Facebook might launch Novi wallet with NFT features

Karthik Subramanian

In a major shot in the arm for the NFT ecosystem, David Marcus, the Head of Facebook F2, which works on the Facebook digital wallet Novi, has indicated that the wallet is likely to have NFT features built into it as and when it is ready to go live.

Facebook

David felt that the NFT space was worth paying attention to and with the digital wallet in the works, it is only but natural for them to look into how to incorporate handling, storing, and other features concerning NFTs though he did not do into the specifics of what they planned to do.

“We’re definitely looking at the number of ways to get involved in the space because we think we’re in a really good position to do so,” said Facebook executive David Marcus. “When you have a good crypto wallet as Novi will be, you also have to think about how to help consumers support NFTs,” he added. “We’re definitely thinking about this.”

Any wallet that is being currently built has the features to store NFTs and so it is not a surprise for Facebook to be looking to add this to their Novi wallet. What would be interesting to see is what other features that they are likely to add for the handling of NFTs within the Novi wallet and this could be a guide for other teams as well and would give insights on how the company views NFTs and how they are planning their forway into this space.

David also said that he would like to ship Novi along with their stablecoin called Diem, which has been stuck in regulatory limbo for a long. Though Diem might be stuck for much longer which would mean that Novi might well have to ship without but that isn’t something that the company is considering at this point.

Diem was initially launched as project Libra with much fanfare but it immediately came under the regulatory spotlight as Facebook is a huge company spread all across the world and so a stablecoin introduced by the company with a potential userbase all across the world is likely to disrupt the traditional financial ecosystem in a very big manner. This project was then renamed Diem and launched as a separate company. Perhaps, the regulators are not yet ready for such a big change at this time and this is why we are seeing the Diem project coming to a standstill. It would be interesting to see how the Novi wallet and Diem stablecoin are going to work together if and when they launch.

 

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