Facebook tempted to participate in the NFT industry

Key facts


  • The company wants to incorporate NFT tokens into its wallet project, Novi.

  • Facebook claims it could launch its wallet without the stablecoin, Diem.

David Marcus, CEO of Facebook Financial, said the company is keeping a close eye on the growing non fungible token (NFT) industry.

Marcus said they are looking at the “number of ways to get involved in NFTs” because they believe they are in “a very good position to do so,” he

told Bloomberg.

The company’s interest in non-fungible tokens, is preceded by a series of actions by Facebook that show the company is interested in cryptocurrencies. Among the initiatives is the Novi digital wallet

project, which they believe can work with NFTs. Facebook tempted to participate in the NFT industry Facebook tempted to participate in the NFT industry Facebook Financial CEO David Marcus reported that the Novi wallet, is ready and they are waiting for Diem.

“When you have a good cryptocurrency wallet like Novi will be, you also need to think about how to help consumers support NFTs,” the executive said.

Marcus left no doubt about Facebook’s interest in participating in one way or another in the NFT

market, although he did not give specific details about which part of the industry they are going to do it.

According to the executive, the new wallet is ready but they haven’t wanted to roll it out, until they are ready to launch Diem, the cryptocurrency formerly known as Pound, announced in 2019

by Facebook.

However, Facebook would consider launching Novi without Diem “as a last resort,” but they see both as necessary to “change the way people make payments,” Marcus added.

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Facebook still believes in Diem

The social media giant is betting that cryptocurrency enthusiasts will use the Novi wallet to transfer Diem


In Facebook believe that with these financial tools, they can lower fees and reduce the times in which transactions are made from one side to another, concluded the executive Facebook Financial.

It is worth remembering that Libra, now Diem, was initially a project of a cryptocurrency that would allow “moving money around the world, so easy.

and fast as sending a text message,” Facebook explained at the time.

After facing intense criticism and criticism, the project was forced to reduce its ambitions. The stablecoin that would be supported by multiple fiat assets, will now only be supported by the U.S. dollar, according to the latest statements of the directors.

Facebook’s currency will be focused on providing a simple payments platform “for fintech innovation to thrive and enable consumers and businesses to make instant, low-cost and highly secure transactions,” said Diem CEO Stuart Levey.