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David Marcus Of Facebook Indicates Plans To Support NFTs

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.

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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.

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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.

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Facebook Officials Claim Novi Received Approval From Major U.S. States

David Marcus, an executive in Facebook, released the regulatory information concerning Novi. The update states the current status of Diem’s crypto wallet.

Through a recent blog post, Marcus confirmed the approval for Novi in almost every state in the United States. Also, he revealed that it will not be launched in places where it has yet to get approval.

The Facebook executive mentioned that project commits not to launch Novi on Diem without the necessary clearance. Moreover, he states that the project still keeps to its commitments. As such, there’s an ongoing consultation with international regulators.

Furthermore, Marcus disclosed some information about Novi’s features and functions. According to him, the crypto wallet will enable free person-to-person payments within and outside the U.S. He explained the possibility for a future Novi’s profitability from merchant payments. This could be effective if the project will build a larger customer base.

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Marcus added that they could diversify and provide a range of other financial services. These could be achieved through collaborations with prominent, reputable, and regulated partners that will bring expansion.

How has The Facebook Project Fared?

From the current news on Facebook’s crypto, the project is progressively moving to its launching period. This’s after over 2 years through the period of development and delay in the project.

The announcement of the project was in June 2019. However, some issues surrounded it immediately after that. Also, most of the project members exited the Diem Association in early October 2019.

Some of the old members to exit the group include Paypal, Mastercard, and Visa. Consequently, many European regulatory made moves to crack down on the project within the period. The same time brought Mark Zuckerberg to face the U.S. Congress concerning Facebook involvement.

From the multiple issues, Diem was forced to move for a rebrand this year. This probably shifted its attention to the US.

The rebranding process is meant to give the project independence from Facebook’s involvement. However, the project before its rebranding had several concerning Facebook’s direct involvement. Some of the concerns were the misuse of Facebook in legitimate activities and funding of terrorism.

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Additionally, to boost its new stance, Diem, through its rebranding, selected some new members to its team. The move was for better repositioning in compliance with regulations and regulatory bodies. So, the aim is not just to create a name but to perform beyond the name.

Recall that before now, Diem has passed through several tracks as different brands and trademarks. Some of the previous brands include Globalcoin, Facebook Coin, and Libra.

Also, Facebook, in May, revealed its plans of launching Diem as a stable coin with the U.S. dollar’s backing. Invariably, it took the project out from several other international currencies.

However, neither Marcus, Facebook, nor the Diem Association gave any possible release date for the wallet or stable coin.

Featured image from Pixabay