Facebook Is ‘Definitely Looking’ At NFTs!

Now that Facebook is finalizing its own cryptocurrency wallet Novi, the social media giant may soon be supporting non-fungible tokens or NFTs. The head of Facebook Financial and co-creator of Facebook-initiated cryptocurrency Diem, David Marcus said on Wednesday that the company is “definitely looking” for possible ways to enter the NFT industry.

Currently, Facebook is considering several options so that it can introduce NFT features. This is because the company thinks it is in a “really good position to do so”. Marcus stated this in a Bloomberg Television interview. He further said:

“When you have a good crypto wallet like Novi will be, you also have to think about how to help consumers support NFTs.”

Facebook And Libra

The Facebook team has worked so hard in the development of Novi crypto wallet in the past couple of years. David Marcus said that it is now “ready to launch”. However, Facebook has decided to hold the launch of Novi until the company gets regulatory approval to continue working with Diem. Facebook started working on digital currency two years ago and they were originally called Libra. According to Markus, the social media giant still sees the launch of Novi without Diem as a “last resort,”. He but believes both are essential to Diem’s ​​success.

Facebook published a white paper for Libra in June of the year 2019. It was initially planning to peg the digital currency to various fiat currencies. The currencies include the Japanese yen, the US dollar, the euro, the British pound sterling, and the Singapore dollar. Due to global opposition from regulators, the Libra Association has since struggled to launch its stablecoin. Thus eventually it resulted in them reaching out to the Diem Association. It was only then it started redesigning the digital currency to be pegged only to the US dollar and run by the US government.

You might also like to read about David Marcus’s call for a ‘fair shot’ at crypto payments.