Microsoft, one of the largest technology companies in the world, has decided to abandon its metaverse project, known as the Industrial Metaverse. According to internal sources, the company has opted to end the project focus on short-term initiatives that can generate significant revenue more quickly.
While the hype around the metaverse is still very clear, Microsoft seems to have decided that now is not the ideal time to invest in the technology. The metaverse is a kind of virtual world, where users can create avatars and participate in immersive experiences in a virtual environment.
The Microsoft Metaverse team is also being laid off, indicating that the company has no plans to restart the project anytime soon. In addition, the decision to scrap the metaverse may be an indication that Microsoft wants to invest in more secure projects such as artificial intelligence.
While Microsoft’s decision may be bad news for fans of the metaverse, the company is still a leader in other technology areas and may continue to invest in new initiatives in the future.
It’s still early to say for sure, but Microsoft’s decision could be an indication that the metaverse isn’t ready to become a commercial reality and may need more time to evolve.
Microsoft fires the Metaverse team
Microsoft, which had followed the example of companies like Facebook and Meta in investing in the metaverse, changed course and announced the layoff of 10,000 jobs worldwide, putting plans for the metaverse on hold.
The tech giant laid off about 100 employees from its industrial metaverse team, which aimed to build interfaces for operational control systems in industrial environments such as power plants, robotics and transportation networks.
Dubbed the “Industrial Metaverse Core,” the team was formed just four months ago.
End of the Metaverse?
In 2021, Microsoft CEO Satya Nadella spoke about how transformative the metaverse would be. “The metaverse is not only transforming how we see the world, it’s changing how we all actively participate in it, and we look forward to seeing what you create and how you bring people together with this technology.”said Nadella at one of the Microsoft events.
He also announced Microsoft’s plans for the metaverse, “As the digital and physical worlds converge, we are creating a new platform layer, the metaverse. We are bringing people, places and things together with the digital world, both in the consumer space and in the enterprise.”
The company also announced Microsoft Mesh, a division responsible for focusing on AR, VR and mixed reality. Microsoft said that with Mesh, it aims to build a platform that offers the greatest opportunity for everyone involved, including creators, partners and customers.
So Microsoft can continue to explore the sector, but the Metaverse will not be a priority and will not have major investments.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
