Facebook to break into NFT Market soon

TL;DR Breakdown

• Facebook to begin providing NFT service.
• Social media giant and its deep crypto afinity.

David Marcus, head of Facebook Financial and co-creator of Facebook stablecoin, Diem, has said that at some point, the social media giant could be supporting nonfungible tokens (NFT) very soon.

Marcus told Bloomberg in an interview on Wednesday that Facebook is looking at ways it can get into the NFT space. He revealed that the media giant is considering multiple options to introduce NFT features, as it finds itself in a “really good position to do so.”

Facebook and its crypto affiliation

Although a social media firm, Facebook has not stopped at only connecting the entire world; it has continued researching ways of finding solutions in the fintech space and building a bridge between social media and fintech.

Facebook developed one of the foremost stablecoin, Libra, which came under fire among regulators globally across several countries. The Libra project has been subject to series of modifications and exists as Diem now. Due to global regulatory pushback, the Libra Association has been struggling to launch its stablecoin ever since

Part of Diem’s offer is a private currency implemented as a cryptocurrency, although the project is still in the making.

Beyond Libra/Diem, the social media giant has developed a Novi wallet app for the Diem payment system. The app is built on blockchain technology to enable people to move Diem, which is described as borderless cryptocurrency, freely, securely, and affordably. Marcus revealed that the firm is still considering Diem as a last resort.

Marcus, while speaking, said, “When you have a good crypto wallet like Novi will be, you also have to think about how to help consumers support NFTs.”

The Facebook executive also said that the Novi crypto wallet is now “ready to launch” after a couple of years of development. He revealed that the firm decided to put its launch on hold until regulators’ approval to move forward with Diem.