Facebook is considering adding support for NFT to its Novi digital wallet.
Facebook is considering adding support for NFT to its Novi digital wallet. By Hannah Perez

Facebook crypto project leader David Marcus said the company is looking closely at NFTs and “all sorts of new revenue-generating models.”

***

Facebook doesn’t want to be left behind in the growing trend of non-fungible tokens (NFTs). Now that the social media giant is preparing to release its Novi

digital wallet, it’s also considering integrating it with digital collectibles.

David Marcus, head of Facebook Financial and leader of Facebook’s crypto project, Diem, said Wednesday that the companyisdefinitely looking at” ways to integrate with the NFT industry. The statements come just days after the executive gave word about the approval of Novi’

s launch within the U.S. market.

Facebook is looking closely at NFTs

During an interview

with

Bloomberg TV, Marcus noted that Facebook was looking at “all kinds of new revenue-generating models for creators“. Facebook is considering multiple options for introducing NFT features, as it is in a “very good position to do so

,” the executive said.

He added that while it’s too early to talk about the company’s specific plans, the Novi wallet could include support for such assets. “If you’re a creator and you developed an NFT, you might want to rent it, sell it, store it […] you can think about a lot of these things that are currently not possible with payments infrastructure

,” he said, adding:

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

In the same line of thinking, he stressed that the wallet was building a new infrastructure based on interoperability that can offer its consumers multiple value exchange alternatives. “I think it’s super interesting to start thinking about these things now so that we can build the right infrastructure and think about how best to design these products

,” he commented. On the

other hand, when asked about concerns

around

Facebook’ s projects within financial services, Marcus argued that Facebook deserves “a fair chance

” to earn people’s trust, given the company’s track record of bringing competition to areas such as communication and, therefore, reducing the costs of text messages and international calls.

I completely understand the scrutiny and trust conversations, but I’m not advocating blind trust. I’m advocating for an opportunity to earn people’s trust over a long period of time.

Novi is ready, but won’t go to market yet

The Facebook executive echoed comments relayed recently in a blog post. Last week, Marcus advanced that the Novi wallet is ready to launch to the public after obtaining licenses and approvals for in nearly every U.S. state.

We will not launch anywhere where we have not yet received such approvals,” the project leader stressed.

Facebook initially announced plans in 2019 to launch a native cryptocurrency with its own wallet, though the project has been delayed due to multiple issues with regulators in the U.S. and other nations. It was first announced under the name Libra, while its wallet was called Calibra. Then in 2020, the project was renamed to ‘Diem’ and its wallet to ‘Novi’.

The company is yet to get approval from regulators to launch its digital currency – a stablecoin pegged to fiat currency. However, regulators have already given Novi the go-ahead. Marcus, who has been working with Facebook since 2018, said the company is still waiting to launch the wallet alongside Diem, though they are analyzing a possible early launch for the app.

If so, Novi would initially offer functionalities only with fiat currencies, which Marcus stressed would likewise “bring a lot of value to people.”

Recommended reading

Sources: Bloomberg TV, CoinDesk, Cointelegraph, archive

Version by Hannah Estefania Perez / DiarioBitcoin

Image by Unsplash