Benzinga | Aug 25, 2021 07:19AM EDT

Now Facebook Jumps Into Highly Popular NFT Space

* Bloomberg reports that Facebook Inc (NASDAQ:FB) plans its nonfungible tokens foray to tap their growing popularity. David Marcus, who leads Facebook's Novi digital wallet development, intends to integrate NFT into the wallet.

* Facebook is waiting to launch the wallet with Facebook's digital currency, Diem, which was co-developed by Marcus and met regulatory hurdles.

* The combination is likely to reduce the cost and time taken for money transfer.

* Visa Inc. (NYSE:V) recently acquired blockchain collectible NFT CryptoPunk 7610.

* The online NFT auction house OpenSea recently exceeded $1 billion in monthly trading volume.

* Price Action: FB shares traded higher by 0.04% at $365.65 in the premarket session on the last check Wednesday.