Earlier this month, Meta announced that it was shutting down its Novi crypto project, advising users to withdraw their funds by September 1st. The other day it became known that the company is thinking of using Novi resources for its future projects related to the metaverse .
According to GlobalData Payments Analyst Chris Dinga, Novi resources will be used primarily to create a wallet within the metaverse:
“A blockchain-based digital wallet like Novi will enable instant payment transactions in the metaverse, making these transactions without restrictions. Since the identity of the user will be associated with each digital wallet, every asset stored in these wallets will be directly associated with the identity of the user.”
Mark Zuckerberg previously also announced the rebranding of Facebook Pay to Meta Pay. It is still unclear whether Meta Pay will be the same wallet within the metaverse or whether the company is preparing a separate digital wallet.
Chris Dinghy added that any future metaverse economy will need “a payment tool to facilitate and track metaverse transactions,” and this is where Meta can be a pioneer.
Novi was originally planned to be a global instant payment platform facilitating domestic and international transfers using the Diem stablecoin. The token has not been approved by regulators as it poses a systemic risk to the economy and can be used for money laundering.
