According to Facebook’s David Marcus, “When you have a good crypto wallet, like Novi will be, you also have to think about how to help consumers support NFTs.”
Due to the fact that Facebook is nearing completion of the development of its proprietary cryptocurrency wallet, Novi, the social media giant may soon be able to support nonfungible tokens (NFTs).
In a statement released on Wednesday, David Marcus, the CEO and cofounder of the Facebook-initiated cryptocurrency Diem, stated that the company is “definitely looking” into possible ways to get involved in the nonferrous technology industry.
Facebook is considering a variety of options for introducing NFT features because the company has found itself in a “really good position” to do so, according to Marcus in an interview with Bloomberg Television.
The author continued, “When you have a good crypto wallet, such as Novi will be, you must also think about how to assist consumers in supporting NFTs.”
Although Marcus stated that the Novi crypto wallet is now “ready to launch” after a couple of years of development, Marcus also stated that Facebook has decided to delay the launch of the wallet until the company receives regulatory approval to proceed with Diem.
Facebook began working on the digital currency two years ago, initially under the name Libra, and released a beta version in 2013. Marcus stated that while the social media giant would consider launching Novi without Diem “as a last resort,” he believes that both are required for Diem to be a success.
A white paper for Facebook’s then-named Libra digital currency was published in June 2019; the company had originally planned to peg the digital currency to several fiat currencies, including the United States dollar, the euro, the Japanese yen, the British pound, and the Singapore dollar, among others.
Due to global regulatory opposition, the Libra Association has been unable to launch its stablecoin since then, eventually rebranding as the Diem Association and redesigning the digital currency so that it is solely pegged to the United States dollar and regulated by the United States Department of the Treasury instead.
