Chinese Tech Giant Tencent Lays off 300 Staff From Metaverse Unit

encent one of the largest Chinese tech firms has laid off around 300 employees from its respective metaverse development teams. Tencent, well renowned for its software business, is presently abandoning its aspirations to enter the metaverse hardware sector. Local news sources report that the corporation informed more than 300 workers that its extended reality division, which was responsible for creating metaverse products, would be shut down. The corporation denied disbanding the aforementioned group but did disclose it was making personnel changes due to altered intentions. However, they scrapped the project owing to the high cost involved and the poor profitability prediction.

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