Facebook to consider building NFT products

Facebook is pondering building products relating to non-fungible tokens as the digital asset craze gathers pace.

Facebook Financial is the internal company that is involved in the production of the company’s “Novi” digital wallet, which could be capable of holding NFTs.

“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,” Facebook executive David Marcus said Tuesday in an interview on Bloomberg Television.

“When you have a good crypto wallet like Novi will be, you also have to think about how to help consumers support NFTs, we’re definitely thinking about this.”

According to Marcus, Facebook’s digital wallet is “ready now” however the company is waiting until it can launch it alongside its own digital currency, Diem (previously called Libra).

Diem is to be a US dollar-backed stablecoin, however it is unknown when the coin will launch still.

READ MORE: Louis Vuitton to reward players of its new game NFTs from tomorrow

Regulators and US lawmakers were initially not in favour of the introduction of the coin and while Facebook is still a project partner, Diem is now run as an independent organisation.

Marcus said that the company would potentially launch the Novi wallet without Diem however he thinks that both are necessary to bring digital payments to the forefront.

He also said that he believes that western countries such as the US are struggling to keep up with China when it comes to digital payments.

“We’re really falling behind at an alarming rate,” he said.

Facebook is expanding its digital payment capacity at the same time as its digital marketplaces as social commerce becomes a more important part of ecommerce strategy.

The company yesterday announced it was rolling out its marketplace feature to 37 more countries and territories across sub-Saharan Africa.

This news comes as social media rival TikTok recently launched its shopping tab feature which allows for further ecommerce integration into the popular video-sharing app.

You can watch Charged’s brief summary on NFT’s here.

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