👉 Background: Meta tried to get in on the crypto hype with its own coin called Diem (originally Libra). The company was also planning to launch its own digital wallet called Novi to enable fast transactions using Diem.

👉  What happened: The two projects were set to be fully launched by the end of last year, but Meta axed Diem this Feb after some serious pushback from regulators. Novi was facing similar heat 🔥.

👉 What else: Now, Meta will finally shut Novi down on September 1st. But it ain't all over for Meta's digital wallet dreams. In fact, Meta reckons it’ll utilise the tech it developed for new projects, like digital collectibles - aka NFTs!

What's the key learning?

💡 Even if an individual product goes bust, often the blood, sweat and tears can still end up being useful. In other words, the underlying tech that was created over the last few years may still be valuable either to Meta or someone else.

💡 For example, although Aussie neobank Volt wasn’t successful as a business, its underlying tech is supposedly very sought after by other banks.

💡So, while the tech behind Novi may not be used as a cryptocurrency… It won't go to waste. Meta can still use it to go deep into digital clothing, art, videos, music, experiences, virtual events, and more.

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