Meta leaves Novi, its crypto wallet

A failed crypto – The desire for web 3 and blockchain by Meta, the king of social networks, is nothing new. NFT on Instagram and Facebook, development of metavers HorizonWorld, the company accumulates successful attempts. But in this nest of beautiful projects, an ugly duckling did not do the trick: Novi, the cryptocurrency wallet developed by Meta. Explanations.

Novi, it’s over

Meta has therefore announced the closure of its Novi crypto wallet. Pilot test ends on September 1 after 10 months. As a reminder, the Novi trial project is used by a select audience in the United States and Guatemala. The experiment tests the setup of a cryptocurrency wallet (with stablecoins) on social networks connected to Meta.

To begin this closure, users are therefore encouraged to withdraw their money from their bank accounts for Americans. Guatemalans will have to withdraw their money in cash under certain conditions. In addition, users will no longer be able to make payments from July 21st.

Landing page announcing the closure of the Novi cryptocurrency platform – Source: Novi

“Novi will no longer be available after September 1. Before Novi left, we made it easy to recover your remaining balance and download your Novi information.”

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It is therefore a rather unsuccessful experience for Meta, just like the adventures the company has experienced in the past. In fact, despite the potential, the establishment of The weight, renamed unemployment benefitsMetas stablecoin has had many failures.

In fact, this closure comes nearly five months after the sale of Diem’s ​​intellectual property to Silvergate. Regulatory pressures in the United States then led to these sales. Back then unemployment benefits intended to stay native token of the Meta ecosystem. It was so planned that Novi would move to Diem blockchain ecosystem when the paper problems are resolved.

This is just the beginning of Web 3

Despite this failure, Meta was able to confirm the trend and continued to develop its NFT approach. After Instagram, ex-Facebook will soon be able to offer to use Ethereum and Polygon NFTs as an avatar. It will also be possible to share them. An interaction tool for some, marketing benefits for others, Meta confirms its love for non-fungible tokens.

In this dynamic, the positive results of Meta Pay, the replacement platform since June 22nd Facebook Pay is highlighted by the company. Marc Zuckerberg then announced the introduction of a purse designed to develop securely in the metaverse:

“In the future, there will be all kinds of digital items you may want to create or buy digital clothing, art, videos, music, experiences, virtual events and more. Proof of ownership will be important, especially if you want to take some of these items with you to different departments.Ideally, you should be able to connect to any metaverse experience, and whatever you have purchased should be right there.There is a long way to go, but that kind of interoperability will provide much better experiences for people and greater opportunities for creators. ”

Mark Zuckerberg – Source: Facebook

Although the closure of Novi remains the picture of a complete failure, sprinkled with at times ridiculous adventures, Meta continues to weave its web over Metaverse, aware of the flourishing future of the NFTs. Meta Pay then provides access to this virtual universe. It remains to be seen what space will be reserved for cryptocurrencies in this new portfolio.

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