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Facebook Is Working On NFTs And Stable Coins

In an interview with Bloomberg on Tuesday, David Marcus, co-creator and board member of Diem (formerly known as Libra), a centralised cryptocurrency project initiated by Facebook, emphasised that the company simply does not understand Bitcoin, and continues to flounder on delivering even its own altcoin project, or a single NFT.

 

Marcus confidently stated to Bloomberg, “we believe the world requires a better payment system.” He seemed to imply that, after all these years, Facebook is almost ready to give the remedy.

 

It’s difficult to comprehend how a firm with access to the majority of the world’s processing power has failed to recognise that Bitcoin has already solved the challenges of final settlement, near-instantaneous transactions, monetary privacy, permissionless money, and commission-free remittance.

Bitcoin and the Lightning Network are on the verge of being recognised as legal currency by the country of El Salvador, in a large-scale demonstration of all the benefits Bitcoin has provided for years. Facebook has no idea what’s going on.

 

Marcus even stated, “We’re slipping behind at an alarming rate.”
When asked what is preventing the release of Novi, Facebook’s non-private hot wallet, Marcus informed Bloomberg that Novi is “ready today.” But, when asked why it hasn’t been issued, he explained: “We want to make sure we can earn people’s trust over a long period of time.”

This statement should be provided without more explanation. Over the years, Facebook has continuously shown a willingness to jeopardise the privacy of more people than any other organisation on the planet. Issuing NFTs and a proof-of-stake cryptocurrency through hot wallets demonstrates Facebook’s functional status as a surveillance firm.

According to Business Insider, Facebook’s crypto chief has stated that the company is “working into implementing NFT-related functionality” on Diem.

David Marcus told Bloomberg on Tuesday, “We’re in a pretty strong position to do so.”David Marcus told Bloomberg on Tuesday, “We’re in a pretty strong position to do so.”

The project appears to be too early in development for Marcus to go into specifics about Facebook’s NFT product intentions, but he assured Bloomberg that the company’s “developers are on the case.”