15:16 - 4.11.2024

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November 4, Fineko/abc.az. Alibaba is scaling back operations in the metaverse, joining other tech giants that have cut resources in the once-hyped sector.

ABC.AZ reports that according to Alibaba-owned newspaper South China Morning Post, dozens of Alibaba metaverse employees have been laid off during company's restructuring and its drive to improve efficiency.

Yuanjing's metaverse division operates in Shanghai and Hangzhou and was created by Alibaba in 2021 amid the hype around virtual world platforms and related technologies.

In March 2022, Alibaba also led a $60 million funding round to Chinese augmented reality eyewear manufacturer Nreal as part of its ambitions to create a metaverse.