Disney disbands its metaverse workforce amid giant layoff

• Disney had picked Polygon for the metaverse challenge.
• Disney was concentrating on NFTs for its next-generation storytelling and client experiences.
• The corporate is presently within the means of streamlining its enterprise.

Disney began growing a metaverse technique in mid-2022 and introduced that they’d faucet the Polygon blockchain for the challenge. Earlier in October 2021, Citi launched a report saying that Disney, Digital Arts, and WWE had been set to turn into a few of the largest beneficiaries of non-fungible tokens (NFTs).

The corporate additional appeared to ramp up useful resource deployment by posting a job submit for an skilled in-house counsel for DeFi and NFTs in September 2022. The particular person Disney was trying to rent was required to be an skilled company legal professional who would “work on transactions involving rising applied sciences, together with NFTs, blockchain, metaverse, and decentralized finance.”

Nevertheless, in line with the Wall Road Journal, Disney’s metaverse plans seemed to be nonetheless unclear a 12 months later.

Streamlining enterprise

Disney is presently within the means of shedding about 7,000 staff because it tries to regulate prices and develop what the CEO Bob Iger calls a “streamlined enterprise.” The layoff will have an effect on the 50 metaverse challenge staff.

Disbanding the next-generation storytelling and client experiences reveals Disney is questioning the continued worth of Web3.