Meta has disclosed plans to discontinue its Novi pilot crypto program by September 1, according to Bloomberg.
Per the project’s website, Novi services will no longer be available on its application and WhatsApp.
The firm revealed that users will not be able to make deposits into their accounts from July 21 while advising those with funds to withdraw their balance.
The Novi program allows people to send and receive money instantly, securely, and with no fees.
A Meta spokesperson reportedly said the company would be leveraging its experience in this failed project for other future adventures it makes into the crypto space.
According to the spokesperson,
Meta is very optimistic about the value these (blockchain) technologies can bring to people and businesses in the metaverse.
The Novi pilot program was launched in 2021 to much fear and debate. US federal lawmakers had strongly opposed Meta’s (Facebook) attempt “to launch a cryptocurrency and digital wallet.”
This increased regulatory scrutiny forced Meta to backtrack on its crypto domination quest. Earlier this year, the social media giant sold Diem’s assets for $200 million to Silvergate Bank.
Meta proceeds with NFT plans for Facebook
Meta has revealed that Facebook now supports digital collectibles for selected users in the United States.
We’re launching NFTs on Facebook! Excited to share what I’ve been working on with the world. pic.twitter.com/TaV66zRanV
— Navdeep Singh (@navdeep_ua) June 29, 2022
These users will be able to display their NFT collections on their profiles.
Meanwhile, there is no information on the blockchains it is supporting for these NFTs.
The announcement is coming less than a week after Mark Zuckerberg revealed Facebook supports for NFTs. According to Zuckerberg, creators will be able to “cross-post” their collections across 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 recently expanded its support for NFT testing to the rest of the world.