Facebook Considers Adding Support for NFT in Novi Wallet
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Aug. 25, 2021

Facebook, an American online social media giant, is considering adding support for non-fungible tokens (NFTs) for its digital wallet called Navi, David Marcus, a board member of the Diem Association, said in an interview with Bloomberg Television. Marcus says the company is looking at "the number of ways to get involved in the space" as the digital wallet gives it many ways of further evolvement in the market.

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"We are definitely looking at the number of ways to get involved in the space because we think we are in a really good position to do so," he said.

While the launch date of the wallet remain unclear, Marcus said the product is ready. He also noted the social network wants to launch it alongside Diem, the Facebook-backed stablecoin. Marcus admitted that the company might get in a situation where it would launch the Novi wallet without Diem, however, this option is being considered as a "last resort" so far.

Earlier in August, Marcus highlighted that the Diem stablecoin is ready to come to market. He pointed out that the asset is already regulated, and Facebook Financial, an initiative to run all payments projects, is confident in its operational ability to exceed the "high standards of compliance."

Facebook Abandons Diem in Favor of a Third-party Stablecoin

In the meantime, Federal Reserve Chair, Jerome Powell, called for a regulatory framework for stablecoins as this type of assets might be a "significant part" of the payments universe. Speaking at the House Financial Services Committee, Powell warned stablecoins are similar to bank deposits, however, they have no regulation.

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