Meta abandons Novi, its digital wallet that allows cryptocurrency exchange

Meta has just abandoned Novi, its digital wallet project that aims to store cryptocurrencies and NFTs. However, the group plans to leverage the technologies developed to support the development of its metaverse.

Meta funerals Novi, its digital wallet project. The pilot program closes on September 1, 2022. To a limited extent, the first testing of Novi in ​​the United States and Guatemala began in October last year. As part of the pilot program, a handful of Internet users were able to install the Novi application on their smartphone.

“Novi will no longer be available after September 1st. Before Novi leaves us, we offer you to easily recover your remaining balance and download your Novi information »explains Meta on the Novi website.

The company specifies that it is possible to transfer the balance to a bank account or to recover cash. From July 21 users can no longer add money on their Novi account.

“If you want to keep a copy of your transactions and activity on Novi, you can download this information in the Novi app settings. After September 1, 2022, you will no longer be able to log in to your Novi account, and you will lose access to this information. “ continues Meta.

Read also: Mark Zuckerberg reckons that the meta-verse and AI can restart the growth of Meta

After Diem, Novi disappears

The trial version of Novi allows users to easy to transfer Pax Dollar (USDP), a stable currency linked to the US dollar. In the near future, Meta hoped to add more cryptocurrencies to its digital wallet. The Silicon Valley giant also wanted Novi to be able to store and trade non-fungible tokens (NFTs). Meta’s main ambition was to implement the digital wallet in its communication services, such as WhatsApp, Instagram, Facebook or Messenger.

The departure of Novi is far from a surprise. In February last year, Meta withdrew from Diem, its ambitious cryptocurrency project. Under pressure from lawmakers, cryptocurrency was nipped in the bud. The Diem Association, created by Meta to oversee the initiative, sold its technology to the Silvergate bank.

In a press release passed by Meta explains that he intends touse Novi’s technology in its future products. The company takes care of that “years spent building dedicated blockchain capabilities” is already used, especially within “digital collectibles”. As expected, NFTs are part of the Group’s metaverse strategy.

“You can expect to see more of Meta in the Web3 world because we are very optimistic about the value these technologies can bring to people and businesses in the metaverse,” points out a spokesman for Meta.

Meta focuses on Meta Pay, goodbye Novi!

Novi’s disappearance is likely to follow the transformation of Facebook Pay into Meta Pay. The mobile payment solution has been transformed into a digital wallet for metaverse. Thanks to this wallet, internet users will be able to hold digital currencies and NFTs. In fact, The Novi project has become obsolete. It can be expected that the technologies developed as part of the creation of Novi will be integrated into Meta Pay.

By abandoning the Novi project, Meta is also seeking to reduce costs. Mark Zuckerberg’s band recorded a sharp slowdown in growth in recent months. As the financial markets shrink and inflation worsens, Meta’s stock price crashed around $ 160. To reassure investors, Mark Zuckerberg has significantly reduced the cost of his department dedicated to augmented and virtual reality. In particular, Meta exposed its connected watch project to the metaverse and the release of its first connected glasses, the manufacturing cost of which was exorbitant.

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