Facebook to Support NFTs via Digital Wallet Novi

Facebook has been interested in the concept of blockchain and digital assets for a long time. The social media platform introduced a new digital wallet called Novi in May for providing custodian support for Diem tokens. However, now the Facebook officials have made some important changes in the functionality of the product. In an interview with Bloomberg, David Marcus, the head of Finance at FB headquarters, explained further.

Marcus told the media that Facebook is looking to allow the users to hold, trade, sell and exchange NFT assets with the help of Novi wallet. He further added that Facebook is also exploring different methods of getting into the NFT marketplace because, as the world’s leading social media network, it is possible for them to reach millions of consumers and introduce a new market to the NFT industry.

For the time being, there is a visible increase in the purchase and sale of NFT artwork all over the world. Experts have dubbed this period the NFT summer. Facebook has a higher reach to consumers all around the world who have access to the internet and are willing to pay for these services. They originally planned to introduce a stablecoin called Libra last year.

However, the Libra project faced a lot of backlash from the state officials, who were worried that it could become a way for criminals to move easily. Since then, Facebook has been planning to continue with its blockchain journey under the name of Diem token. In the same vein, the social media network also introduced a new digital wallet called Novi, which is built on top of a blockchain that is prepared by Facebook developers.

Big Tech Companies Want to Enter Crypto Markets

The Big Tech or the FAANG stocks companies are the giants and world leaders in the matter of technology and innovation. The first one of the FAANG group (Facebook, Amazon, Apple, Netflix, and Google) was Microsoft. The Windows operating system manufacturer formed a partnership with Enjin, which is a blockchain integration platform. MS incentivized its developers by awarding them with rare and valuable NFT rewards. Other big tech companies like Atari, Coca-Cola, Twitter, Budweiser, Shopify, and many more have also gone on to purchase NFT artwork in the last few months. More and more institutions are entering the space. For the time being, the most popular NFT marketplace is OpenSea that generated a trading volume valued at $1.5 billion last month.

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