Disney Abandons Metaverse Plans, Lays Off Entire Team.

Disney has shut down its nascent metaverse division, Next Generation Storytelling, as part of its recent round of layoffs. The division was a pet project of former CEO Bob Chapek, who had envisioned a Disney metaverse that would allow for storytelling without boundaries. The division's exact projects remain unclear, but the technology could still find its way into Disney's theme park or studio divisions. The layoffs are part of CEO Bob Iger's efforts to streamline the entertainment giant, with a larger round of cuts expected next month.