The Wall Street Journal has reported that The Walt Disney Company has closed its metaverse division, citing sources.
The sources have said that almost all of the fifty employees of the department will be laid off.
This decision is part of a larger restructuring plan, intended to reduce the company’s operating costs by $5.5 billion and let go of 7,000 employees within two months.
The purpose of the Virtual Worlds division, which was created in February 2022, was to give audiences new ways to interact with iconic characters and stories.
Additionally, it was in that same month that former CEO Robert Iger expressed his worries about copyright infringement in the NFT sector.