Report: Microsoft Dissolves Team of Hundred Working on Industrial Metaverse

As part of the recent layoffs it announced to plan expenditures in the context of the continuing global crisis, Microsoft announced the closure of its industrial metaverse business. The 100 employees that made up this team apparently lost their jobs, putting future plans for this unit on hold indefinitely. Just four months ago, a separate division was established to investigate how metaverse technology may be incorporated into business processes. In response to the prolonged economic downturn, Microsoft laid off 10,000 people in total, as was announced in January of this year. Microsoft has made the decision to prioritise short-term projects over longer-term ones for the time being in order to increase income more quickly. It would take a very long time for this to mature and bear fruit. items that are already finished Despite the current turn of events, Microsoft will continue to support the work done by its "Industrial Metaverse Core" group during the months this group was active. Microsoft is committed to the industrial metaverse, the company told Coindesk in an email exchange. "We are putting our focus to the areas of the industrial metaverse that matter most to our clients, and they will notice no change in how they are supported." The metaverse, a distinctive component of the Web3 ecosystem, is a fully complete virtual setting that enables individuals from all over the world to interact and collaborate as digital avatars without having to leave the comfort of their homes. The automotive sector, social media, and gaming are anticipated to benefit greatly from the surge in industry usage of metaverse.

According to Bloomberg Intelligence, by 2024, the business opportunity for the metaverse is predicted to be around $800 billion (or about Rs. 59,58,720 crore).In a recent blog post, Nokia's Chief Strategy and Technology Officer Nishant Batra stated that before individual consumers join the virtual universe ecosystem, the metaverse technology is anticipated to achieve widespread industrial adoption. On the World Economic Forum, the article was posted (WEF). Despite all the talk about the promise of the metaverse, Microsoft has recently cut staff across relevant areas. AltspaceVR and the Mixed Reality Tool Kit, two burgeoning departments within Microsoft devoted to virtual reality (VR) and the metaverse, were shut down in January.