Facebook Works on NFTs with Digital Currency Diem, Novi Wallet

Facebook is considering working on NFTs, says David Marcus, head of Facebook Financial and the Novi blockchain wallet. Facebook developers are building NFT-related features, allowing the Novi wallet to hold NFTs.

“When you have a good crypto wallet, like Novi will be, you also have to think about how to help consumers support NFTs. It’s really an area that is worth exploring, and one where we can have a positive impact for both creators and consumers.”

Last week, Facebook founder Mark Zuckerberg showcased Horizon Workrooms. The new product is a new 3D environment where remote workers can interact in the metaverse. Also, Zuckerberg wants Facebook to be known as a “metaverse company” in the future.

“Having programmable money and smart contracts on top of a purpose-built blockchain (Diem) is going to be transformational for the metaverse,” Marcus says. “If you’re a creator, you’re creating an NFT. You may want to rent your NFT or sell your NFT. You’ll have to store your NFT.”

Novi is the Facebook wallet to support the Diem (formerly Libra) blockchain and digital currency. According to Marcus, Facebook’s Novi digital wallet is “ready now”. But the company has been waiting to launch it with Diem.

Facebook Doubts Bitcoin, Works on NFTs & Metaverse

Diem is the digital currency previously known as Libra, which Marcus co-founded from within Facebook in 2019. Positioning as a stablecoin, Diem is backed by the U.S. dollar. However, the project faces immense pushback from the U.S. lawmakers and global regulators, putting off its launch.

Marcus believes people will use Facebook’s wallet to transfer Diem. This will reduce the time and fee it takes to send money cross-border. Without more innovation in payments technology, Marcus believes the U.S. will struggle to keep up with China in the digital payment race.

Yet, the Facebook executive has doubts about using Bitcoin (BTC) for transactions. Because of its price volatility, Marcus doesn’t view Bitcoin as a good medium of exchange. Still, Bitcoin is a “really great” investment asset.

Big consumer brands are taking NFTs seriously, with Visa and Budweiser, among others, buying and promoting NFTs over the past week.

Lately, Lympo, a subsidiary of Hong Kong’s NFT gaming giant Animoca Brands, will auction sports star NFTs. Lympo will auction the NFTs on Binance NFT Marketplace. Also, investors can participate in the auction on NFT marketplace OpenSea with Lympo’s LMT token.

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