Facebook to Building NFT Related Features Alongside Digital Wallet

American multinational social networking company Facebook recently revealed that it is considering building some non-fungible token (NFT) features into its highly anticipated digital wallet, Novi.

In an interview with Bloomberg, David Marcus, head of Facebook’s Novi division, noted that the explosive growth of the NFT space had prompted Facebook to start considering how to help its digital wallet users support these tokens.

He said,

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

Marcus, however, refrained from giving any specific details about the NFT products and features that the team plans to integrate into the Novi wallet, only commenting that Facebook’s developers are currently working on it.

He added,

“We’re definitely thinking about this. It’s really an area that is worth exploring, and one where we can have a positive impact for both creators and consumers.”

Facebook to Launch Novi Without Diem

During the interview, Marcus pointed out that Novi is ready to make its debut in the market but it is trying to get all of its systems right to enable it to serve users better.

Earlier in May 2020, Facebook changed its digital wallet name from Calibra to Novi.

The company has been making plans to launch this digital wallet with its controversial digital currency, Libra, which is also now rebranded as Diem. 

Facebook claimed that these two products will completely revolutionize the global payment systems. It noted that Novi will help reduce digital transaction costs and enable seamless cross-border payments.

However, Marcus stated that the launch date for Diem has been constantly delayed due to several regulatory concerns, including data privacy and money-laundering concerns.

Recall that Facebook’s Libra project had been facing severe regulatory disapproval right from the start, which led the company to make plans to redesign the project.

But it seems that the problem has persisted as the project is still not fully accepted by regulators.

In light of these events, Marcus noted that Facebook might resort to launching its digital wallet without Diem.