When you have a good cryptocurrency wallet, as Novi will be, you also have to consider how to assist customers in adopting NFTs, Facebook’s David Marcus explained.
With the completion of Facebook’s custom cryptocurrency wallet Novi, the social media giant may soon allow nonfungible tokens (NFTs). David Marcus, president of Facebook Financial and co-creator of the Facebook-backed cryptocurrency Diem, said Wednesday that the company is “absolutely looking” at ways to enter the NFT space.
Facebook is examining a variety of alternatives for implementing NFT capabilities, as the company is in a “very good position to do so,” Marcus told Bloomberg Television. “When you have a good crypto wallet, as Novi will be, you must also consider how to assist users in adopting NFTs,” he continued.
Marcus stated that the Novi cryptocurrency wallet is now “ready to debut” after two years of development, but Facebook has decided to delay its introduction until the company receives regulatory approval to proceed with Diem. Two years ago, Facebook began developing digital money, initially dubbed Libra. Marcus indicated that while the social media giant would contemplate launching Novi without Diem “as a last resort,” he believes that both are necessary for Diem to succeed.
In June 2019, Facebook published a white paper on its then-named Libra digital currency, initially intending to link it to numerous fiat currencies, including the US dollar, the euro, the Japanese yen, the British pound, and the Singapore dollar. Due to global regulatory opposition, the Libra Association has been unable to deploy its stablecoin since then, eventually rebranding as the Diem Association and redesigning the digital currency to be linked exclusively to the US dollar and regulated by the US government.
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