Meta’s decision about Novi must come as a shock to crypto investors! However, easy, or difficult, they must welcome it! Novi is a digital wallet. It will disappear from the crypto world on September 1, 2022. For other information about cryptocurrency, you may visit bitcoinsprint.io.
All About Meta
Meta was introduced to the public at Connect 2021. Mark Zuckerberg performed the introduction. He is the CEO of Facebook. He declared it to be the new name of his company.
Meta’s primary aim would be to give life to the metaverse. It will be possible to discover friends across the globe. They would be able to discover communities. Finally, they would be able to grow businesses. In short, everybody would be able to bond via 3D. Meta’s talented developers would create the requisite technologies. These technologies are social ones. They will provide experiences related to two realities – virtual, and augmented.
Meta has originated from a Greek word. The word means universe, or beyond. Metaverse would be a combination of the virtual world and the real world. In other words, the Internet would intrude into real life. This integration would show up in the form of avatars, gaming worlds, etc. Thus, it would be possible for people to collaborate, socialize, play, and learn in diverse ways.
Zuckerberg hoped that the renaming would have a positive impact. For instance, diverse apps would be able to gather under one umbrella. The apps include Messenger, Facebook, What’s App, and Instagram. Meta would not be changing their original names. The company’s technologies would also belong to one brand.
The metaverse is akin to a hybrid of social experiences occurring online. Sometimes, it may display itself in three dimensions. At other times, it may project itself into the physical world.
It will be possible for people to share their immersive experiences with one another. This will happen, even if people do not meet face-to-face. It will be possible to do things together, even in the virtual world.
The Closure of Novi
Meta has sent out a request to its users. They must remove their hoardings as quickly as possible. If they do not, they are bound to lose everything. However, if they inform Meta’s management, they will help.
The company will strive to transfer the balance amount to the concerned user’s debit card. However, this can happen, only if the user has added a debit card to his/her account. Alternatively, Meta may perform the transfer to the user’s bank account. However, the condition remains the same. The user must have added the bank account to the Novi account.
Another declaration is regarding addition of new funds. People generally interact to get all kinds of coins. Users may not attempt this after July 21, 2022.
Novi was launched in October 2021. However, it was a small pilot project. The aim was to lend support to free and rapid transactions, via Novi. The project also desired to support Diem. Diem is a digital currency that has the backing of Meta.
However, the company confronted regulatory challenges. Therefore, it had to discard Diem. Instead, it initiated a partnership with Coinbase. Furthermore, USDP, the Paxos Stablecoin, was brought into the picture. Users had to utilize USDP for their transactions.
Meta kept claiming that Diem could depend upon their support forever. The company also hoped to remove USDP later, and substitute Diem. However, things seemed to go wrong. By the end of 2021, it was clear that nothing was going to work out. The early months of 2022, witnessed the crypto world falling apart. Hence, the decision to remove Novi. The developed technologies will be used for gaining new products. One of them is digital collectibles.
Diem had another name earlier – Libra. It had the backing of an independent group. However, the authorities went in for intense scrutinization over the link between cryptocurrencies and Facebook. Therefore, Libra’s backers gave the project a new name – Diem. They were trying to distance themselves from Facebook.
The U.S. Senate had its say, too. It felt that Facebook was incapable. It would not be able to manage digital currencies efficiently. Therefore, it requested Meta to shut down the Novi pilot project. The request was made soon after Novi’s launch.