Key Takeaways
- Facebook reveals plans to add NFT functionality to digital wallet (Novi)
- Novi wallet to be deployed on several applications within the Facebook ecosystem
- Facebook is closing in on the launch of its dollar-backed stablecoin Diem.
American news outlet Bloomberg made this development known in a report published on August 24, 2021.
According to the report, Facebook head of finance, David Marcus, stated the company's intention to integrate NFTs during a chat with the media.
Marcus added that the social media giant plans to include these NFT-related products and features into its digital wallet Novi.
Formerly called Calibra, Novi is a wallet integrated into the suite of applications within the Facebook ecosystem. This includes Facebook Messenger, WhatsApp, and Instagram.
The Novi wallet will enable users across these platforms to exchange currencies with no hidden charges through the interface of the applications.
In addition, the deployment of an NFT feature will further expand the functionality of the Novi wallet.
NFTs have emerged as a popular digital asset in the past 12 months and have been adopted by artists and brands.
David Marcus further provided updates on the Novi wallet and stated that the wallet was ready for deployment.
He further added that the Novi project has obtained licenses from most states in the United States and won't face regulatory concerns.
Nevertheless, Facebook intends to wait for the launch of Diem, its US dollar-pegged stablecoin, before rolling out the Novi wallet to its users.
Launched in 2019 as Libra, Facebook rebranded its stablecoin to Diem in 2020. Following pressure from regulators.
The social media giant was forced to entrust the stablecoin to the Diem Association, an independent association.
Nevertheless, Facebook appears to be inching closer to the stablecoin launch in what could be a major milestone for the company.
Do you think Facebook will be successful with its digital currency venture?
