Facebook Considers Getting into NFTs

Based on the recent Twitter discussions, Facebook is planning to build products and tools associated with nonfungible tokens (also known as NFTs), the digital era assets that skyrocketed with the adoption and popularity of blockchain technology. There’s a treasure trove of possibilities for the tech behemoth in the field, whether it will opt for doing it all itself or acquiring a turnkey business. Keep reading to learn more on the topic.

According to Facebook executive David Marcus, the company is currently researching several strategies of getting involved in the field, for it feels it’s strong enough to expand its horizons. Marcus is the head of Facebook’s team responsible for creating the tech giant’s Novi crypto wallet. Chances are it could be utilized to hold NFTs. So far, Facebook representatives are quite vague about the kinds of NFT-related products the company might create.

The wallet is reported to be ‘ready now,’ but the team hopes to launch it alongside Diem, Facebook’s digital currency formerly referred to as Libra. However, due to administrative matters related to user confidentiality and possible money-laundering violations, the currency launch was postponed. So, Facebook is now considering rolling out Novi without Diem. The Facebook team expects Novi to be utilized for the purpose of speeding up international payments, as well as for transaction cost reduction. 

At the present moment, the fact that Facebook is eager to expand its digital payment capacity and facilitate innovation in payments technology is obvious. The question is how the tech giant will introduce NFTs, not whether it will join the game or not. What’s your opinion on the topic? Let it all out in the comments at the bottom of this post. We greatly value your feedback here.