Financial Associated Press: ByteDance disbands the team of the metaverse social application "Party Island."

ChainCatcher news, citing sources from ByteDance, reports that in order to reduce costs and increase efficiency, ByteDance has disbanded the project team for the metaverse social app "Party Island," with team members returning to their original teams.

"Party Island" was launched in mid-July this year, positioned as a social product that requires an invitation code for access. The aforementioned source revealed that due to issues related to security processes, "Party Island" was soon taken down, and since the date for relaunch is unknown, the project has been terminated.

ChainCatcher reported this morning that Meta's metaverse VR social application Horizon Worlds may not meet the company's internal performance expectations. (Financial Associated Press)