Alibaba’s metaverse unit is named Yuanjing, which was reportedly established again in 2021. As per stories, the most recent job cuts from Alibaba’s Yuanjing unit are impacting the groups in Shanghai and Hangzhou.
The actual variety of layoffs inside Alibaba’s metaverse unit stays undisclosed, and the corporate has but to launch an official assertion on the matter.
As per the SCMP report, ‘billions of yuan’ have been poured into Alibaba’s metaverse unit, which employs a ‘few hundred’ staff.
The metaverse is a blockchain-powered digital ecosystem the place customers work together as digital avatars. Within these immersive, lifelike digital worlds, folks can socialize, work, store, play video games, and revel in leisure—all from the consolation of their houses.
In latest years, pleasure across the metaverse has fluctuated considerably. Brands like Lamborghini, Samsung, and Apple have explored the metaverse as a strategy to have interaction with youthful audiences.
Since its launch in 2020, Mark Zuckerberg’s Meta has confronted consecutive losses in its metaverse-focused division, Reality Labs, which reported additional declines as just lately as April. Similarly, China’s Baidu has shifted focus from the metaverse to AI. Last yr, following Baidu’s pivot to generative AI, its head of AI growth resigned.
Despite the reported layoffs, Alibaba is predicted to retain its Yuanjing unit, which can proceed analysis and growth targeted on metaverse use instances, the report notes.
Back in June 2023, blockchain agency Near Foundation had entered a partnership with China’s Alibaba Group to assist builders construct on its blockchain infrastructure.
