Facebook Considers Getting Into NFTs

What Happened: David Marcus, co-creator of Facebook, Inc’s FB cryptocurrency project Diem and the head of Facebook Financial, revealed that the company is exploring ways to enter the NFT space.

“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,”  he said in an interview with Bloomberg Television.

According to him, the social networking company is already in a “really good position” to introduce NFT features.

“When you have a good crypto wallet like Novi will be, you also have to think about how to help consumers support NFTs,” he said.

Read also: VISA Buys CryptoPunk NFT For $150,000, Draws Even Bigger Attention To The Marketplace

After a few years spent on development, Marcus revealed that Facebook’s Novi crypto wallet is finally ready to launch. However, the firm has reportedly put the official launch on hold until its cryptocurrency project Diem received approval from regulators.

In December 2020, the company rebranded its cryptocurrency project to Diem from “Libra” with the aim of showing the project's “growing maturity and independence.”

However, unlike Bitcoin BTC/USD, Ethereum ETH/USD, and most other decentralized cryptocurrencies, Facebook’s Diem will be backed by government currency.

Price Action: At the time of writing, Facebook shares were up by 0.73%, trading at a price of $368.29. Bitcoin was trading at $48,756, up 1.47% over the past 24-hours.