Robert Steinadler, 5 months ago
After shutting down Diem earlier this year now the Novi app will be discontinued.
The reason why Libra faced so much resistance from politicians is that it was meant to resemble a basket of currencies rather than being a stablecoin that is pegged to a single currency. Especially in the US, many feared that this could have challenged the status of the US-Dollar as the de facto world’s reserve currency.
But Libra and the so-called Libra Association, a consortium of different global players quickly adapted. Some members left the association while others kept building what was going to become Diem. A rebranding that was meant to reflect that the new product would rather focus on remittance and payments.
Novi on the other hand was a mobile wallet and payment application that was integrated into WhatsApp. But it seems that those plans have also failed. Starting from July 21st users of Novi won’t be able to fund their accounts and are advised to withdraw the remaining balance.
Libra, Diem, and Novi are history. And so is Facebook’s name and Meta being the future. The company has failed to enter the banking and payment sector since there was too much resistance. But make no mistake, Web3 will play an important role in Meta’s plans for the future.
Meta is quite literally committed to becoming the most important hub in the metaverse and Web3 as well as its associated technologies are important. Recently the company introduced NFTs on Facebook and according to Bloomberg, the Novi technology will still play an important role.
It seems that Meta is planning to use Novis blockchain tech to connect with the rest of Web3 and start to host its own products, such as digital collectibles. In conclusion, Meta has left payments and banking but is still active when it comes down to using crypto for other purposes.
Nov 17, 2022
Nike will launch .Swoosh ('dot swoosh') tomorrow. It seems to be a blend of an NFT marketplace and a platform for cocreation. Another big event in the NFT world is the collaboration between Cristiano Ronaldo and Binance, launching his NFT collection. F1 team Red Bull is also involved in the new economy of digital ownership: it will feature an Azuki on their cars.
Nov 14, 2022
Chiliz had a successful run in terms of price for the last couple of weeks. One factor that came into play is that the national football teams of Portugal and Argentina are part of its own Socios platform. With the start of the football world cup 2022 approaching, things got more heated. But there is more to Chiliz than pure price speculation.
Oct 24, 2022
The metaverse is a place that is under constant development and not homogenous. It is a collection of several places rather than a single digital space. Meta is trying to transform social media into a metaverse-like experience, and many successful NFT collections have built their own version of the metaverse. Recently, an unlikely player entered the arena and presented itself as a new participant in Web3. Why is Interpol entering the metaverse, and do they need a search warrant to do so?
Sep 26, 2022
The World Economic Forum started last year to take crypto more seriously and made it a topic of its own. It seems that the WEF got the hang of it and realized that crypto is here to stay and will most likely play an important role in the foreseeable future. The impact of blockchain technology is still up for debate and with Ethereum shifting to proof of stake, once again the discussion about Bitcoin being far from carbon-neutral is incinerated. Why is Web3 particularly interesting to the WEF and how is the organization planning to explore this topic?