Disney Disbands Its Metaverse Team: 7,000 Employees Affected

• Disney had planned to use the Polygon blockchain for a metaverse project involving NFTs.
• The company is currently in the process of streamlining its business and has laid off about 7,000 employees.
• This includes the 50 metaverse project employees as Disney questions the continued value of Web3.

Disney’s Metaverse Project

Disney had chosen Polygon as part of its metaverse project, which targeted NFTs (Non-Fungible Tokens) for next-generation storytelling and consumer experiences. A report from Citi in October 2021 predicted that Disney, Electronic Arts, and WWE would be some of the biggest beneficiaries of NFTs. To prepare for this, Disney posted a job listing for an experienced corporate attorney who was skilled in blockchain, metaverse, decentralized finance and NFTs in September 2022.

Streamlining Business

However, according to the Wall Street Journal one year later Disney’s plans for the metaverse were still unclear. In order to control costs and create a „streamlined business“ as CEO Bob Iger intended, Disney is now in the process of laying off 7,000 employees from their company. This includes 50 people from their metaverse project team which shows doubts towards web3 technology from Disney’s side.

NFT Benefits

Non-fungible tokens present many benefits such as creating digital scarcity and allowing users to own virtual items with real-world market value. These tokens are also used by gamers to purchase virtual goods within games or even create new ones with specialized features like enhanced visuals or rewards points that can be redeemed within games or outside them on partner sites like Amazon or eBay. Additionally, they can be used to store important data such as medical records or financial transactions securely on a blockchain network while ensuring privacy through encryption algorithms and smart contracts which allow users to carry out transactions without third parties being involved.

Future Outlook

It remains unclear what will happen with Disney’s plans for their metaverse now that they have disbanded their team responsible for it due to large layoffs at their company; however it is certain that NFTs will continue to grow in popularity among gamers and other users looking for secure ways of storing data online without having third parties involved in transactions.

Conclusion

In conclusion, despite large layoffs at Disney resulting in disbanding their metaverse team working on non-fungible tokens (NFTs), these tokens will likely continue growing in popularity due to their advantages over traditional methods of data storage while ensuring security through encryption algorithms and smart contracts when carrying out transactions online without needing any middlemen involved.