Facebook is currently on the hunt for an effective way to enter the NFT space. The social media giant is currently looking to use its Novi wallet to assist users interested in non-fungible tokens.
Speaking to Bloomberg, Facebook Financial (the company’s group developing the Novi digital wallet) head, David Marcus, says that the company wants to exploit the wave of NFTs in the blockchain sector as it believes that it is in a good position to do so. Marcus also says that the company is very interested in using the wallet to bring customers closer to NFTs. He said:
“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.”
According to the exec, the Novi digital wallet is ready. However, Facebook will not launch the product until the Diem (formerly known as Libra) digital currency is also ready. Marcus did add that Facebook could launch Novi without Diem only “as a last resort”. Nonetheless, he notes that the company specifically believes that the simultaneous availability of both Novi and Diem will help make cross-border transactions more effective by reducing fees and increasing transaction speed.
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