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Disney disbands its metaverse division as part of layoffs 

disney-disbands-its-metaverse-division-as-part-of-layoffs
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Disney disbands its metaverse division as part of layoffs 

Walt Disney has reportedly sacked almost all the employees that comprise its consumer experiences unit, the division in charge of its metaverse strategies, as part of a company-wide restructuring exercise. Disney plans to slash its workforce by about 7,000 in the coming months.

Just over a year after joining the metaverse and NFTs bandwagon, Walt Disney, an American multinational mass media and entertainment conglomerate headquartered in California, is calling it quits already.

According to sources, the 99-year-old family entertainment giant has disbanded its consumer experiences unit, a company division in charge of its metaverse strategies, as part of a company-wide restructuring push aimed at sacking around 7,000 workers within the next sixty days.

Disney reportedly laid off about 50 people in its consumer experiences division this week, sparing only Mike White, a former Apollo chief technical officer (CTO) hired as the head of its metaverse project in Feb. 2022.

You might also like: Disney seeks corporate lawyer to work on NFTs, blockchain, metaverse, and DeFi

It’s still unclear whether this is the end of the road for Disney regarding NFTs and the metaverse. 

It will be recalled that in March 2022, the Disney Pixar Pals NFTs sold out within 24 hours after their release, generating over $3 million for the company. 

In related news, Blur is currently the world’s number one NFT marketplace, with $139.89 million in total value locked (TVL), according to Defi Llama.

Read more: Gucci dives into web3 with its recent Yuga Labs partnership