Facebook is contemplating constructing merchandise and options associated to nonfungible tokens, or NFTs, the digital belongings which have taken off with the rise of blockchain know-how.

“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 govt David Marcus stated Tuesday in an interview on Bloomberg Television.

Marcus leads F2, or Facebook Financial, the inner group creating the corporate’s Novi digital pockets. That pockets could possibly be used to carry NFTs, he stated. “When you have a good cryptocurrency wallet like Novi will be, you also have to think about how to help consumers support NFTs,” he added. “We’re definitely thinking about this.” He wasn’t extra particular about what sorts of NFT-related merchandise Facebook may construct.

Facebook’s digital pockets is “ready now,” Marcus stated, however the firm has been ready to launch it till it might achieve this alongside Diem, the digital foreign money beforehand generally known as Libra, which Marcus co-founded from inside Facebook in 2019.

Plans are for Diem to supply a so-called stablecoin backed by the US greenback, nevertheless it’s unclear when the coin might be launched. The mission confronted immense pushback from lawmakers and regulators when it was unveiled, and whereas Facebook continues to be a companion on the mission, Diem is now run independently.

Marcus stated Facebook would contemplate launching the Novi pockets with out Diem “as a last resort,” however he believes each are crucial to vary the way in which folks make funds. The social media big’s hope is that individuals will use Facebook’s pockets to switch Diem, which may cut back pricey charges and decrease the time it takes to ship cash cross-border.

Without extra innovation in funds know-how, Marcus stated, international locations within the West just like the US will battle to maintain up with China in adapting to a world the place digital funds are dominant.

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

© 2021 Bloomberg LP