Disney lays off 7,000 employees, including Metaverse team.

Disney is laying off its 50-strong metaverse team as part of its cost-cutting measures and efforts to streamline its business. The company's metaverse plans were still unclear a year after it began developing its strategy, and the decision to let go of the team suggests that Disney is questioning the continued value of Web3. In mid-2022, Disney announced that Polygon had been picked as its blockchain of choice and appeared to ramp up its resource deployment for the effort in September of that year with a job posting for specialized in-house counsel for NFTs and DeFi.