• Disney was planning to use the Polygon blockchain for a metaverse project with NFTs and other resources.
• Disney was looking to hire an experienced corporate attorney who would work on transactions involving emerging technologies, including NFTs, blockchain, metaverse, and decentralized finance.
• In order to control costs and develop a “streamlined business”, Disney is laying off 7,000 employees which includes the 50 metaverse project employees.
Disney Developing Metaverse Strategy
Disney had picked Polygon for the metaverse project and was targeting Non-Fungible Tokens (NFTs) for its next-generation storytelling and consumer experiences. In September 2022, Citi released a report saying that Disney, Electronic Arts, WWE were set to become some of the biggest beneficiaries of NFTs. The company further appeared to ramp up resource deployment by posting a job post for an expert in-house counsel for DeFi and NFTs in September 2022.
Layoff Process
Disney is currently in the process of laying off about 7,000 employees as it tries to control costs and develop what the CEO Bob Iger calls a „streamlined business.“ The layoff will affect the 50 metaverse project employees. This shows Disney is questioning the continued value of Web3.
Citi’s Report
In October 2021 Citi released a report saying that Disney Electronic Arts, WWE were set to become some of the biggest beneficiaries of non-fungible tokens (NFTs). The person being looked at hiring was required to be an experienced corporate attorney who would „work on transactions involving emerging technologies, including NFTs blockchain metaverse and decentralized finance.“
Job Posting
In September 2022 Disney posted a job post for an expert in-house counsel for DeFi and NFTs looking for someone with experience working on transactions involving emerging technologies such as NFTs blockchain metaverse and decentralized finance.
Questioning Continued Value
Disney’s plans appear unclear even after one year since announcing plans for their metaverse strategy. By streamlining their business through layoffs they show they are questioning the continued value of Web3 technology.