Bitcoin

<p>Netmarble F&amp;C, a subsidiary of South Korean game developer Netmarble, has taken action to lay off employees by notifying all 70 workers under its Metaverse World project to resign, according to <a href="https://www.mk.co.kr/news/it/10924992" rel="noopener noreferrer nofollow">industry sources</a> on Friday (KST). Metaverse World, which had begun developing an IP-based metaverse platform, will be abandoned during an upcoming corporate reorganization process.</p><h2 id="header-0">A brief journey from ambition to abandonment</h2><p>Metaverse World was launched by Netmarble in 2022 by acquiring blockchain gaming platform ITAM Games and Web3 wallet developer Bono Technologies. It had been scheduled to hold a closed beta test last year, but no news of the development has resurfaced since then.</p><p>However, it was revealed today that the project will be abandoned during the corporate reorganization process.</p><p>&#34;We have been looking for a sustainable direction to take the project, but business conditions and market changes have pushed us to make the difficult decision to terminate the Metaverse World corporation, which was developing a metaverse platform,” a representative from the company disclosed.</p><h2 id="header-1">Fluctuating trends</h2><p>The metaverse first gained traction during the COVID-19 pandemic, when gatherings were limited to online spaces. Since then, the industry and other related technologies like Web3, blockchain and NFTs also garnered significant attention, with various companies snagging investments to fund their projects. However, as the attention of tech and investment firms has shifted to AI, these companies have increasingly found themselves in difficult positions.</p><p>Last September, Com2Verse, the metaverse arm of content provider Com2uS Holdings&#39;, also began streamlining its workforce, organizing voluntary retirement and transition arrangements for its employees.</p>

Netmarble F&C prepares to lay off employees of Metaverse World subsidiary

Table of Contents

CoinNess Global

Other articles published on Jan 19, 2024

UMA Token Experiences a Strong Rally with Over 80% Gains

Ripple's Top Lawyer Calls SEC "Broken Regulator," Tron Founder Withdraws Billions of SHIB From Bi...

Meta Prioritizes AI in Strategic Shift, Balancing Metaverse Vision

Meta Platforms’ Vision May Take a “Good Decade” to Materialize

Cronos Labs Kicks Off Third Cohort of Web3 Accelerator Program, Offering World’s First Mentorship...

Root Protocol Closes $10M Seed Round at $100M Valuation

Join our free newsletter for daily crypto updates!