The head of Facebook’s Novi project has hinted that the social media giant sees room to include non-convertible tokens (NFTs) in its upcoming wallet launch.
In a new interview with Bloomberg, Marcus explained the company’s current approach and its plans for the near future:
“Thinking about the metaverse as a fully digital environment is actually very helpful when designing products that simply need to be future-proof. When I look at what you’re going to need in that environment, it’s really a seamless flow of value, for that we need new infrastructure, interoperability, because you’re going to want to have multiple wallets that can participate in that environment.
I think having programmable money and having smart contracts on a purpose built blockchain will be transformational for the metaverse. If you’re a creator, if you create NFTs, you may want to rent NFTs or sell NFTs, you’re going to have to store NFTs. You can think of all kinds of new business models that are not possible with the current payment infrastructure and without smart contracts.
I think it’s very interesting to think about these things now so that we can build the right infrastructure and think about how to design these products in the right way so that the future doesn’t get caught off guard.”
Asked about Facebook’s immediate plans for NFT, Marcus said:
“It’s too early to talk about our plans. We’re definitely looking at a lot of ways to engage in the space. We think we’re in a really good position to do that. And when you have a good crypto wallet like Novi, you also have to think about how to help consumers support NFT. And while there are no immediate plans that I can tell you about, we’re definitely thinking about that. It’s really an area worth exploring and one where we can have a positive impact on both creators and consumers on the other side.”
Novi Wallet, formerly known as Diem, is a “new global payment system” that is currently being developed by Facebook. An official release date has not been announced as of yet.