Meta stated that its other cryptocurrency initiatives are proceeding according to schedule after announcing the end of its Novi project. Non-fungible tokens (NFT) have been developing for a while by the company.
The Novi initiative, which enables remittances and international money transfers, will shortly be shut down, the company announced recently. According to the company, the project will no longer operate as of September 1. Users of Novi were informed to access their remaining balances by the staff.
The large tech company is now working tirelessly on its NFT project. A Financial Times article claims that Meta’s ambitions for NFTs have not changed in any manner. Millions of Meta users will be able to collect NFTs, according to the company’s director of fintech, Stephane Kasriel.
According to Kasriel, the cryptocurrency market just experienced a hype cycle. He said that the hype caused early excitement to plummet in the bear market. A senior Meta executive in charge of payments and cryptocurrency left the company in May of this year to investigate career options in the crypto sector.
At that time, David Marcus, the former Meta head of payments and cryptocurrency, announced his debut into the crypto market as an entrepreneur. In order to investigate, develop, and expand the possibilities and utility of Bitcoin, he announced the founding of Lightspark.