Three years after Facebook announced its move to cryptocurrency, as well as the Libra project; The technology giant signaled another reduction in its activity. The Novi digital wallet payments pilot, launched last October, will end on September 1. Meta reportedly plans to reuse digital wallet technology for future products; including for products related to Its name’s focus on “Metaverse” development. Although it’s not clear exactly what Meta might have in mind for the Novi technology reset.
Meta’s senior executives talked about Metaverse as a major digital commerce opportunity. However, they also warned of the long timelines that will need for the market to develop. It may take even decades.
In late months, the firm experimented with support for digital collectables. So Meta, which has its digital wallet infrastructure, can facilitate a broader push into token trading. If It decides there’s enough money to make on that front. However, it is worth noting that the volume of NFT trading decreased dramatically; especially, compared to last year. Digital collectables are catching on with cryptocurrency.
The Novi pilot, meanwhile, was much more basic. In particular, it allowed testers to make free, instant personal payments through the app; Using Stablecoin as a means of transfer. The pilot was accessible to consumers in Guatemala and in the US. Limited unification with WhatsApp also appeared last December for a subspace of US consumers of the Facebook-owned platform. However, the wallet project was hampered by Meta’s crypto ambitions. However, they never materialized as expected amid regulatory backlash and fading support.
After years of governance scandals, it’s fair to say that Facebook’s reputational problems have put a damper on things. Crypto bets on regulatory issues, such as money laundering and currency volatility. At launch, therefore, Novi scaled back from its original ambitions. included USDP rather than a coin associated with the Libra project itself. Recently, It announced that the head of Novi has resigned. In a statement released by the tech giant, Novi will no longer be available for use after September 1.
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