Disney has laid off its entire metaverse team, affecting 50 jobs, as part of a broader cost-cutting exercise. The company first showed interest in metaverse in 2022 and hired for its metaverse unit, choosing Polygon as its native blockchain. However, the company’s plans remained unclear more than a year later, according to Wall Street Journal. The decision to cut the unit puts Disney in the growing list of traditional companies departing from the Web3 space. The move comes as Metaverse-related tokens fell by 4.71% in the last 24 hours, amid the broader decline in the crypto market. Disney shares were up by 1.64% at the time of writing.
