Disney has shut down its storytelling and consumer-experiences unit, which was developing metaverse strategies, according to media sources.
The move is part of a larger restructuring effort that will reduce the company’s headcount by around 7,000 over the next two months.
In mid-2022, the media conglomerate started working on its metaverse strategy and chose Polygon as its blockchain.
The unit, led by former Disney executive Mike White, was responsible for exploring new ways to tell interactive stories using Disney’s intellectual property. All 50 members of the team have been laid off, but White will remain at the company in an unclear role.