Facebook Inc. is exploring developing NFTs (nonfungible tokens) – the digital assets that have exploded in popularity due to the advent of blockchain technology.
In an interview with Bloomberg Television on Tuesday, Facebook executive David Marcus revealed, “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.”
Marcus is the head of F2, or Facebook Financial, which is working on the company’s Novi digital wallet. NFTs could be stored in that wallet. During his Tuesday interview, he added, “When you have a good crypto wallet like Novi will be, you also have to think about how to help consumers support NFTs.”
However, he did not reveal the exact NFT-related product Facebook has in mind; he confirmed that such thoughts were in place. He also revealed that Facebook’s digital wallet is ready, but the famous organization has been holding off on releasing it until it can do so alongside Diem. Diem is the digital currency Marcus founded in 2019 within the Facebook brand. Before this time, it was known as Libra.
Marcus’ Diem intends to launch a US dollar-backed stable coin in the nearest future, although a possible date has not been given. The initiative was hugely criticized by several regulators and lawmakers after it was first announced, but there seems to be a broader acceptance now. Although Facebook is still a partner, Diem is now handled separately.
Facebook’s F2 head, Marcus, also noted that there are plans for Facebook to proceed with the launch of Novi Wallet if need be, but he believes for a better experience, both would need to be launched together as they are both needed to transform the payment space. In addition, the social network company is hoping that consumers will use Facebook’s wallet to send Diem, which would cut down on fees and shorten the time it takes to send money internationally.
Without additional payment technology innovation, Marcus believes Western countries, such as the United States, will struggle to stay up with China in adjusting to a world dominated by digital payments. He cautioned that the West is falling behind increasingly.