Facebook, the social media platform, could be considering integrating NFT features into Novi, its proposed digital wallet. This was revealed by David Marcus, a Facebook executive, on Bloomberg TV in a recent interview.
While it is no longer news that the social media giant has been assessing its options and how it could enter the crypto market, regulators and its users around the world have mostly frowned at the platform’s attempt to create its own crypto asset. This has prompted a rethink in strategy and approach to the industry and has led to the rebranding of the Calibra digital wallet into the newly proposed Novi wallet.
With this in mind, Facebook has mostly worked to appease regulators by tweaking its design philosophy. It was also revealed that the launch of the digital wallet would first focus on consumers before its use is spread to merchants.
Marcus also indicated that Novi and Diem, a Facebook-backed digital asset, could be launched side by side. According to him, the crypto asset has been in the works for the best part of the last two years and its launch alongside the digital wallet would signal the social media site intent for the crypto space.