• Disney recently laid off its metaverse team as a part of its company-wide staff reduction.
• The entertainment giant had invested heavily in Web3 initiatives, Metaverse and NFT projects.
• Following the budget cuts, the entire metaverse team has been let go except for Mike White who is still heading the division.
Disney Lays Off Metaverse Team
Disney has recently laid off 50 of its employees from its metaverse team as a part of an overall restructuring and cost-cutting initiative due to economic downturns. This move follows after shelving of the NFT project by Meta, making it the second major conglomerate to cease operations on metaverse projects.
Disney’s Web3 Initiatives
Prior to this decision, Disney had invested heavily in Web3 and started hiring initiatives for several positions related to blockchain, metaverse and DeFi in 2022. Former CEO Bob Chapek had appointed Mike White as head of the division who was tasked with developing interactive storytelling using Disney’s library of intellectual property. However, following Iger taking control of leadership last month, budget cuts were announced which led to around 7000 jobs being eliminated as a part of broader restructuring. This resulted in entire metaverse team losing their jobs except for White who is still heading the division.
Meta Shelving Its NFT Project
The news comes shortly after Meta shelved its NFT project which indicated that even major conglomerates are not shielded from economic downturns and have been forced to rethink expensive dream projects which do not bring any immediate revenue. This shows that companies are now questioning the value provided from Web3 technology despite many jumping on board during 2022 when crypto was booming.
Leadership Changes at Disney
In February 2022, former CEO Bob Chapek brought Mike White to lead the metaverse division but it looks like following Iger’s takeover; his vision for Disney does not include continuing investments into Web3 technology which led him to make cost-saving decisions such as layoffs within their teams including letting go of the entire metaverse division other than Mike White himself who is still leading it while its future remains uncertain amidst budget cuts happening across all departments within Disney Corporation.
Conclusion
It seems like even though large companies have been investing heavily into Web3 technology, they are now under pressure due to economic conditions and are rethinking these expensive dream projects that do not bring any immediate revenue or benefit despite providing much potential value over time if continued investment is made in them which could be difficult during times like these when budgets need to be cut drastically causing many casualties such as complete termination or downsizing of teams involved with them such as Disney’s recent move with their Metaverse Team being laid off entirely other than one person remaining until further notice while we wait and see how this will turn out over time given how quickly things can change in such an unpredictable environment particularly involving emerging technologies like blockchain and crypto where everything is constantly progressing at a rapid pace making it hard for anyone keep up including large companies like Disney that have invested so much into it already only for things suddenly changing right before our eyes leaving us all wondering what will happen next..
