Tuesday, December 7, 2021

Facebook wants people to use its wallet for NFTs

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According to the latest announcement from the social media giant Facebook, it seems that the company is considering building products and features related to nonfungible tokens, or NFTs. NFTs are the digital assets that have taken off with the rise of blockchain technology.

We’re 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.”

Facebook Financial is the internal group of Facebook for developing the company’s Novi digital wallet. That wallet could be used 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. We’re thinking about this.”

according to sources, Facebook’s digital wallet is “ready now,” however, the company has been waiting to launch it until it can do so alongside Diem, the digital currency previously known as Libra, which was founded from within Facebook in 2019.

Facebook plans to offer a so-called stable coin backed by the U.S. dollar through Diem, but it’s unclear as to when the coin will be officially introduced in the market. However, it isn’t easy for Facebook as the project has faced and is still facing resistance from lawmakers and regulators when it was unveiled, and while Facebook is still a partner on the project, Diem is now running independently.

Reports indicate that Facebook will consider launching the Novi wallet without Diem “as a last resort,” however, many believe that both of these technologies going together is necessary to change the way people make payments.

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Facebook hopes that people will use its wallet to transfer Diem, reducing the costly fees while lowering the time it takes to send money cross-border.

Without having more and secure innovation in payments technology, countries like the U.S. will struggle to keep up with China in adapting to a world where digital payments are dominant. Hence the innovations which Facebook is trying to bring out deserve evaluations and support.


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Avatar of Nivedita Bangari
Nivedita Bangari
I am a software engineer by profession and technology is my love, learning and playing with new technologies is my passion.


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