- Disney had chosen Polygon for the metaverse project.
- Disney was planning on using NFTs for its next-generation storytelling and consumer experiences.
- The company is presently in the process of streamlining its business.
In the middle of 2022, Disney started working on a metaverse strategy and declared that they would employ the Polygon blockchain for the venture. In October 2021, Citi issued a report saying that Disney, Electronic Arts, and WWE were set to be among the biggest beneficiaries of non-fungible tokens (NFTs).
The company also appeared to increase resource deployment by posting a job listing for an in-house counsel expert in DeFi and NFTs in September 2022. The person Disney was trying to recruit was expected to be an experienced corporate attorney who would “work on transactions involving emerging technologies, including NFTs, blockchain, metaverse, and decentralized finance.”
Nevertheless, according to the Wall Street Journal, Disney’s metaverse plans appeared to be still uncertain a year later.
Simplifying business
Disney is presently in the process of eliminating about 7,000 staff as it attempts to control costs and develop what the CEO Bob Iger calls a “streamlined business.” The layoff will affect the 50 metaverse project employees.
Decommissioning the next-generation storytelling and consumer experiences indicates Disney is questioning the ongoing value of Web3.
