- Disney will lay off 7000 employees as part of its restructuring plans.
- The entertainment giant has shuttered its metaverse division
- Disney could still return to the metaverse.
Cutting Corners
On Tuesday, March 28, Disney announced that it is laying off 7000 employees over the next two months. The proposed firing round would help the entertainment giant cut operating costs by $5.5 billion.
Disney's 50-member metaverse strategy team was also a part of the affectees. The Magic Kingdom sought to use web3 technology to "create an entirely new paradigm" for...