Facebook Executive Reportedly Supports NFT
Facebook is currently finalizing the development of its cryptocurrency wallet, Novi. It is also reported that the social media giant also supports nonfungible tokens (NFT).
David Marcus, Facebook's head of Finance and co-creator of Facebook-initiated cryptocurrency Diem, said Wednesday that the company is definitely looking into possible ways to get involved in the NFT industry.
Facebook is considering several options for introducing the NFT feature. "It's a very good position to do it," Marcus said in an interview with Bloomberg Television.
Marcus said that the Novi crypto wallet is now ready to launch after several years of development, but Facebook has decided to delay its launch until the company gets approval from regulators to proceed with Diem.
Facebook started working on the digital currency two years ago, initially under the name Libra. The social media giant will still consider launching Novi without Diem as a last resort, Marcus said, but he believes both are necessary for Diem to be successful.
Facebook released a white paper for Libra in June 2019, initially planning to peg the digital currency to several fiat currencies, including the United States dollar, euro, Japanese yen, British pound, and Singapore dollar.
As a result of global regulatory pressure, the Libra Association has struggled to launch its stablecoin ever since, eventually rebranding as the Diem Association and redesigning the digital currency to be pegged solely to the US dollar and regulated under the US government.