Salesforce NFT development halted due to lack of regulation

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Salesforce announced last week that it was looking into a number of NFT initiatives, including a “NFT Cloud”. Which would allow enterprises all over the world to build and trade NFTs.

Hundreds of Salesforce employees from all over the world are protesting the company’s plans to enter the non-fungible token market.

After the company’s announcement, more than 400 employees signed an open letter. Which expanded through internal communications channels.

Addressed to Salesforce’s co-CEOs, the concerns about the environmental and economic consequences of NFTs are showing. Which it refers to as “unregulated and highly speculative financial assets.”

MetaNews.

According to market tracker DappRadar, the NFT market has grown in the last year, with revenues surpassing $24.9 billion in 2021. Up from just under $95 million the year before.

Celebrities are increasingly purchasing and creating their own NFTs, as are companies such as Pepsi, Universal Music… Or the National Basketball Association.

NFTs have previously been condemned for their environmental impact. As well as their capacity to encourage dangerous speculation and fraud protection.

If NFT’s plan goes through, one Salesforce employee who signed the letter has threatened to leave. “I will locate a company that lives up to its stated ideals,” he told media.

In internal talks, some employees were surprised that the plans were publicized just as Salesforce was airing a major Super Bowl commercial with actor Matthew McConaughey praising the company’s dedication to sustainability.

Other employees backed the concept, claiming that Salesforce could assist responsibly create the NFT ecosystem. As well as guiding its customers in this new market.

Source: https://metanews.com/salesforce-nft-development-halted-due-to-lack-of-regulation/

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