- NFTs are the top development in the cryptocurrency space at the moment.
- Facebook’s internal group is developing the company’s Novi digital wallet that could potentially be used to hold NFTs.
Hence, the company is now considering utilizing NFTs to its fullest potential and integrating non-fungible tokens with related features into its Novi digital wallet, Facebook executive David Marcus says.
After the company’s Libra project received a mostly negative response, it only makes sense that Facebook is taking a different approach to its financial product.
Facebook Digital Wallet: What is It?
Novi is a digital wallet and a fresh incarnation of an ambitious Facebook product previously called Calibra. After some negative response Facebook has decided to shift things around, taking a different approach and rebranding the product. Hence this time, it has a whole new name: Novi.
As the Company’s executive once stated, the product aims to help people send and hold Diem digital currencies, previously called Libra. In addition, Novi is all about helping people access affordable financial services on a global scale. The goal is to provide everyone with the possibility of sending or receiving money to friends and family anywhere around the world.
Facebook states that it seeks to make transactions as easy as sending ‘’messages’’
Sounding familiar? Absolutely, PayPal is successfully expanding its crypto financial services. Yet Facebook wants to defer from one of their biggest competitors. Perhaps, that’s why Facebook is eager to consider NFTs, as an extra push to make their services more appealing.
Novi and NFTs
As Novi’s new visual identity and design is intended to represent the fluid movement of digital currencies, the social network is “definitely looking” at digital assets as part of their push into financial products, the Facebook executive has said.
Therefore, what would be a better way than building products and features related to non-fungible tokens?
During an interview with Bloomberg Television, David Marcus pointed out:
“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”
Hence, the idea is that digital wallet could be used to hold NFTs too. Although, the executive did not give specific details about the type of NFT-related products Facebook might create.
Even though Facebook’s digital wallet is “ready now,” the company has been withholding the launch until it can do so alongside their digital currency Diem.
Diem will offer a so-called stablecoin backed by the U.S. dollar. Yet it is still uncertain when the coin will be officially introduced, since the project previously experienced pushback from lawmakers and regulators. In the meantime, Facebook is considering launching the Novi wallet alone, without Diem currency. The togetherness of Diem and Novi will be important if they are to change the way people make payments.
The social media giant hopes people will use the Facebook wallet to transfer Diem, which could cut expensive fees and reduce the time it takes to send money across borders.
On The Flipside
- NFTs are the newest and hottest thing, as smartphones once were. People are prepared to pay millions to own NFTs.
- Perhaps by including NFTs, Facebook hopes to boost the project and gain publicity. After all, Visa, Justin Sun and others who were willing to pay obscene amounts of money, all became the center of attention.
Why You Should Care?
Change is inevitable. Everyone tries to come up with new ways to incorporate blockchain technologies into their businesses. The more companies adapt, the sooner we’re going to experience major digital change. Making yourself familiar with the current topics can only help along the way.