South Korean internet giant Kakao and game developer Com2uS are downsizing their metaverse team.

BlockBeats news reported on September 22nd that according to local Korean media Newsis, due to significant losses in the first half of 2023, Korean internet giant Kakao and game developer Com2uS are reducing the size of their metaverse teams. Com2uS, a large mobile game developer with a revenue of $536 million last year, recently laid off employees in its metaverse department. Details about the layoffs have not been disclosed. The company's metaverse platform, Com2Verse, was officially launched on August 1st of this year. However, the platform's related business recorded an operating loss of about $6.2 million in the first half of this year. Another Korean-based metaverse company, Colorverse, conducted a round of layoffs earlier this year, but did not disclose details to the public. Colorverse is owned by Kakao Games, a subsidiary of Kakao, and its affiliated company, Neptune, and recorded a loss of $8.6 million last year. (Forkast)