The Walt Disney Company has nixed its metaverse team as part of a wider round of layoffs, according to a report by the Wall Street Journal citing people familiar with the situation.
The mass media conglomerate cut a small team of about 50 people developing strategies in the metaverse — a catchall phrase referring to blockchain-enabled virtual worlds — as part of a broader restructuring to reduce headcount by approximately 7,000 people.
As reported by The Block in February 2022, Disney hired Mike White to lead its metaverse efforts. At the time, a memo penned by CEO Bob Chapek noted that the former Apollo Group CTO would be tasked with connecting the company's "physical and digital worlds."
"This is a very top-of-mind thing for us because we are continuing over time to augment our skills and the types of people that we attract into The Walt Disney Company to reflect the aggressive and ambitious technology agenda that we have," said Chapek at the time.
White will remain at the company, according to the Journal's report, though it is not yet clear what his role will be.
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