The Information: Microsoft closed the Industrial Metaverse project

Microsoft Corporation closed the project of creating a service to provide services to large companies in the Industrial Metaverse, writes the Information portal, citing its sources.. The entire team – 100 people – have already been fired.

According to the source, the corporation wants to prioritize short-term projects over those that require a lot of time and labor.

Microsoft formed the Industrial Metaverse Core just four months ago to work with clients in healthcare, financial services, and build APIs that can be used to drive metaverse-related projects.

While major companies such as Microsoft and Meta are showing enthusiasm for the metaverse, all major virtual world projects are now in the early stages of development.

Microsoft has long announced that it is going to lay off more than 10,000 people in 2023 as part of a corporate reorganization.. That's roughly 5% of the American tech giant's entire workforce.. It is planned to reduce the teams working on projects such as the Mixed Reality Tool Kit and Altspacevr.

The change will cost Microsoft about $1.2 billion in severance pay, new hardware, and related expenses.. The corporation said it would provide outgoing employees with health insurance within six months of leaving.