Alibaba is scaling back its metaverse business operations, laying off dozens of employees

According to ChainCatcher news reported by Cointelegraph, Chinese e-commerce giant Alibaba is scaling back its metaverse business operations, with dozens of employees in its metaverse division being laid off. The metaverse division has operations in both Shanghai and Hangzhou and was established in 2021.

It is reported that the metaverse division previously received "tens of billions of yuan" in investment and employed hundreds of staff. The division will continue to exist, providing metaverse applications, tools, and services.