Meta is going ahead with its other crypto projects other than the Novi project which is going to end operations from September 1. The closure of Novi project will not affect the other crypto projects in any way, this was clarified by Meta. Meta has been working on non-fungible tokens Meta NFT for quite some time now.
Novi Ceases Operation From September 1
Novi which allowed users to send remittances and international money transfers will end from September 1.Meta has asked all users to withdraw their balances in the account before the deadline which is September 1.
No Change In Meta NFT Project
Meta has clarified that it will not shelve its Meta NFT Project and it is continuing the preparations. Stephane Kasriel, the company’s head of fintech, said millions of Meta users would be able to collect NFTs
Stepfane added that Meta sees the project as an opportunity for its gargantuan users to get the opportunity to collect and sell NFTs. It will also open up a huge market base for millions of creators of NFTs who create virtual and digital goods to be able to sell them through the Meta Platform.
The crypto and the digital token space are going through a bad patch. Describing the scene Kasriel said the crypto industry went through a hype cycle in recent times which culminated and crashed into a bear market. Meta also saw many of its high-ranking professionals associated with payments and crypto leave and enter the crypto industry. Among them is David Marcus, the former chief of payments and crypto at Meta.
David announced his entrepreneurial venture into the crypto ecosystem with the launch of a startup Lightspark to explore, build and extend the capabilities and utility of Bitcoin.