Facebook plans on NFT features with its digital wallet

Facebook says that its Novi digital wallet is ready for launch


Facebook is pondering over building nonfungible token-related products and features. Nonfungible tokens are digital assets that gained value after the rise of blockchain technology. Facebook executive David Marcus clarified that they are looking at the ways through which they can enter this field and claims that they are “in a really good position to do so”. He said it in an interview on Bloomberg Television. 

Facebook’s digital wallet Novi is developed by F2 or Facebook Financial. The group is led by Marcus himself. He said that the wallet will enable NFT holdings. He added that the company’s cryptocurrency wallet Novi made them think about supporting NFTs. He did not provide further details on the nature of NFT-related products that the company might come up with.

Marcus said that the company’s digital wallet is fully developed but is waiting for its launch. This is delayed because the company is waiting for Diem, the digital currency which was earlier known by the name Libra. It was co-founded by Marcus in 2019. With Diem, they plan to launch stablecoin, which will be backed by the US dollar. The details on the date of introduction are not specified. The plan to launch stablecoin was criticized by many lawmakers and regulators. Diem is functioning independently, but Facebook is still a partner.

If plans don’t go well, Novi wallet will be launched without Diem, Marcus mentioned. But he sticks to the point that both are necessary to bring a change in making payments. Facebook hopes that the partnership will decrease the money and time spent on sending money across borders. He warned that if new methods of payments are not introduced countries like the US will find it difficult to keep up with China to adapt to a world with a dominance of digital payments.