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Meta abandons Novi, its digital wallet that allows cryptocurrency exchange

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Meta has just given up on Novi, its digital wallet project intended to store cryptocurrencies and NFTs. However, the group plans to exploit the technologies developed to support the development of its metaverse.

Meta buries Novi, its digital wallet project. The pilot program will close on September 1, 2022. On a limited scale, the first test of Novi began in the United States and Guatemala last October. 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 remaining balance to a bank account or to recover cash. Starting 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 into your Novi account and you will lose access to this information,” continues Meta.

Read also: Mark Zuckerberg counts on the metaverse and AI to relaunch the growth of Meta

After Diem, Novi will disappear

The test version of Novi allows users to easily transfer Pax Dollar (USDP), a stablecoin pegged 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 abandonment of Novi is far from being a surprise. Last February, Meta pulled out of 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 relayed by , Meta explains that it intends touse Novi’s technology in its future products. The company ensures that “the years spent building dedicated blockchain capabilities” are already used, particularly in the field of “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 spokesperson for Meta.

Meta focuses on Meta Pay, goodbye Novi!

The disappearance of Novi probably follows the transformation of Facebook Pay into Meta Pay. The mobile payment solution has been transformed into a digital wallet for the metaverse. Thanks to this wallet, Internet users will be able to hold digital currencies and NFTs. De facto, 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 over the past few months. As financial markets contract and inflation worsens, Meta’s share price has crashed around $160. To reassure investors, Mark Zuckerberg has considerably reduced the expenses of its division dedicated to augmented and virtual reality. Meta notably postponed its connected watch project for the metaverse and the release of its first connected glasses, the manufacturing cost of which was exorbitant.

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