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28 September 2021

Novi-FT? Facebook’s NFT support may not drive crypto adoption

Novi-FT? Facebook’s NFT support may not drive crypto adoption

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NFTs are growing in popularity, and social media platforms like Facebook are moving quickly to stay abreast of the burgeoning space.

Going above and beyond the trade of digital collectibles, Bopp believes that the functionality of NFTs could provide the solution to some vexing problems for various social media platforms, like proof of identity and the need for verification:.

With the integration of NFTs into social media platforms expected to become a reality, the next consideration is if this will have a fundamental effect on the adoption of the wider cryptocurrency space and blockchain innovations.

In that space of time, NFTs have made their way into widespread use: “Facebook already tried and failed to integrate cryptocurrency, and nonetheless, crypto, blockchain, and NFTs have gone mainstream without it.” She added: “We are building an industry that does not need Facebook to develop platforms that reach mainstream audiences across all corners of the world.”.

The Libra Foundation is continuing its march toward the launch of the Novi wallet and Diem cryptocurrency, and barring major regulatory enforcement, the platform should introduce Facebook’s user base to a native digital wallet that will initially offer stablecoins representing sovereign currencies like the United States dollar, pound and euro.

In assuming that Facebook-powered NFTs will be powered by the Novi wallet and Diem cryptocurrency, Fernandez doesn’t see the centralized ecosystem measuring up to the likes of the Ethereum blockchain, which gave birth to smart contract functionality and decentralized application development: “There’s communities, games, customizable smart contracts that give the NFT properties, ecosystems built around certain NFTs, financial instruments like fractionalized ownership and liquidity pools

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