David Marcus Of Facebook Indicates Plans To Support NFTs

August 26, 2021 0 Comments

This post was originally published on this site

According to David Marcus of Facebook, you must seek out ways to clients support NFTs if there is a good cryptocurrency wallet such as Novi.

After completing Facebook’s exclusive crypto wallet Novi, the top-notch social media magnet, will likely support NFTs (non-fungible tokens) very soon.

The co-creator and financial head of Facebook, David Marcus, launched cryptocurrency Diem. In his speech on Wednesday, he stated that Facebook is assuredly searching for realizable ways to enter into the Non-fungible-Tokens industry.

Facebook is considering many different choices to launch the NFT features when the right time comes, says Marcus in an interview with Bloomberg Television.

Related Reading | 37% Of U.S. Investors Decline To Liquidate Cryptocurrency Assets in Bearish Situations

According to him, “with a good cryptocurrency wallet such as Novi, there is the need for you to think on how to assist clients support non-fungible-tokens,” he says.

Crypto wallet Novi is currently “ready for launch,” says Marcus. However, after developing the wallet for two years now, Facebook is not in a hurry to launch it, pending the firm’s go-ahead from regulators to launch together with Diem.

The Origin Of Facebook Backed Crypto-Wallet Novi

Facebook started the work on this digital currency a couple of years ago, initially bearing answering Libra. On June 18th Facebook broadcasted a white paper for their long-awaited blockchain-based and cryptocurrency financial framework project.

As stated by the paper, the social media magnet global stablecoin named “Libra” will function on a scalable and native blockchain. Also, it will be supported by reserve assets designed ostensibly to provide it with intrinsic value and reduce volatility fluctuations.

All the assets comprise a basket of short-term government securities and bank deposits, held within Libra Reserve per every issued Libra.

In addition, the governance of the current crypto will be through a Switzerland-based not-for-profit consortium – “Libra Association.” It counts Stripe, Visa, PayPal, Mastercard, Uber, Andreessen Horowitz, Coinbase, and eBay as its founding members.

Meanwhile, Facebook has plans to further the association to reach at least 100 members by the estimated launching time during the first six months of 2020.

Latest Novi Launch Resolution

As it stands now, the social media magnet Facebook may go ahead with the Novi launching without Diem says Marcus as a fallback plan. However, for Diem to succeed, both of them are required, he added.

In June 2019, Facebook broadcasted a white paper for the then-named Libra. The original plan was to stick numerous fiat currencies with this digital currency, including the US, Singapore, British pounds, Japanese yen, and the euro.

Related Reading | PayPal To Facilitate UK Customers With Cryptocurrency Trading Feature

However, because of the pushbacks from global regulations, Libra Association finds it difficult to the stablecoin since then.

Eventually, the digital currency is currently rebranded to Diem Association. Also, the digital currency is redesigned to be stuck majorly on the United States dollar. In addition, the United States government will regulate it.

Featured Image From Pixabay

Leave a Reply

Your email address will not be published. Required fields are marked *