In line with a broader trend among major tech firms, Chinese e-commerce behemoth Alibaba is downsizing its metaverse operations.
The restructuring, which aims to improve efficiency, led to layoffs in Yuanjing, Alibaba’s metaverse unit, as the company recalibrates its focus in this sector.
Downsizing Metaverse Unit
According to the report by South China Morning Post, which is also owned by Alibaba, this move has affected “dozens” of employees. The layoffs reportedly impacted Yuanjing’s operations across Shanghai and Hangzhou, Zhejiang province’s capital.
The unit once had hundreds of employees and received significant investments in the “billions of yuan.” Despite the reduction in the employee count, the unit will still remain active and will shift its focus to metaverse applications, tools, and customer-oriented metaverse services.
As part of its metaverse efforts, Alibaba spearheaded a $60 million investment round in Nreal, a Chinese company specializing in augmented rea
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