Whose bright idea is to copy NFTs into every single platform? From Walmart to Salesforce, everyone wants to get in on the hype. But here’s the thing, they aren’t exactly a safe thing to get into.
It’s also frankly just pretty funny to witness.
Salesforce announced plans this month to create an NFT cloud where non-fungible assets can be traded. But its plans to enter the blockchain-based market may be, well, blocked by internal protests — hundreds of the software company's employees signed an open letter objecting to the decision. (Reports LinkedIn Editors).
Why the Revolt?
Per Reuters, the staffers' misgivings include the environmental toll of NFTs, plus the fact that these are unregulated financial assets prone to rampant fraud. Salesforce said it will host a listening session during which workers can share concerns.
Environmental harm
Unregulated nature of the commodities or assets
Prone to rampant fraud and price manipulation
Just a week after Salesforce became the latest company to plot a move to the NFT market, hundreds of its employees have revolted with an open letter claiming NFTs are problematic for multiple reasons.
According to the Thomson Reuters Foundation, over 400 employees around the world have signed an open letter raising concerns about the environmental impact of NFTs, as well as their "unregulated, highly speculative" nature as financial assets. "The amount of scams and fraud in the NFT space is overwhelming," the employees reportedly wrote. Do tech workers actually have a conscience?
Clearly a lot of crypto people do not.
Salesforce cofounder Marc Benioff, in particular, has seemed enthusiastic about the growing NFT space; another of his properties, Time magazine, recently unveiled a Web3 initiative that lets fans own digital artwork. It’s all a bit much, but understandable if you are Silicon Valley tycoon. You want to exploit the Bitcoin FOMO for profit a la Jack Dorsey!
It’s all a bit eye watering as Bitcoin is likely on the trend to another crypto winter.
The World Wildlife Fund recently bowed to pressure from environmentalists and backed away from NFTs.
Salesforce ran a Super Bowl ad starring Matthew McConaughey focusing on its sustainability initiatives.
Even the short-term future of NFT platforms is very speculative.
“Our core values guide everything we do, including the development of our products,” a Salesforce spokesperson told Fast Company. “We welcome our employees’ feedback and are proud to foster a culture of trust that empowers them to raise diverse points of view. We are hosting a listening session with employees and will use their input to strengthen our path forward.”
Not all of Web3 is honey and roses. Sometimes they are dangerous profiteering at scale going on.
"The amount of scams and fraud in the NFT space is overwhelming," the letter says, before talking about crypto's carbon footprint and uneven financial distribution. "We implore you to reconsider."
As if we already knew as much I guess?
While NFTs are getting plenty of buzz and interest from investors and companies, Salesforce's plans to get into the market are getting pushback from its employees object to the plans due to environmental and copy infringement concerns. I understand Coinbase getting into NFTs, but what business does Walmart, Salesforce and other such companies have with them?
Part of the hypocrisy is of course the ESG vs. Crypto debate. Some workers also voiced shock that the company’s move came on the heels of a recent sustainability campaign, including a major Super Bowl ad in which an astronaut-suited Matthew McConaughey urges all of us to plant more trees.
Silicon Valley always struggles with the lack of ethics behind its own greed. Just when we thought Salesforce was among the good guys.
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