Meta has disclosed plans to discontinue the Novi Pilot Cryptographic Program by September 1. Bloomberg..
For each project WebsiteNovi services will no longer be available for that application and WhatsApp.
The company revealed that users will not be able to deposit money in their accounts from July 21st while advising those who have the funds to withdraw their balances.
The Novi program allows people to send and receive money instantly, safely and without fees.
A meta spokesperson reportedly said he would use his experience with this failed project for other future adventures in crypto space.
According to a spokeswoman
Meta is very optimistic about the value these (blockchain) technologies bring to the people and businesses of the Metaverse.
The Novi Pilot Program was launched in 2021 due to many fears and debates. US federal lawmakers strongly opposed Meta (Facebook)’s attempt to “launch cryptocurrencies and digital wallets.”
Increased scrutiny of this regulation has forced Meta to retreat in its quest for control of cryptocurrencies. Earlier this year, social media giants sold Diem’s assets to Silvergate Bank for $ 200 million.
Meta advances Facebook’s NFT plan
Meta has revealed that Facebook currently supports digital collections for selected users in the United States.
Start NFT on Facebook! I am excited to share what I have been working on with the world. pic.twitter.com/TaV66zRanV
— Navdeep Singh (@navdeep_ua) June 29, 2022
These users will be able to see the NFT collection in their profile.
On the other hand, there is no information about the blockchains supported by these NFTs.
The announcement will be made less than a week after Mark Zuckerberg reveals that Facebook supports NFTs. According to Zuckerberg, creators will be able to “crosspost” their collections to Instagram and Facebook.
Instagram is the first meta-owned social media site to enable support for NFTs. The photo sharing platform currently supports Ethereum and polygon-based NFTs.
Instagram has recently expanded its support for NFT testing around the world.
