This year has been a boom for cryptocurrencies and games based on them, which is why Facebook has not been left behind and is preparing to venture into the NFT with its own crypto wallet. It is not the first time that the social network has in mind to make use of virtual wallets; already in the past announced its own cryptocurrency called Diem, and now you step into your own Wallet. Are you curious to know more? We have done our research and this is what we know.
Making your way into the world of cryptocurrencies
Everything seems to indicate that the new Facebook wallet is ready and will be called New. Only the final details are missing to be able to officially launch it together with its Diem cryptocurrency. It is expected that it will be launched in late 2021 or early 2022, as a stablecoin that will maintain its value over time and is intended to be used to make transactions within the platform. However, the currency may be used outside of it in other markets and wallets. (Also read: Twitter tests the “I don’t like” button in iOS users)
In turn, Facebook tries to test in the NFT section; whose popularity has been increasing in recent months around the world, taking advantage of the space it occupies and the number of people it reaches, it plans to create a platform that allows it to trade this type of cryptoactive; and many people can access these easily and quickly, as other wallets and sites specialized in cryptocurrencies already do.
What exactly are NFTs?
There is a lot of talk about NFTs, but hardly anyone knows what they are or how they work. NFT is the acronym of the English Non Fungible Token, or non-fungible token; This means that they are equivalent to an amount of money assigned to a business model, such as cryptocurrencies. They are equivalent to unique assets that cannot be exchanged for another of the same value; only that they work through the chain of blocks and generate a certain value for each non-fungible good. This can be anything to which a value is added. (Also read: Bitcoin, Altcoin and Token, the 3 concepts you should know before Investing)
These are assigned digital certificates that allow their authenticity to be verified by means of non-modifiable metadata, which guarantee that they have a unique and unrepeatable value. Thus the buyer can acquire and make transactions with that NFT and also know and acquire its authorship through the blockchain. Proof of this is the new trend of NFT games, which have gained popularity among all types of users and have opened the doors to the market.
How will Facebook achieve its goal?
Like cryptocurrencies, NFTs have their own specific address with which to make transactions, which is why the social network Facebook has thought of a way to add them to their next Novi wallet, where they can store all kinds of crypto assets of this type and to be able to do Exchange between them, although this still seems to be in an early phase, since some details are missing to be able to definitively launch the official wallet of the company.
Everything seems to indicate that at the end of 2021 when its Diem coin comes out on the market, it will be the beginning to get involved with the NFTs in a serious way and as indicated by its financial director, having a crypto wallet like Novi, will help consumers to support their crypto assets in a secure way, to be used both inside and outside the platform and to be added different sections that allow expanding its reach outside of Facebook.
Will Facebook Succeed With Cryptocurrencies?
By making its cryptocurrency a stablecoin, Facebook ensures that it does not devalue over time and does not lose confidence in potential buyers and investors of it, so it may be the best way to take advantage of this new form of economy that is in trend. The company has already invested in other ambitious augmented reality and artificial intelligence projects, so this will not be the most far-fetched and financially risky.