A failed crypto act – The desire for web 3 and the blockchain of Meta, the king of social networks, is nothing new. NFT on Instagram and Facebook, development of metaverse HorizonWorld, the company collects successful trials. However, in this nest of beautiful projects, one ugly duckling didn’t cut it: Novi, the cryptocurrency wallet developed by Meta. Explanation.
Novi, it’s over
Meta has therefore announced the closure of its Novi crypto wallet. The pilot tests will end on September 1, after 10 months. As a reminder, the Novi pilot is being used by a select audience in the United States and Guatemala. The experiment tests setting up a cryptocurrency wallet (with stablecoins) on social networks linked to Meta.
Therefore, to begin this shutdown, users are invited to withdraw their funds from their American bank accounts. Guatemalans will have to withdraw their money in cash under certain conditions. In addition, as of July 21, users will no longer be able to make deposits.
“Novi will not be available after September 1. Before Novi was gone, 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 like the adventures the company has gone through before. Indeed, despite its potential, the creation of Scale, renamed diemMeta’s stablecoin has had many failures.
This closure comes almost five months after the sale of Diem’s intellectual property to Silvergate. Regulatory pressure in the United States subsequently led to this sale. At the time, diem focused on becoming native token of the Meta ecosystem† It was then the intention that Novi would move to the Diem blockchain ecosystem once the paper issues are resolved.
This is just the beginning for Web 3
Despite this failure, Meta was able to confirm the trend by further developing its NFT approach. For example, the ex-Facebook, after Instagram, will soon be able to offer to Ethereum and Polygon NFTs as avatar. It will also be possible to share them. An interaction tool for some, marketing benefits for others, Meta affirms its love for non-replaceable tokens.
In this dynamic, the positive results of meta-payment, the replacement platform since June 22 Facebook Pay are emphasized by the company. Marc Zuckerberg then announced the introduction of a wallet intended to evolve safely in the metaverse:
“In the future there will be all kinds of digital items that you may want to make or buy, digital clothing, art, videos, music, experiences, virtual events and more. Proof of ownership is important, especially if you want to take some of these items with you to different departments Ideally you should be able to log into any metaverse experience and whatever you bought should be there There’s still a long way to get there but that kind of interoperability will bring much better experiences for people and more opportunities for creators.”
Mark Zuckerberg – Source: facebook
Even though the closure of Novi remains the image of a complete failure, littered with sometimes laughable adventuresMeta continues to weave its web above the metaverse, aware of the booming future of NFTs. Meta Pay then gives access to this virtual universe† It remains to be seen what place will be reserved for cryptocurrencies in this new wallet.
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