Disney disbands its metaverse group amid massive layoff
- Disney had picked Polygon for the metaverse venture.
- Disney was focusing on NFTs for its next-generation storytelling and client experiences.
- The corporate is presently within the strategy of streamlining its enterprise.
Disney began creating a metaverse strategy in mid-2022 and introduced that they might faucet the Polygon blockchain for the venture. Earlier in October 2021, Citi launched a report saying that Disney, Digital Arts, and WWE have been set to develop into a number of the greatest beneficiaries of non-fungible tokens (NFTs).
The company further appeared to ramp up resource deployment by posting a job post for an expert in-house counsel for DeFi and NFTs in September 2022. The person Disney was looking to hire was required to be an experienced corporate attorney who would “work on transactions involving emerging technologies, including NFTs, blockchain, metaverse, and decentralized finance.”
However, according to the Wall Street Journal, Disney’s metaverse plans appeared to be still unclear a year later.
Streamlining business
Disney is currently in the process of laying off about 7,000 employees as it tries to control costs and develop what the CEO Bob Iger calls a “streamlined business.” The layoff will affect the 50 metaverse project employees.
Disbanding the next-generation storytelling and consumer experiences shows Disney is questioning the continued value of Web3.