Meta Platforms
Users of Novi will no longer be able to deposit money or assets into their accounts starting on July 21, with the service shutting down completely on September 1, according to Novi's website. Launched in October, Novi was only operational for a few months before Meta's cryptocurrency push began to falter, with Diem and its associated business plans abandoned in January. While Meta sold off the bulk of its cryptocurrency assets after shelving Diem, the company told Bloomberg that it would be putting Novi's technology towards its metaverse ambitions.
"We are already leveraging the years spent on building capabilities for Meta overall on blockchain and introducing new products, such as digital collectibles," a company spokesperson said. "You can expect to see more from us in the web3 space because we are very optimistic about the value these technologies can bring to people and businesses in the metaverse."
There seems to be some semblance of an economic model coming together in Meta's plans, especially with its intent to launch a digital currency. Known to employees as "Zuck Bucks," the currency would function similarly to Roblox's
Given the company's ongoing push for non-fungible token usage in its metaverse, it seems plausible that Meta could use its digital currency to power an NFT market on its platform. The technology used on Meta's Novi Wallet could easily be converted for use handling NFTs owned by users, as the company seems to allude to through its mention of "digital collectibles."
While Meta certainly has the resources to develop such a digital economy, the company's crumbling metaversal ambitions cast doubt on the prospects that such an economy will reach the scale Meta is hoping for. Consumers worldwide hold a low opinion of the social media titan, and many have publicly balked at the company's vision for the metaverse. If Meta's intention is to use Novi's technology for NFTs, the company will likely only garner further criticisms due to the mass rejection of NFTs by consumers.
