Disney has laid off its Metaverse team of 50 employees in a move aimed at streamlining its business operations. The team belonged to the Next Generation and Consumer Experiences department and was working on developing Disney’s metaverse initiatives.

Metaverse is a virtual world that multiple users share. It is an immersive experience that allows users to interact with each other and the environment in real time. The Metaverse team at Disney was developing metaverse-enabling technologies such as NFTs and blockchain-based consumer applications.

However, the layoffs indicate that Disney has shifted its focus from this project. The move is part of the company’s strategy to streamline its operations and prioritize its resources. However, it is evident that Disney is reassessing its priorities and looking for ways to cut costs.

The layoffs come when Disney is undergoing significant leadership changes with the reappointment of CEO Bob Iger and experiencing major losses with its Disney Plus streaming service. Thus, these cuts come at a time when Disney wants to cut costs rather than invest heavily in emerging technologies such as the blockchain.