Facebook is set to launch its Novi digital wallet, and the social media giant is also looking at incorporating nonfungible tokens (NFT).
Facebook is looking to enter the NFT market
Social media giant Facebook could soon enter the NFT space. This is according to David Marcus, head of Facebook Financial and co-creator of Facebook-initiated cryptocurrency Diem. He stated that Facebook is currently looking at the possibility of getting involved in the NFT sector.
During an interview with Bloomberg, Marcus said, “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. When you have a good crypto wallet like Novi will be, you also have to think about how to help consumers support NFTs.”
NFT could be a part of the Novi digital wallet
The Novi digital wallet could make it easy for customers to enter the NFT market. However, Facebook is yet to launch the Novi wallet. Last week, Marcus revealed that the Novi digital wallet is ready and will soon hit the market.
Facebook has put the launch of the digital wallet on hold until it gains the necessary approval from regulators to proceed with the Diem project. The social media giant is optimistic about launching the Diem stablecoin before the end of the year. The Diem’s value would be pegged to the US Dollar, and the pilot is expected to focus on transactions between individual consumers.