Disney is debating whether Web3 will continue to be valuable.

In an effort to reduce costs and create a “streamlined” operation, the company is in the process of letting go of 7,000 employees. The Wall Street Journal cited persons familiar with the situation when reporting that the cuts affect the 50-person metaverse team.

Disney announced that Polygon had been selected as their blockchain of choice in the middle of 2022, at which point it started creating its metaverse strategy. When it posted a job for a specialized in-house lawyer for non-fungible tokens (NFT) and decentralized finance in September of that year, it looked that Disney was increasing the amount of resources it was dedicating to the initiative. (DeFi).

surrealistic scene of a girl with VR glasses immersed in liquid with neon lighting. metaverse concept, nft, creative art and technology. 3d rendering. fictional character

According to the WSJ, Disney’s metaverse intentions were still undetermined a year later.

Related: Disney Will Begin Firing 7,000 Employees This Week

A year later, the WSJ reported that Disney’s metaverse plans were still unknown.
In order to “work on transactions involving emerging technologies, including NFTs, blockchain, metaverse, and decentralized finance,” Disney was looking to engage an experienced corporate attorney.

Disney, Electronic Arts, and WWE were among the companies predicted to benefit the most from non-fungible tokens, according to a report published by Citi in October 2021.

The revelation didn’t seem to have much of an impact on most metaverse majors. In the previous hour, the MANA token from Decentraland has increased 1%, while SAND from The Sandbox has remained unchanged.


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