Facebook may be looking around at integrating non-convertible tokens (NFT
) and related features into its Novi digital wallet, according to an executive. Sponsored Sponsored
Facebook is reportedly already thinking about integrating NFT functionality into its digital wallet, according to David Marcus, an executive who spoke
on Bloomberg TV. Marcus said that Facebook feels it is a good time and a good place to get involved in the crypto space in many ways.
. The company took a new approach to its financial product because the Libra project received mostly negative responses. Both users and regulators disagreed with the idea of Facebook launching its own asset. Sponsored
As a result, Facebook changed its design philosophy to appease regulators. Marcus said last week that Facebook is ready to launch a portfolio that will initially focus on consumers, following merchants.
If the wal
let is ready to launch, it would be a good time to release NFT tokens already to capitalize interest. Facebook Pay will be free from the eyes of regulators, which the team hopes will encourage users to use.
Marcus also said that the company is waiting for the launch of the Diem currency so that Novi can launch alongside it. Work on the digital currency has been ongoing for about two years. Marcus also added in the interview that the United States is “going backwards with current information at an alarming rate” when it comes to innovation.
popularity continues to grow
NFT is currently the hottest topic in the cryptocurrency space. The niche has led to established projects launching their own NFTs, as well as celebrities and companies outside of this space. The niche has quickly replaced DeFi
as the hottest technology in the market, and there is no indication that it is going to go away.
Given Facebook’s brand value and ability for exposure, the NFT market
could become even more popular.
Formula One, Major League Baseball and the NBA have all adopted NFT. Celebrities and artists such as Eminem and Elon Musk, among many others, have also tried using the technology. Even companies like Adidas and Nike have done large-scale NFT projects that have been spectacularly successful.
This is the same kind of enthusiasm that Facebook
hopes that NFT will bring that popularity with it to its products. However, it remains to be seen if the company can launch some valuable digital merchandise or collections with the same appeal.
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