT Cloud pilot will not support proof-of-work blockchains.
In line with our net zero emissions commitment, and to help our customers reach or stay net zero, our NFT Cloud pilot will automatically calculate carbon emissions of blockchain options, and allow the user to offset the emissions through trusted, high-quality carbon credits. Beyond our direct impact, we are collaborating with organizations, such as the Crypto Climate Accord, to drive sustainability in the Web3 space.
As a company, Salesforce is deeply committed to creating technology with ethics and inclusion built in. Our Office of Ethical and Humane Use of Technology actively partners with our product and engineering teams to approach product development with intention, identifying risks and innovating new solutions with our values at the core.
We believe it’s essential that this new space be guided by values, to ensure trust and safety for all. For that reason, we have outlined these principles for the development of products in the Web3 space:
- Trust and Security: We will embed best-in-class brand and consumer protections, identifying — and preventing — the use of the product for fraud, force, or fear.
- Sustainability: We commit to quantify, disclose, minimize and neutralize environmental impacts resulting in net zero emissions while driving increased sustainability in the sector more broadly.
- Equality: We will provide guidance and guardrails to ensure fairness, diversity, and empowerment of customers and consumers.
- Accountability: We will empower the end user with explainable governance and engage stakeholders in ongoing evaluation.
- Integrity and Transparency: We commit to share clear, precise communication about the product and create trusted experiences and marketplaces where safety is top of mind.
Aligned with these principles, we are building security and trust into every layer of the NFT Cloud pilot, including audited smart contract templates to protect sellers and buyers; branded first-party marketplaces to provide controlled, secure checkout experiences; and fraud prevention tools to help keep your brand’s NFTs out of the hands of bots and bad actors.