HomeNFTMetaversesNFT, Facebook ready to enter the sector

NFT, Facebook ready to enter the sector

David Marcus has confirmed that Facebook is about to enter the NFT sector. 

He said this during an interview with Bloomberg

Facebook enters the NFT

David Marcus is the head of F2, Facebook Financial, the social network division responsible for the launch of Diem, the Novi wallet, and everything related to financial services associated with the social network. The fact that he is talking about NFT translates into one thing: we should not ask ourselves if Facebook will enter the NFT sector, but when this will happen. 

During his interview with Bloomberg, David Marcus spoke at length about the potential of Diem, Facebook’s stablecoin, and Novi, the digital wallet that will be launched soon, as it is ready. Just about Novi, from the words of Marcus, it’s clear that this will also support NFT.

Asked about the topic, David Marcus replied: 

“Well, it’s too early to talk about our plans but we are 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. An you know when you have a good crypto wallet it’s like NOVI will be you also have to think about how to help consumers you know support NFTs. And so there is no immediate plan that I can talk but we are definitely thinking about this. I mean it’s really an area that is worth exploring and one where we can have positive impact for both creators and consumers on the other side”.

All crazy about NFTs

Basically, after Visa entered the industry by purchasing a CryptoPunk, Facebook also aims to do the same. Unlike Visa, though, the timing is unclear. According to Marcus’ words, there is a project, but it would be in an early stage, so that at the moment, it’s premature to share more information.

What is certain is that when this happens, Facebook will be able to contribute to the NFT boom, the craze for which is still ongoing. 

Diem vs. Bitcoin

Facebook’s most immediate project at the moment is the launch of the NOVI wallet, which David Marcus repeatedly defines as ready. Novi will serve to store Diem and will also be useful for exchanging money. It responds to the philosophy illustrated by Mark Zuckerberg the day he presented the then Libra to the world: the intention is to make exchanging money as easy as sharing a photo. 

Given the power of Facebook, Diem can become the currency of the web, undermining Bitcoin, considered the currency of the internet since its inception. In this regard, David Marcus, while declaring himself a fan of Bitcoin, did not hide that these are two highly different things:

“I don’t think Bitcoin as a transactional currency, or as a medium of exchange. I think of it as a great decorrelated investment asset. But the problem is the volatility of the asset itself doesn’t make it a good transactional currency because if you are sending money around the world you can’t have the value of the asset that you send decrease by 20% in a day or even 10% in a day. That volatility is actually inappropriate for payments. And I think it’s really a great investment asset, I like it, but not for payments or maybe not yet.” 

On the contrary, in Marcus’ words, Diem will be a stablecoin linked to the US dollar, which will also have very solid reserves. Just on the reserves could be consumed the battle of the cryptocurrencies with stable value. Diem, in fact, given the power of Facebook, could be very widespread, but it is highly probable that just as happened to Tether and USDC, it will have to demonstrate to have certain reserves. 

On this will be played the trust of users. 

 

Eleonora Spagnolo
Eleonora Spagnolo
Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master's degree in Web and Social Media Marketing.
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