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JAN 19, 2024

Netmarble F&C prepares to lay off employees of Metaverse World subsidiary

by CoinNess Global

Netmarble F&C, a subsidiary of South Korean game developer Netmarble, has taken action to lay off employees by notifying all 70 workers under its Metaverse World project to resign, according to industry sources on Friday (KST). Metaverse World, which had begun developing an IP-based metaverse platform, will be abandoned during an upcoming corporate reorganization process. 

A brief journey from ambition to abandonment

Metaverse World was launched by Netmarble in 2022 by acquiring blockchain gaming platform ITAM Games and Web3 wallet developer Bono Technologies. It had been scheduled to hold a closed beta test last year, but no news of the development has resurfaced since then. 
However, it was revealed today that the project will be abandoned during the corporate reorganization process.
"We have been looking for a sustainable direction to take the project, but business conditions and market changes have pushed us to make the difficult decision to terminate the Metaverse World corporation, which was developing a metaverse platform,” a representative from the company disclosed.

Fluctuating trends

The metaverse first gained traction during the COVID-19 pandemic, when gatherings were limited to online spaces. Since then, the industry and other related technologies like Web3, blockchain and NFTs also garnered significant attention, with various companies snagging investments to fund their projects. However, as the attention of tech and investment firms has shifted to AI, these companies have increasingly found themselves in difficult positions.
Last September, Com2Verse, the metaverse arm of content provider Com2uS Holdings', also began streamlining its workforce, organizing voluntary retirement and transition arrangements for its employees.
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