Microsoft has decided to suspend its industrial Metaverse project due to tightening economic conditions. Instead, it will focus on revenue-generating ventures that can generate short-term revenues. All 100 people who worked on this project were fired.
According to people familiar with the matter, the tech giant is frustrated at the amount of investment needed before its industrial Metaverse project generates revenue. This was not ideal for a company which has lost over 10,000 employees since the beginning of the year. Microsoft is trying to reduce costs and remain lean in these economic times.
Microsoft was a major player in the industrial Metaverse segment before Microsoft put the project on hold.
For the group, which was formed just four months ago, the dissolution of the industrial Metaverse team is a blow to the gut. This group was responsible for building interfaces to clients in the energy, healthcare and retail financial services sectors that could leverage Metaverse technology to increase their productivity and efficiency.
After securing several partnerships with top companies like Kawasaki Robotics, Microsoft formed the team. The goal of this team was to investigate robotics using digital twinning technology in order to increase productivity and efficiency. Kawasaki Robotics engineers used Microsoft HoloLens to overlay virtual 3D models of products onto real-life structures.
Azure, the company’s cloud service arm, was also partnered with Hadean (a Metaverse tech startup) with the goal to deliver secure cloud-based military training capabilities.
Microsoft Still Has Plans For Industrial Metaverse
Microsoft says that it will continue to work on the industrial metaverse project despite the move. The company sent Coindesk an email stating:
“We will continue to share more information in the future.” We look forward sharing more information in the future .”
As companies struggle to create this new digital universe, the Metaverse will prove to be a difficult nut to crack. Meta, unlike Microsoft, is not stopping even though it has suffered huge losses. They know there is a price for trying to solve the mystery.
NFT News Today’s first article, Microsoft Pauses the Industrial Metaverse Project, appeared first on NFT News Today.