No more Novi operations from Meta— yet another project abandonment by Zuckerberg

 Beyond the nitty-gritty of Novi’s impending closure and the ongoing discussions on the issue, there lies another important question. Is it going to happen because of the recent disaster in the crypto world? Or, has it got something to do with Zuckerberg’s inability to steer his company? There is huge concern about the beleaguered cryptocurrencies and crypto trade and large-scale investors are on a spree to sell off crypto assets. Reports say that receiving a devastating blow from the crash, one of the largest crypto companies, Three Arrows, has filed for bankruptcy to protect its US assets from creditors in the nation. No less perturbing is the news that another giant crypto platform, Celsius, has chosen to freeze withdrawals and transfers for not being able to negotiate with the crash properly. Where one locates Zuckerberg and Meta in this scenario is a question worth paying attention to.

There is a possibility of another interpretation to the binary stated above— is Novi being a crypto crash victim or its closure is evidence of the Meta CEO, Zuckerberg’s lack of ability? It may also be a possibility that Novi has not been able to navigate efficiently through the crypto crash and being a victim it also, to a certain extent, reflects Zuckerberg’s ‘inability’. But beyond Novi, Zuckerberg is now preoccupied with metaverse and when Meta promises to utilize Novi’s technology, assuming that it also includes crypto tech, Zuckerberg may have a new show of strength, dispelling the doubts of his critics about his ability. It may give rise to the perception that Novi was ‘killed’ to promote Meta. The debate may go on. However, as of now, and until he succeeds with his metaverse, Novi’s closure will continue to make a dent in his reputation in one way or the other.