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Facebook wants to enter the world of NFTs with its Novi wallet

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Facebook Inc. is evaluating the possibility of creating products and functions related to non-fungible tokens, or NFTs, the digital assets that have come to the fore with blockchain technology. Novi, the company’s digital wallet that is now available to be released could be used to store NFTs.

The social media giant announced that the platform created by Mark Zuckerberg will have its own digital wallet called Novi and the company’s head of blockchain operations and architect of the Diem stablecoin project, David Marcus told Bloomberg Television in an interview conducted with him that the company is “looking at the various possibilities” of entering the non-fungible token industry and getting involved in the NFT space.

Marcus, the former head of PayPal who was hired by Facebook, acknowledged that the company is in a good position to enter the market and that the wallet is ready but will not be launched until the rollout of Diem, a smaller-scale version of the Libra project. . He stated that: “When you have a crypto wallet like Novi you should also think about how to support consumers who are interested in NFTs. We are definitely looking into the issue,” he stressed.

Marcus who leads F2 or Facebook Financial, the internal group that develops the company’s Novi digital wallet, also stated that Facebook might consider launching Novi only even if it’s not on par with Diem ultimately because he believes both are necessary. to change the way people make payments. This suggests that they do not want to delay as with the announcement of their token in 2019, the digital currency formerly known as Libra, which Marcus co-founded.

Investment in cryptoassets is not regulated, may not be suitable for retail investors and the entire amount invested may be lost. It is important to read and understand the risks of this investment, which are explained in detail.

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