Microsoft recently made the announcement about layoffs of 5% of its total team earlier this year. Microsoft, the biggest software giant, has reportedly decided to shut down two related projects: Altspacevr and Mixed Reality Tool Kit. In the future, metaverse and VR projects that existed in the Microsoft pipeline might face some development delays. and the tests. There are around 10,000 employees being laid off as the company prioritizes cost reduction.

Along with AltspaceVR, Microsoft was undertaking the creation of virtual environments to serve as digital event venues for international artists. It was an independent platform that was acquired by Microsoft in 2017. The layoffs that are taking place are affecting the entire team as a whole.

Meanwhile, the unit behind…