The social network’s Diem pointman David Marcus called stablecoins vital to the success of metaverse projects, and said its Novi wallet will likely support NFTs.
Facebook CEO Mark Zuckerberg has become an enthusiastic booster of the interactive virtual realities recently. There are several blockchain-based metaverse projects, including The Sandbox and Decentraland.
That seamless movement of value is going to require interoperable digital wallets, he added.
“You'll want to have multiple wallets able to participate in the metaverse, and sending value from one wallet to another can't be impossible — which is a limitation of the current payment rails,” Marcus said.
Having that underlying infrastructure in place before metaverses go mainstream is vital, he said, adding that it is much more important than figuring out which stablecoin or stablecoins can be used in them.
NFTs Are Key
“When you have a good crypto wallet like Novi, you also have to think about how to help consumers support NFTs,” Marcus said.
NFT support will also be key to a wallet’s success in the metaverse, Marcus said.
That’s because metaverses will need to support NFTs as a way of generating new revenue streams for creators, he said.
“Having programmable money and having smart contracts on top of a purpose-built blockchain is going to be transformational for the metaverse,” Marcus said. “If you're a creator and you're creating an NFT, if you want to rent your NFT or sell your NFT, you'll have to store your NFT.”