Tencent confirms reshuffle of metaverse staff

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Updated February 20, 2023 | Published February 20, 2023

2 mins read

Employees in the tech company’s XR division have two months to find new positions or be made redundant.

Chinese tech giant Tencent has confirmed it is restructuring its extended reality unit (XR) tied to the company’s metaverse initiatives.

Local news site, 36kr, reported that Tencent had disbanded the team working on metaverse projects as it seeks to restructure and better position itself in the sector.

It means that some of its 300 employees may soon be out of a job unless they are able to integrate with the company in other positions.

Tencent has given metaverse employees about two months to transition or face layoffs. The decision comes after metaverse projects have surged in the first few months of the year.

Tencent briefly confirmed the news on Friday, speaking to Forkast, explaining that a restructuring of its XR division was indeed underway. However, no insight into the extent of the restructuring was confirmed by the spokesperson.

Tencent’s XR division has been working on several projects used in the metaverse, including mixed reality, augmented reality, and virtual reality projects.

The division got underway in June 2022, with Bytedance and Alibaba also getting in on the sector, looking to create new practical solutions for the internet, business, and even gaming.

Microsoft launched a metaverse project of its own last October, while Meta’s metaverse division reported a $13.7bn loss for the financial year 2022, highlighting the heady ventures undertaken in the vertical that have not paid off.

Regardless, Meta has signaled confidence that its metaverse project will pick up pace and slash losses.

However, Tencent has decided to refocus its efforts, especially now when OpenAI’s ChatGPT technology has made new waves in the technological world.

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Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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