Following the news that it will no longer be developing the Novi project, Meta provided clarification that its other cryptocurrency initiatives are progressing as expected. Since quite some time ago, the business has been hard at work developing what it refers to as non-fungible tokens (NFTs).
The corporation made the announcement only a few days ago that it would soon be discontinuing its Novi project, which facilitates remittances as well as international money transfers.
The business announced that the project will no longer be functioning beginning on September 1st. Users of Novi were notified by the team to check the amount of money still available in their accounts.
“The Novi pilot will be coming to an end very soon. After September 1st, Novi will no longer be a service that may be used. Ahead of Novi’s retirement, we’ve made it simple for you to retrieve the amount of money left on your Novi account and download any relevant information.
In the meanwhile, the massive technology company is going to great lengths to ensure that its NFT initiative is successful. According to an article published by the Financial Times, Meta’s intentions for NFTs have not undergone any kind of adjustment.
According to Stephane Kasriel, who serves as the director of the fintech for the firm, millions of Meta users will have the opportunity to acquire NFTs.
“The potential that Meta sees is for the tens of millions, hundreds of millions, or perhaps billions of individuals who are now using our applications. They will have the ability to gather digital items in their collection. Because there are millions of people in the world who are creative and have the ability to make virtual and digital products, we want to make it possible for them to sell such things via our platforms.
According to Kasriel, the cryptocurrency business has recently been going through a hype cycle. He went on to say that the hype caused early excitement to collapse and burn in a bear market.
A senior executive at Meta who was in charge of payments and crypto left the firm in May of this year in order to pursue changes in the cryptocurrency market.
Then, David Marcus, who had previously served as head of payments and crypto at Meta, stated that he would be venturing into the cryptocurrency industry as an entrepreneur.
He made the announcement that a new company called Lightspark will be founded to investigate, develop, and enhance the potential and usefulness of Bitcoin.