Facebook wants to get into NFTs with its future Novi wallet

Facebook takes a keen interest in NFTs

Facebook, the social network which has 2.85 billion active users each month, plans to launch into NFTs, Bloomberg reports in an article published on August 24, 2021. Asked by the media, David Marcus, the current head of Facebook’s financial division has made no secret of the Californian group’s interest in non-fungible tokens.

“We’re definitely looking at a number of ways to get involved in this space because we think we’re really in a good position to do it,” says David Marcus.

Unsurprisingly, the social network plans to include these NFT-related products and features in its future digital portfolio, Novi. Formerly called Calibra, Novi is a wallet that will be directly integrated into the applications of the Facebook group, namely Messenger, WhatsApp and Instagram. It will allow users to easily exchange currencies with no hidden charges through the interface of messaging apps.

“When you have a good crypto wallet like Novi will be, you also need to think about how to help consumers support NFTs,” continues the former vice president of Facebook Messenger.

👉 Also read: David Marcus claims that Bitcoin is not a form of currency

Facebook awaits the launch of Diem to announce the Novi wallet

According to David Marcus, the Novi wallet is “now ready” to be deployed. In a blog post on Medium, the entrepreneur claims that the Novi project has obtained “licenses or approvals” from most states in the United States.

“Novi is an interoperable digital wallet that will allow people, and potentially small businesses, to move money within a country and abroad in a fast and affordable way,” says David Marcus.

Nevertheless, Facebook wants to wait for the launch of Diem, its US dollar-backed stablecoin, before offering the digital wallet to all of its users. Announced in 2019 as Libra, Facebook’s cryptocurrency was renamed Diem in 2020.

Under pressure from regulators, the social network was forced to entrust the development of its “Facebook corner” to the Diem Association, an independent organization. In terms of regulatory obstacles, a pilot version of Diem would be proposed by the end of the year.

Scared by the outcry generated by the announcement of the project, Facebook would be content with a discreet launch. For David Marcus, the firm could launch Novi without waiting for Diem only as a “last resort”.

Mirroring Facebook, many large companies are currently turning to NFTs. For example, Visa has just acquired a CryptoPunk 7610 for nearly 50 Ethers (ETH). A few days earlier, Chinese giant Alibaba launched an NFTs platform allowing brand owners to sell licenses for their copyrights. Who’s next ?

👉 Also read: Facebook’s Diem reaches 50 million transactions during its testnet

Newsletter 🍞

Receive a recap of crypto news every Sunday 👌 And that’s it.

About the author: Florian Bayard

Back to top button