Meta to discontinue its Novi pilot program by September

Meta plans to discontinue its Novi pilot program by September 1, according to Bloomberg.

On Novi services will no longer be available on its application and WhatsApp, according to the project's website.

Users will not be able to make deposits into their accounts from July 21 while advising those with funds to withdraw their balance.

A Meta spokesman said the company would be leveraging its experience in this failed project for other future adventures it makes into the space.

According to the spokesperson,

The pilot program for Novi was launched in 2021 to much debate and fear. The US federal lawmakers opposed Meta's attempt to launch a digital wallet and a cryptanalym. Increased regulatory scrutiny forced Meta to backtrack on its domination quest. The social media giant sold Diem's assets for $200 million to Silvergate Bank earlier this year.

Meta has revealed that Facebook now supports digital collectibles for selected users in the United States.

Users will be able to display their NFT collections on their profiles.

There is no information on the blockchains it is supporting for these NFTs.

The announcement came less than a week after Mark Zuckerberg revealed Facebook supports for NFTs. According to Zuckerberg, creators will be able to cross-post their collections on Instagram and Facebook.

Instagram is the first Meta-owned social media site to allow support for NFTs. Instagram expanded its support for NFT testing to the rest of the world.