Microsoft slashes its Industrial Metaverse unit in bid to cut costs
The metaverse is proving to be a tough nut to crack amid worsening economic conditions as Microsoft has followed Meta in a revamp of its approach to the future of Web3 by shutting down a team that was formed only four months ago to help customers use the metaverse in an industrial setting.
The Information reported on Thursday that the American tech giant has elected to discontinue the project and lay off the roughly 100 employees that worked in its Industrial Metaverse Core team. Microsoft originally formed the team back in October with the goal of helping customers create immersive new software interfaces for operating the industrial control systems behind electrical power plants, industrial robotics and transportation networks. company’s efforts to shore up its finances ahead of a potential recession.
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