This is the END of THE METAVERSE
Disney's division focused on exploring the possibility of entering the metaverse, a virtual world, has been dissolved, according to reports. The team, which was made up of around 50 employees, was looking into how Disney's intellectual property could be used in this new frontier of storytelling. The move comes as part of a series of planned layoffs at Disney, which aims to reduce costs by $5.5 billion by cutting around 7,000 jobs. Although the exact projects the team was working on are unknown, they may have included fantasy sports, theme-park attractions, and other consumer experiences. Despite the layoffs, Disney's former CEO, Bob Chapek, expressed interest in the metaverse, and the company's ambitions in this area were announced to employees in February 2021.