• Latest
  • Trending
  • All
Disney Dismisses Metaverse Division, Polygon Feels the Heat

Disney Dismisses Metaverse Division, Polygon Feels the Heat

March 30, 2023
Welcoming The Liquid Cooling Era: Co-Building a Collaborative Ecosystem

Welcoming The Liquid Cooling Era: Co-Building a Collaborative Ecosystem

June 1, 2023
After Launching Its Presale To Huge Success, DigiToads hope to pass Dogecoin’s MarketCap in next few years

After Launching Its Presale To Huge Success, DigiToads hope to pass Dogecoin’s MarketCap in next few years

June 1, 2023
Did The US SEC Just Endorse Ethereum After This Settlement?

Did The US SEC Just Endorse Ethereum After This Settlement?

June 1, 2023
Will the Litecoin halving lead to a price pump? Analysts predict further gains for Collateral Network

Will the Litecoin halving lead to a price pump? Analysts predict further gains for Collateral Network

June 1, 2023
Crypto.com Secures Key Trading License in Asia

Crypto.com Secures Key Trading License in Asia

June 1, 2023
Is XRP About To Rally? Crypto Analytics Firm Santiment Says One Metric Is Flashing a Historically Bullish Signal

Is XRP About To Rally? Crypto Analytics Firm Santiment Says One Metric Is Flashing a Historically Bullish Signal

June 1, 2023
Ethereum, Not Bitcoin, Will Drive Global Crypto Adoption

Ethereum, Not Bitcoin, Will Drive Global Crypto Adoption

June 1, 2023
Connected products at the edge

Connected products at the edge

June 1, 2023
This Man Is Accused Of Running A Secret Crypto Mining Operation In A High School Crawlspace » TwistedSifter

This Man Is Accused Of Running A Secret Crypto Mining Operation In A High School Crawlspace » TwistedSifter

June 1, 2023
BIT Mining Limited: Selling Ethereum And Holding Dogecoin (NYSE:BTCM)

BIT Mining Limited: Selling Ethereum And Holding Dogecoin (NYSE:BTCM)

June 1, 2023
Ethereum Open Interest On Deribit At A 3-Year High

Ethereum Open Interest On Deribit At A 3-Year High

June 1, 2023
Bitcoin logs monthly loss, Ether drops, U.S. equities slide

Bitcoin logs monthly loss, Ether drops, U.S. equities slide

June 1, 2023
Thursday, June 1, 2023
DLT EMPIRE
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market
No Result
View All Result
DLT EMPIRE
No Result
View All Result
Home Cryptocurrencies

Disney Dismisses Metaverse Division, Polygon Feels the Heat

by Cuevas Antonio
March 30, 2023
in Cryptocurrencies
0
Disney Dismisses Metaverse Division, Polygon Feels the Heat
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Disney has announced that it is abandoning plans to explore the metaverse, and the news has vibrated through many parts of the Web3 industry including cryptocurrencies. 

The animator, together with major fashion brands (Gucci, Louis Vuitton, Rolex, Yves Saint Laurent and Nike), automotive companies Mercedes-Benz and BMW, and fellow media company Warner Brothers, are the pioneer companies that have filed for NFT and metaverse trademarks with the United States Postal and Trademark Office (USPTO). 

According to the Wall Street Journal, around 50 employees in Disney’s metaverse division have been dismissed. The layoff in the AR and VR-powered division represents a modest fraction of the company’s downsizing that will see about 7,000 lose their jobs. 

While the mass media, multinational, and entertainment conglomerate has been experimenting with several technologies under the metaverse banner, including producing AR films, creating virtual stores, and integrating blockchain technology, the slow adoption of the virtual world has made the sector largely unprofitable for Disney and other firms. 

The latest development has not just affected Disney employees. Stakeholders of the crypto economy, particularly Polygon (MATIC) holders, have also seen a substantial reduction in their portfolios amid the layoffs.

Polygon (MATIC) is down by 12% in March 

In July 2022, Polygon was selected along with Red 6, Obsess, Lockerverse, Inworld, and Flickplay as the six participants for Disney’s Accelerator Program. 

The Program came with a vision of building the future of immersive experiences with a primary focus on artificial intelligence (AI) characters, NFTs, and ARs. 

As an integral part of the NFT industry, Polygon ranks 5th on the log of blockchains by all-time NFT sales volume with approximately $764 million from 1.05 million buyers involved in over 6 million transactions.

Disney’s association with Polygon at the time led to a 94% spike in the price of MATIC after opening and closing the month with trading prices of $0.4781 and $0.9283 respectively. 

Disney Dismisses Metaverse Division, Polygon Feels the Heat

TradingView

The opposite reaction has been felt in MATIC’s price due to the layoffs. MATIC is down by 12% in March after opening the month strongly at $1.1952 and declining to $1.0470, as of 09:30 UTC on March 28.

Disney Dismisses Metaverse Division, Polygon Feels the Heat

TradingView

NFT and metaverse trademarks continue to be filed 

According to USPTO data shared by licensed attorney Mike Kondoudis, a large number of companies have filed NFT and metaverse trademarks.

At a glance, these include Wynn Resorts, Seattle Mariners, Houston Astros, Boston Red Sox, FUJITSU, Nissan, Fallout, Lucasfilm, Samsung, Shutterstock AI, Grammarly, Amazon, Lacoste, and General Motors (GM).

Other firms to have explored opportunities via trademarks are Walmart, Sports Illustrated, Death Row Records, American Music Awards, and Disney. The latter’s latest application is for the new Marvel television TV show.

This article is originally from MetaNews.

Share196Tweet123Share49
Cuevas Antonio

Cuevas Antonio

  • Trending
  • Comments
  • Latest
Rise of AI-Powered Cheating: Challenges and Solutions for Educators

Rise of AI-Powered Cheating: Challenges and Solutions for Educators

March 20, 2023
Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

April 10, 2023
What is Cloud Mining and How Does it Work?

What is Cloud Mining and How Does it Work?

April 10, 2023
Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

0
24 Crypto Terms You Should Know

24 Crypto Terms You Should Know

0
Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

0
Welcoming The Liquid Cooling Era: Co-Building a Collaborative Ecosystem

Welcoming The Liquid Cooling Era: Co-Building a Collaborative Ecosystem

June 1, 2023
After Launching Its Presale To Huge Success, DigiToads hope to pass Dogecoin’s MarketCap in next few years

After Launching Its Presale To Huge Success, DigiToads hope to pass Dogecoin’s MarketCap in next few years

June 1, 2023
Did The US SEC Just Endorse Ethereum After This Settlement?

Did The US SEC Just Endorse Ethereum After This Settlement?

June 1, 2023

Recent News

Welcoming The Liquid Cooling Era: Co-Building a Collaborative Ecosystem

Welcoming The Liquid Cooling Era: Co-Building a Collaborative Ecosystem

June 1, 2023
After Launching Its Presale To Huge Success, DigiToads hope to pass Dogecoin’s MarketCap in next few years

After Launching Its Presale To Huge Success, DigiToads hope to pass Dogecoin’s MarketCap in next few years

June 1, 2023
Did The US SEC Just Endorse Ethereum After This Settlement?

Did The US SEC Just Endorse Ethereum After This Settlement?

June 1, 2023

Categories

  • Altcoin
  • Altcoin News
  • Altcoins
  • Artificial Intelligence
  • Bitcoin
  • Blockchain
  • Business
  • Crypto Mining
  • Cryptocurrencies
  • Culture
  • Dogecoin
  • Economy
  • Education
  • Ethereum
  • Featured
  • Governance
  • Litecoin
  • Market
  • News
  • Uncategorized

Converter

Cryptocurrency Prices by Coinlib

© 2023 Dlt Empire | All Rights Reserved

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market

© 2023 Dlt Empire | All Rights Reserved