Disney Lays Off Metaverse Team

Disney is disbanding its next-generation storytelling and consumer experiences unit as part of a company-wide staff reduction. The cuts include its metaverse team, with its 50-strong headcount being let go.

Disney Questions Web3 Value

Disney is questioning the continued value of Web3. The company is in the process of laying off 7,000 staff in an attempt to control costs and develop what CEO Bob Iger calls a “streamlined” business.

Disney's Metaverse Strategy

Disney began developing its Metaverse strategy in mid-2022, announcing that Polygon had been picked as Disney’s blockchain of choice. The position Disney was looking to hire called for an experienced corporate attorney to "work on transactions involving emerging technologies, including NFTs, blockchain, metaverse, and decentralized finance." In October 2021, a report by Citi said Disney, alongside Electronic Arts and WWE, was expected to be one of the largest beneficiaries of non-fungible tokens (NFTs).

Unclear Metaverse Plans

Disney's metaverse plans were still unclear a year later, according to the WSJ. The company is in the process of laying off staff in an attempt to control costs and develop what CEO Bob Iger calls a “streamlined” business.