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Facebook considers building NFT features alongside Digital Wallet

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Facebook considers building NFT features alongside digital wallet. As a matter of fact, the company is exploring creating products and features related to nonfungible tokens, or NFTs, the digital assets that are becoming increasingly popular with blockchain technology.

“We’re undoubtedly trying on the variety of methods to participate in the space. Indeed, we believe we are in an extremely good place to take action, Facebook executive David Marcus stated Tuesday in an interview on Bloomberg Tv.

Facebook’s Novi Digital Wallet is ready to go

Marcus leads F2, or Fb Monetary, the interior group developing the corporate’s Novi digital wallet. That wallet could be used to hold NFTs, he stated. “When you have an excellent crypto wallet like Novi will likely be, you also need to consider how to assist consumers to support NFTs,” he added. On the other hand, He didn’t elaborate more on what types of NFT-related products Facebook might develop.

Fb’s digital wallet is “well-constructed now,” Marcus stated. However, the company has been waiting to launch it until it can probably achieve this alongside Diem, the digital currency beforehand referred to as Libra, which Marcus co-founded from within Fb in 2019.

Lawmakers are obstructing the New Coin

Plans are for Diem to offer a so-called stablecoin backed by the U.S. dollar. Nevertheless, it’s unclear when to likely launch the coin. Additionally, lawmakers and regulators immensely pushed back the challenge when we initially unveiled it. However, whereas Fb remains to be a partner on the challenge, Diem is now running independently.

Marcus elaborated that Facebook would contemplate launching the Novi wallet without Diem “as a final resort”. Notwithstanding, he trusts that both are fundamental to alter the way people make payments. Furthermore, Social Media truly hopes that people will use Facebook’s wallet to transfer Diem. In that case, that would significantly minimize the costly fees and diminish the time required to send money across borders.

New Digital Payments’ Technologies are indispensable

As the West countries strive to adapt to a world where digital payments are predominant, Marcus says it will be difficult to keep up with China if the related technologies don’t progress significantly.

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