Walt Disney has allegedly terminated the majority of its employees in the consumer experiences unit, the department responsible for its metaverse strategies, as part of a company-wide restructuring effort. Disney is planning to reduce its workforce by approximately 7,000 in the coming months.
Just a little over a year after jumping on the metaverse and NFTs trend, Walt Disney, a renowned American media and entertainment conglomerate based in California, is already bowing out. Reports indicate that the iconic family entertainment company, established 99 years ago, has dissolved its consumer experiences unit, which oversaw its metaverse strategies, as part of a larger restructuring initiative aimed at laying off about 7,000 employees within the next sixty days.
Disney reportedly let go of around 50 individuals in its consumer experiences division this week, with only Mike White, a former Apollo chief technical officer (CTO) who was brought on board as the head of its metaverse project in February 2022, remaining.
The future of Disney’s involvement with NFTs and the metaverse remains uncertain. It is worth noting that in March 2022, the Disney Pixar Pals NFTs quickly sold out within 24 hours of their release, bringing in over $3 million for the company.
In other news, Blur currently holds the title of the world’s leading NFT marketplace, boasting a total value locked (TVL) of $139.89 million, as reported by Defi Llama.
For more updates:
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