Facebook ‘ s Novi digital wallet could be used to hold NFTs, an ashen family said hypertext transfer protocol : //t.co/YrQfjtDhCd— Ad Age ( @ proverb ) August 25, 2021
Facebook is considering building products and features related to non-fungible tokens ( NFTs ). “ We ’ re decidedly looking at the number of ways to get involved in the space because we think we ’ re in a identical ace english to do thus, ” Facebook executive David Marcus said Tuesday in an interview on Bloomberg Television. Marcus is the head of F2, or Facebook Financial, the internal group developing the ship ’ s company ’ second Novi digital wallet. According to Marcus, the wallet could be used to hold NFTs.
“ When you have a dependable cryptocurrency wallet like Novi will be, you besides have to think about how to help consumers support NFTs, ” he said. “ We ’ re decidedly thinking about this. ” however, he was not particular about the kinds of NFT-related products Facebook might build.
Marcus added that Novi is “ fasten ”, but the company has been waiting to launch aboard Diem, the digital currency previously known as Libra. It was co-founded by Marcus from within Facebook in 2019.
Diem is slated to offer a alleged stable coin backed by the US dollar, but it is ill-defined when the mint will be introduced. Although Facebook is a partner on the stick out, Diem is run independently as it faced huge pushback from lawmakers when it was unveiled.
Without more invention in payments technology, Marcus said, countries in the West like the US will struggle to keep up with China in adapting to a earth where digital payments are prevailing.
NFTs are surging in popularity
The popularity of NFTs has been rising wildly. OpenSea, the universe ’ randomness largest NFT market, has recently reached a major milestone — surpassing $ 1 billion in NFT transaction majority.
Ethereum-based NFT game Axie Infinity besides crossed US $ 1 billion in sales. Axie Infinity is a turn-based real musician game ( RPG ) that allows users to buy, sell, trade, breed, and struggle cuddlesome digital pets called “ axies ”.
More bombastic companies and institutions are besides buying into NFTs.
Digital payments colossus Visa revealed that on August 18, it had spent US $ 150,000 to purchase its first non-fungible token ( NFT ) — CryptoPunk 7610 .
The CryptoPunk solicitation is one of the most popular NFT collections, and exploded in popularity over the past few weeks. This led to OpenSea, the populace ’ sulphur largest NFT grocery store registering a transaction bulk of over US $ 1.1 billion this class.
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Also Read: NFTs Are Booming In Popularity: 6 Key Metrics Investors Can Use To Evaluate NFT Projects