Cryptos

Facebook’s David Marcus has revealed plans to support NFTs

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David Marcus, a Facebook user, said that you should look for ways customers can support NFTs if there’s a good cryptocurrency wallet such as Novi.

Novi, the social media leader magnet, will likely take over non-fungible tokens (NFTs) soon after it has completed Facebook’s exclusive crypto wallet.

David Marcus, Facebook’s co-creator and CFO, launched the cryptocurrency Diem. In his speech, WednesdayHe stated that Facebook is actively seeking out ways to enter non-fungible token markets.

Marcus told Bloomberg Television that Facebook is considering many options for launching NFT features at a suitable time.

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He said that “With a good cryptocurrency wallet such as Novi, you need to think about how clients can support non-fungible tokens.”

Marcus claims that the Novi crypto wallet “is ready for launch” at this time. Facebook has been building the portfolio for two-years now and is not in rush to launch it. They are waiting for approval from regulators to launch it using Diem.

Facebook backs the Novi crypto-wallet

Facebook began work on this digital currency several years ago. It initially carried the answer to Libra. June 18eFacebook released a whitepaper on its long-awaited blockchain- and cryptocurrency-based financial structure project.

According to the article, the global social-media magnet stablecoin called “Libra” will run on native and scalable blockchain. It will also be backed by reserves assets, which are ostensibly designed to give it intrinsic value and reduce volatility fluctuations.

All assets include a portfolio of short-term government securities as well as bank deposits. This is held in the Libra reserve, which is issued for each Libra.

The governance of current crypto will also be done by a non-profit consortium, “Libra Association”, based in Switzerland. It has as founding members Stripe and Visa, PayPal, Mastercards, Uber, Andreessen Horowitz (Coinbase), and eBay.

Facebook intends to continue to grow the association to at least 100 members by 2020’s launch date.

Novi’s most recent launch resolution

The Facebook social media magnet may continue to move forward with the launch Novi without Diem Marcus as a backup plan. He added that both are essential for Diem’s success.

Facebook published a whitepaper in June 2019 for the then-named Libra. The original plan was for many fiat currencies to be able to be used with this digital currency. This included the United States, Singapore and British Pounds.

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The Libra Association has been struggling with stablecoin for years due to global regulatory pressures.

The Diem Association, which is the current name for the digital currency, has been renamed. The digital currency will also be redesigned so that it is primarily linked to the US Dollar. The United States government will also regulate it.

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