Enterprise software giant Salesforce partners with Polygon for NFT-based loyalty programs

Salesforce, one of world’s largest customer relationship management software firms, has partnered Polygon Labs to help its clients develop non-fungible token ($NFT) based loyalty programs on the Polygon blockchain, Ryan Wyatt, the president of Polygon Labs said on Twitter Thursday.

See related article: South Korea’s Lotte Group partners with Polygon for global $NFT drive

Fast facts

• On Wednesday, Salesforce launched its Web 3.0 service to enable its client companies to mint, manage and sell NFTs on a blockchain platform, according to its website.
• “NFTs present an opportunity for companies to find new audiences and source zero-party data, and to unlock co-creation and co-ownership, token-gated communities, and personalized engagement using wallet data,” the company said.
• In the last few months, Polygon has partnered a slew of major companies such as Starbucks, Japan’s Square Enix, and South Korea’s Lotte Group to help establish services on Web3, a reference to the evolution of the Internet to be built on decentralized blockchains hosting virtual reality, metaverse and other services.
• Japan, China, South Korea and other countries have officially endorsed Web3 as a new growth sector in their economies. However, some of the enthusiasm around NFTs is fading with Meta Platforms announcing Tuesday that it is winding down its $NFT services on Facebook and Instagram to focus elsewhere after its Metaverse division lost more than US$13 billion last year.
• NYSE-listed Salesforce reported a yearly revenue of US$31.4 billion in the full fiscal year that ended Jan. 31, 2023. The company states on its website that more than 150,000 firms use its CRM services.

See related article: Polygon Labs cut 20% of workforce