Meta is shutting down its Novi crypto wallet
The Novi cryptocurrency wallet operated by Meta will shortly be taken down. Users are encouraged to withdraw their money beforehand and have till July 20th to add cash if they so choose. The company will send customer cash to users’ bank accounts before the platform closes on September 1. However, there will be very little risk of error if they handle it themselves. When it came to cryptocurrency, Meta (formerly known as Facebook) had high hopes. However, neither the company’s own employees nor the authorities liked the concept. After receiving a lot of criticism and problems, the firm changed the name of its initial cryptocurrency, “libra,” to “Diem.” After that, they started testing Novi, a digital wallet, in a trial program in October 2021. Diem was also supported by it.
David Marcus, the company’s head of cryptocurrency, left Meta a month later. They were evidently unable to complete the project at the same rate as a result. According to reports, Meta began selling its project-related assets at the beginning of 2022. The fact that Meta will continue to develop and experiment in the WEB3 arena will not alter even after the Novi wallet is discontinued.
The previous name of Facebook Pay has been changed to Meta Pay by Meta. Making a wallet for the Metaverse will be the aim. Users can still send money to their contacts using it as normal for the time being. The CEO of Meta, Mark Zuckerberg, claims that he wants Meta Pay to take over as the preferred digital wallet for transactions within the Metaverse.
To monopolize the entire Metaverse market, as Meta Pay hopes to accomplish, wouldn’t be simple. We can’t completely count out the powerhouse of social media, though. If they succeed, Meta might even overtake Apple as the most valuable firm in the entire Metaverse. But the fundamental query is if the excitement around Metaverse still holds true or if it was merely a fleeting trend.