Facebook Is Pondering NFTs via Novi Wallet

2021-08-25 17:11:57

It seems that even Facebook cannot resist the current non-fungible tokens mania. The latest news concerning this social platform reveal that Facebook is seriously pondering to dwell into NFTs via Novi.

That is the company’s very own and brand new digital wallet. Or, as the Head of Financial Services at Novi, David Marcus personally, said, ‘Facebook is definitely thinking about the matter’.

He also went on by saying:

When you have a good crypto wallet like Novi will be, you also have to think about how to help consumers support NFTs.David Marcus | Head of Financial Services at Novi Wallet


However, it seems like the project first needs to get the approval by the official regulators. Especially since a great deal of officials seem to find Facebook an easy target and such, viable to cyber-attacks. It is the frequent privacy issues, along with the fact that Facebook has more than 2.80 million users that makes many officials carefully ponder on this delicate matter.

Consequently, breaching the privacy of more than 553 million users is something that is bound to stick on their resume.

Another thing that authorities dislike is the fact that the Novi wallet can only launch on Diem. Formerly known as Libra, David Marcus claims that it is because Facebook is part of the Diem Association that regulators keep finding new issues.

Coming to Facebook’s defense, David Marcus claims that the company’s 100m in the last four quarters only shows that the company is quite capable of handling even bigger financial ventures.

Moreover, he believes that the Novi wallet is perfect for both small business and everyday users. That is since it enables domestic and international transfers in a matter of seconds. The service is fast, with almost no fees, and it comes with all necessary licenses. Specifically, with the approve of almost each and every US state.

Whatever the outcome, one thing is certain. The Novi Wallet that Facebook wants to use for implementing NFTs can definitely change the entire crypto scene.

Even more so if you consider what would happen if more than 2 billion people suddenly start using crypto. Consequently, it would lead to a certain mass-adoption, and eventually losing its unique blockchain features.


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