Disney brings down the curtain on the metaverse

Like other American giants, Disney implements a extensive restructuring with 7000 departuresof which the metaverse team. A stop for his metaverse strategy initiated in 2022, in particular with Polygon.

The current inflationary and macroeconomic context does not seem to benefit initiatives in the metaverse sector. Just recently, Meta, which had made it a priority, relegated the subject to second place.

Although it represented a lesser economic weight than Gafam, it is nevertheless another player that has just decided to turn its back, at least temporarily, on its ambitions in favor of the metaverse.

7000 departures affecting the Disney metaverse

With more than $80 billion in revenue by 2022, Disney had substantial means to invest in the emerging field of the metaverse. But the news of the cinema giant is a redundancy plan.

Disney carries out a restructuring, which will result in the dismissal of 7000 employees. This plan is in line with the cost-cutting programs decided in recent months by the main American players, including those in the technology sector.

Among these job cuts, Disney is cutting its team dedicated to the metaverse. In total, 50 employees are on the way out, announced the Wall Street Journal. It is also, therefore, a bracketing of Disney’s projects on the Web3 and the metaverse.

The company had begun to lay out its pawns in this area in the middle of last year. In September, Disney even posted a job offer to bring in-house NFT and decentralized finance.

Polygon selected by the Disney gas pedal in 2022

In an October 2021 report, Citi identified the major potential beneficiaries of an emerging NFT economy. Disney was among the candidates, along withElectronic Arts – whose founder joined the Web3.

The investment bank’s predictions will have to wait to come true. For Polygon, it’s an opportunity that’s closing, temporarily perhaps. In July, L2 was selected to join Disney’s gas pedal dedicated to immersive experiences.

Polygon integrated a very closed circle composed only of 6 startups. Among them, several Web3 specialists, including Polygon, but also Flickplay and Obsess on the metaverse side.

The consequences of this shutdown for Polygon are to be nuanced, however. Blockchain is multiplying projects, with Immutable in gaming, Salesforce in CRM or Starbucks in loyalty.

Follow Corners.en on Twitter, Linkedin, Facebook or Telegram to not miss anything. Subscribe to our crypto newsletter to receive a news summary every week.