Home Salesforce What is NFT (non-fungible token)?

What is NFT (non-fungible token)?

by Dhanik Lal Sahni

Salesforce has rolled out a closed pilot program for a new service called NFT Cloud. This cloud will allow users to manage NFTs for brand engagement and marketing purposes.

What is NFT?

A non-fungible token (NFT) is a digital identifier, similar to a certificate of ownership, that represents a physical or digital asset. In general, a non-fungible asset is unique and not interchangeable with others. An NFT, like an original painting, has its own unique value. Fungible assets are interchangeable, like dollar bills or units of a cryptocurrency.

For example, NFTs could enable a decentralized marketplace for music, allowing creators or content owners to collect revenue for digital assets directly and automatically, rather than through a third party.

Common and emerging digital and physical NFT applications.

NFTs depend on the following technologies:

  • Blockchain : A blockchain is a decentralized digital ledger that uses cryptography to enhance the security and permanence of transactions.
  • NFT marketplace: An NFT marketplace is a website where one can create, sell, and buy NFTs—similar to other online platforms that allow users to do business with each other.
  • Digital wallet: A digital wallet is a contactless payment application that can store forms of payment, identification cards, NFTs, and more.

NFTs rely on smart contracts—computer code that automatically executes a transaction when specific conditions are met.

Risk In NFT:

NFTs have a risk to privacy. For example, without proper digital safety, the assets in an individual’s digital wallet may be publicly viewable, which could reveal identifiable information. Users can also receive unwanted or illicit NFTs, such as NFTs associated with obscene content, because some transactions do not require recipient approval. 

Reference:

Mint and sell NFTs

Learn About Non-Fungible Tokens

Non-Fungible Tokens (NFTs)

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