Facebook executive, David Marcus, has revealed that the social media corporation is looking into Non Fungible Tokens (NFTs). He broke the news after the corporation completed the building of its crypto wallet, Novi. After the final completion of the digital currency wallet, the executive said it was proper to think of NFTs for consumers’ support.
David Marcus, the co-creator of the cryptocurrency wallet, explained to the public on Wednesday that Facebook is looking to invest in NFT. He added that the company is in a good position to do so. NFTs will help boost the consumer base. However, no one knows when the company’s investment in NFTs will materialize, not even Marcus.
Novi is All Ready for Launch
Marcus revealed that the crypto wallet is all ready for launching after years of developing it. Novi is a digital wallet that integrates with the Diem crypto. The wallet will facilitate the transfer of money conveniently, ease business transactions, and revolutionize the traditional payment system.
However, Facebook has decided to place it on hold until the corporation gets permission to proceed with Diem. The firm began developing the digital currency Diem in 2019 when they released a white paper for the coin. Then, Facebook called it Libra.
Initially, Facebook planned to put the digital coin to fiat currencies like the U.S. dollar, the British Pound, and the Euros. However, the digital currency faced some pushbacks from regulatory commissions, prolonging the launch of the crypto. This led to the rebranding of the coin to Diem.
Marcus said that Facebook is considering launching it without Diem if all options are out of the table. However, he still considers launching both together, as they would guarantee massive success.
Marcus Calls for Regulatory Bodies to Step Up and Maximize the Opportunities in the Crypto Space
Last week, the Facebook executive shared his opinions on the cryptocurrency market, regulatory difficulties, and the entire payment system. Marcus cited that over 1.7 billion people were unbanked, with close to 62 million Americans not utilizing the opportunities in the crypto world. Marcus voiced his vituperations for the lack of commitment from regulatory bodies to accelerate the growth of cryptocurrency.
He further added that America’s payment infrastructure is one of the worst amongst developed countries, and behind their Chinese counterparts in payment innovations. Marcus was speaking about the launch of the Chinese digital Yuan, which he predicts will challenge the dollar as the world’s reserve currency. If the United States and the regulatory bodies don’t respond, they might lose the tech war to China.
Launching the Novi cryptocurrency wallet is right at this time, and if everything goes according to plan, it will combine with the digital coin Diem to ensure fast and safer payments.
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