Facebook Likely to Build NFT Features Alongside NOVI Digital Wallet

Non-fungible tokens (NFTs) have taken the overall crypto market by storm this year. Tech conglomerate Facebook is looking to now dabble into the world of NFTs. Interestingly, this news comes just a day after Visa announced its CryptoPunk NFT purchase for a staggering $150,000.

It seems like big-tech players and financial giants are foreseeing a big opportunity in the NFT ecosystem. Speaking to Bloomberg TV on Tuesday, August 24, Facebook’s head of crypto and blockchain division David Marcus said:

“We’re definitely looking at the number of ways to get involved in the space because we think we’re in a really good position to do so. When you have a good crypto wallet like Novi will be, you also have to think about how to help consumers support NFTs. We’re definitely thinking about this.”

Marcus hasn’t been quite elaborative on what kind of NFT features will the NOVI digital wallet host. Also, just last week, Marcus confirmed that Facebook’s NOVI Digital Wallet is all set to launch in the major U.S. States.

Launching Along with Diem

Facebook Diem, previously popular as Libra, is the company’s most ambitious project in the FinTech space. Facebook has faced several pushbacks from regulators and lawmakers over the last few years.

However, the Diem project works independently as of now with Facebook still a partner in it. While Facebook’s NOVI digital wallet is ready for the roll-out, Marcus said that Facebook is willing to launch it alongside Diem.

As per the current plans, Diem is planning to offer a so-called stablecoin pegged to the USD. However, it’s unclear when the coin shall be introduced. Facebook wants that people should use its NOVI digital wallet to transfer Diem. This is to facilitate instant cross-border payments at a low cost.

Marcus stresses that the simultaneous launch of Diem + NOVI is essential to change the payments ecosystem. However, “as a last resort”, Facebook might consider launching the Novi wallet without Diem.