Wednesday, October 5, 2022

Meta NFT Project To Go On As Planned

Facebook’s parent company Meta has confirmed its intention to move forward with its NFT plans as well as those of other crypto-based projects. The tech giant deemed it necessary to clarify the topic, following a recent announcement of its Novi project coming to an end.

Novi to end by September 1

Some days ago, Meta announced that it will shut down Novi – an international payment and remittance project of its. The Novi team instructed all users to retrieve whatever funds they have in their accounts, on or before September 1. According to a part of the statement; 

“Before Novi goes away, we’ve made it easy for you to get your remaining balance and download your Novi information.”

Meta NFT plans to continue against all odds

Meanwhile, according to a Financial Times report, Meta is having no change of heart regarding its NFT plans. If anything, the plans are actually in top gear. And as the company’s head of fintech, Stephane Kasriel says,  Meta is looking to make NFTs available to its hundreds of millions of users, by all means necessary.

It’s noteworthy that Meta pushes on with its NFT plans despite being in a not-so-impressive period in the crypto industry. Firstly, the current downtrend across the board in crypto markets has seen interest in cryptocurrencies and NFTs dwindle quite significantly. The monthly NFT trading volume is down by over 90%. That is from a record peak of $17.16 billion in January to around $1.1 billion in June.

Also, Meta had to deal with a major shakeup in May when David Marcus who headed the crypto unit left. Although, according to the top exec, his decision to leave at the time was centred around exploring more opportunities in the crypto space.

Regardless of the current situation however, Meta still sees massive potential in the space.

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