Yuanjing, a subsidiary of Alibaba Group, has recently laid off dozens of employees in Hangzhou and Shanghai, as reported by BlockBeats news. The reason for the layoffs is that Yuanjing has completed the construction of the Metaverse infrastructure and is now focusing its business on Metaverse applications.
Alibaba Yuanjing’s current focus is on two directions: first, to work with leading manufacturing companies to create model cases in the tourism and industrial metaverse; and second, to integrate cloud gaming capabilities into Alibaba Cloud as a key component of its cloud computing offerings. Metaverse is an Alibaba brand that provides real-time cloud rendering, metaapplication computing technology, and metaverse services, and it is the company’s next-generation internet operating system.
Alibaba established a wholly-owned subsidiary called “Yuanjing Shengsheng” in 2021, with a registered capital of 10 million yuan, to develop Yuanverse-related businesses.
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