The Metaverse dream in House of Mickey Mouse was put on hold after Disney laid off the 50-person Metaverse team as part of a broader layoff.
According to information on March 27 wall street journal report, Disney’s efforts to streamline its operations will affect the Metaverse division. The company is in the process of laying off 7,000 employees in an effort to cut costs.
Disney first expressed interest in the Metaverse in 2022, choosing Polygon as its native blockchain. At that time, the company began hiring its Metaverse unit and also posted job openings for in-house counsel for NFTs and Decentralized Finance (DeFi).
But according to the WSJ, the company’s plans for the space remained sketchy even after more than a year.
The company’s cutback in the Metaverse division joins the list of traditional companies exiting the Web3 space after a brief stint.
Meta recently announced the end of support for non-fungible tokens (NFTs) on Facebook and Instagram.
Meanwhile, Metaverse-related tokens have fallen 4.71% over the past 24 hours. crypto slate data.
Their price performance mirrors the general decline in the broader crypto market, which has witnessed a drawdown following the Commodity Futures Trading Commission (CFTC) lawsuit against Binance.
Disney shares are up 1.64% at the time of writing.
CryptoSlate first cut 50 staff jobs after Disney disbanded the entire Metaverse team.