Reports said that Facebook is exploring non-fungible token (NFT)-functionality in its Novi–Diem ecosystem.
It has been reported that NFT has enjoyed quick adoption across the entertainment, media, and sports space as the biggest brands, companies, and individuals looking to gain a first-mover advantage in creating their own digital collectibles.
However, these have come in myriad forms, and much like blockchain technology was touted to be pliable to any industry’s needs and problems, the imagination is the only limit when it comes to NFTs that are being created and traded around the world.
The report said that industry-leading behemoths like Facebook and Twitter have not quite onboarded blockchain technology into the inner fabric of their underlying systems.
Likewise, users can post about exciting new NFT launchings, but the end-user cannot buy or trade these items without clicking on a link taking them to whichever platform the digital collectible is based on. As its Novi wallet and Diem cryptocurrency edge closer to an official launch, the company has not been oblivious to the popularity of NFTs.
David Marcus, the Financial Head of Facebook, admitted as much in August, saying its Novi wallet is in a prime position to help its users with NFT support. NFTs are growing in popularity, and social media platforms like Facebook are moving quickly to stay abreast of the burgeoning space.
Thus, María Paula Fernandez, the adviser to the Golem Network’s Board of Directors, said:
“I am uncomfortable with the idea of Facebook jumping into NFTs, NFT marketplaces are, for the most part, transactional and profit-driven. I would be more concerned about other web3 applications integrating with Facebook.”