Meta (formerly Facebook) company, of which Mark Zuckerberg is the CEO, cryptocurrency Just seven months after launching its wallet, Novi, it announced that it would cease operations as of September 1, 2021 due to legal hurdles, but apparently that doesn’t mean the failed project was completely wasted.
According to a statement from business intelligence and analytics platform GlobalData, the resources of the closed digital wallet may continue to be used in the development of Meta’s metaverse projects.
“Facebook Could Use Cryptocurrency Wallet Novi As A Wallet On The Metaverse”
According to GlobalData payments analyst Chris Dinga:
“A Blockchain-based digital wallet like Novi will allow instant payment transactions to take place on the Metaverse, making these transactions seamless. Since the user identity will be linked to every digital wallet, every asset stored in these wallets will be directly linked to the user’s identity.
As Dinga explains, this will provide a layer of ownership to digital assets registered on the Blockchain, as well as proving the identity of the beneficiary in the event of a possible asset theft in the metaverse.
Finally, Dinga believes that any future Metaverse economy will need “a means of payment to facilitate and track transactions in the virtual universe,” and that Meta could position itself as a first mover. Dinga explained his thoughts as follows:
“Meta could be the first payment provider to get ahead of the competition by launching a digital wallet for Metaverse.”
Cryptocurrency wallet Novi was originally designed to facilitate global payments and transfers of Meta’s stablecoin Diem (formerly Libra).
*Not investment advice.