Original Article By “bigbear51” At NicheGamer.com:

While some companies are still pushing tech for the metaverse and blockchain, Disney is taking the opposite route by shutting down their metaverse division.

The news (via Wall Street Journal) of the shutdown also comes with the company planning on laying off 7,000 staff members over the course of this year. As the metaverse division only had 50 staff, these cuts go beyond the division’s end.

According to reports, the jobs for Disney’s Next Generation Storytelling & Consumer Experiences were made redundant, but now former head of the division, Mike White, is still set to work with the company elsewhere that is currently unknown.

The 7,000 layoffs were announced by Disney’s returning CEO Bob Iger who announced these plans were to streamline and reduce cost for the company. Two more waves for the layoffs are set for the coming months.

Tough economic situations have greatly impacted many companies, including many of the giants in the tech industry. Amazon recently announced another big wave of layoffs, which also impacted streaming service Twitch.