Microsoft, which announced the layoffs of 5% of its total employees earlier this year, has spared even burgeoning units dedicated to Virtual Reality (VR) and metadata. The software giant is said to have decided to bring the curtain down on two related projects – Altspacevr and Mixed Reality Toolkit. In the coming days, Microsoft’s ongoing metaverse and VR projects could see delays in development and testing. A total of 10,000 employees are being laid off as the company prioritizes cost-cutting amid the ongoing market turmoil.
With Altspacevr, Microsoft is creating virtual environments to host digital events for international artists. It’s an independent platform, which was acquired by Microsoft in 2017. Job cuts in the tech giant have affected this group.
Meanwhile, the unit behind the Mixed Reality Toolkit, which focuses on creating user interfaces for metaverse project. Currently, the roadmap for the future of this division is yet to be decided, Bitcoin.news report.
The company based in Redmond, Washington, USA has been accelerating its efforts to enter the metaverse market. From attracting former employees from Apple and Meta, Microsoft has engaged with Augmented Reality and Virtual Reality developers in general.
Company executives Satya Nadella has also previously voiced support for the metaverse concept, calling it a game changer.
The super universe is here, and it’s not only changing the way we see the world, but the way we engage with it – from the factory floor to the boardroom. Watch. pic.twitter.com/h5tsdYMXRD
– Satya Nadella (@satyanadella) November 2, 2021
Previously, Microsoft has committed 69 billion USD (approximately Rs 5,62,574 crore) upfront for metaverse field.
Their decision to cut their workforce on this front could contribute to the ongoing decline in web industry3 also.
Before Microsoft, meta also announced that it will be laying off 11,000 employees, including employees from its own metaverse-related groups. A significant amount of developers from the metaverse field were left out.
Because Advertisers and Brandswish to use metaverse technology to interact with their Web3 native customers, these layoffs could accelerate the implementation of their plans.
Bloomberg Intelligence report expectations The market opportunity for the metaverse reaches $800 billion (approximately Rs 59,58,719) by 2024.