In another sign that non-fungible tokens (NFT) are here to stay, Facebook just announced that it will support NFTs in its digital wallet Novi. This is a big move. As a reminder, NFTs are digital collectibles. They allow us to cryptographically secure and authenticate unique assets or data on a blockchain. And Facebook’s Novi wallet is its Trojan horse. The wallet is designed to hold digital assets, but it will eventually offer a slew of financial services, including loan products. Facebook has positioned Novi as something that’s for the benefit of all mankind. But the company’s true intentions aren’t so magnanimous. Really, it’s all about the data. Facebook ultimately wants to see all of our financial transactions flow through the Novi wallet.
So it makes sense that Facebook is interested in supporting NFTs. After all, social media platforms are all about virtue signaling. It’s about presenting the best image of oneself. And many users strive to demonstrate to others that they are important and good through their social media presence. And what better way to do that than with NFTs?
If we think about it, not many people will ever see the art we have hanging in our homes. But if we can show off our art in a digital wallet, nearly all of the world can see it. And I mean that. Facebook has 2.9 billion users right now. And it will push Novi and its NFT functionality out to all of them. So it’s easy to see how Facebook could accelerate the adoption of NFTs very quickly here. To me, this is a sweeping validation of the asset class. It’s just more proof that NFTs are here to stay.
NFTs are already growing exponentially and gaining awareness in the public consciousness. And once Facebook makes its move, we can expect things to really take off.
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