Disney to dismantle Metaverse division as part of restructuring: report

Dismantle the Metaverse Division

It turned out that Walt Disney in the United States dismantled the department promoting the Metaverse (virtual space) concept. The Wall Street Journal (WSJ) reported on the 28th, citing multiple sources.

Dissolved the Metaverse division as part of a broader restructuring. Overall, the company plans to cut about 7,000 employees over the next two months, and the Metaverse division was made up of about 50 people. Leveraging its wealth of intellectual property (IP), Disney was exploring new avenues of storytelling by introducing a new technology called the Metaverse.

connection: What is the next-generation virtual space service “Metaverse”? | Also explains the relationship with blockchain

In November 2021, Disney’s CEO at the time expressed his desire to build his own metaverse. During its financial results briefing, Disney said it has embraced innovative technology since its inception, saying, “Our work thus far has been to bring the physical and digital worlds closer together, allowing us to tell stories without boundaries through our unique Disney Metaverse. It’s just a prologue to an era in which we can tell.”

connection: Disney’s CEO, willing to own Metaverse concept

It was also known that the company had obtained a patent related to the Metaverse in January of last year. On the other hand, according to the WSJ report this time, even after a year of creating the Metaverse division, plans for the Metaverse still haven’t been finalized.

connection: Disney develops the Metaverse concept and acquires related patents

In February, Disney announced plans to cut about 7,000 employees, or 3% of its workforce. It is reported that the malfunction of the video distribution service is affected.

Disney and Web3

It’s unclear whether blockchain technology was planned to be used because the Metaverse plans weren’t finalized, but Disney has shown interest in Web3 technology.

In July last year, the crypto asset (virtual currency) Polygon (MATIC) project was selected for the Disney Accelerator, a business development program created to accelerate the growth of innovative companies around the world. At this time, several Metaverse-related companies were also selected.

connection: Disney, Polygon and other six companies selected for business development program

In November of last year, it was announced that Polygon and Disney would collaborate to conduct a proof-of-concept in the field of digital collectibles. While the details were not disclosed, the joint venture is said to be a “proof of concept for a digital collectible to recognize Disney employees on special occasions.”

connection: Polygon collaborates with Disney to develop digital goods

The post Disney to dismantle Metaverse division as part of restructuring: report appeared first on Our Bitcoin News.