Is Facebook Planning to Enter the NFT Space Too?

Is Facebook Planning to Enter the NFT Space Too?

Posted Thursday, August 26, 2021 by
Aiswarya Gopan • 1 min read

Facebook’s fascination with the crypto world may have just gotten bigger, with the social networking giant purportedly looking into dipping its toes in the NFT pool as well. In a recent interview with Bloomberg TV, head of crypto and blockchain at Facebook, David Marcus, hinted at how the company is looking at ways to support their customers’ interests in non-fungible tokens (NFTs).

The big tech firm is already working on a digital wallet called NOVI which is gearing up for launch across several US states soon. In the interview, Marcus shared, “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.”

Facebook has been looking to enter the cryptocurrency space with its own offering, previously named as Libra which has since been renamed as Facebook Diem. However, the company faced severe backlash from regulatory authorities around the world on its plans amid rising privacy concerns – an issue that has plagued its social media platforms for some time now.

Marcus also confirmed that the NOVI digital wallet is ready but the company is planning to launch it along with the Diem cryptocurrency. Touted to be a stablecoin pegged to the US dollar, the company claims that Diem will be an open-source, interoperable protocol for conducting digital transactions and transfer of money.

Facebook’s vision is to enable faster and cheaper cross-border money transfers all around the world, which it hopes to realize with Diem. However, it is yet to receive the official go-ahead from international regulators – a possible reason for the delay in its launch.

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