The Ozo and its follow-up the Ozo+ had been showcased to experts as having the capacity to catch the "most elevated quality" 360-degree film conceivable, and had been utilized by Disney among others.
Yet, in spite of a current value cut, the Finnish firm showed that deals had been weaker than anticipated.
One master said it mirrored the way that open hunger for VR content was still extremely constrained.
In an announcement, Nokia said it now wanted to commit its endeavors to creating keen wellbeing items rather, and would abandon it to others to expand on its work in VR.
"The slower-than-anticipated improvement of the VR advertise implies that Nokia Technologies intends to decrease ventures and concentrate more on innovation authorizing openings," it said.
"The unit expects to end advancement of further forms of the Ozo camera and equipment, while keeping up responsibilities regarding existing clients."
OzoImage copyrightNOKIA
The camera's cost confined its group of onlookers exclusively to experts
It included that 310 occupations were being cut as an outcome, influencing posts in Finland, the UK and US.
Helicopter shots
The first Ozo was first disclosed in July 2015. The handheld gadget included eight cameras and a similar number of mouthpieces so as to catch both circular video and spatial sound.
It at first had a $60,000 (£45,500) sticker price, aligning it with the sort of different cameras regularly utilized for Hollywood motion pictures and TV plugs.
Disney was one of the early adopters, utilizing the gear to make intelligent off camera film for its Jungle Book film.
It was additionally utilized by London-based creation house Alchemy VR for an anticipated normal history narrative about the Galapagos Islands. The organization's head of generation respected the potential outcomes that its generally little size opened up.
OzoImage copyrightNOKIA
Nokia drew out a moment age item prior this year at a lower cost than the first
"The Ozo is presumably the most straightforward camera on the planet to utilize," Ian Syder told the TVTechGlobal news site.
"It's truly changed the way we do VR. All of a sudden, the more hazardous shots are conceivable - you can put it on a mechanized dolly [cart], or lash it to a helicopter."
Be that as it may, others were more basic.
The UK-based generation house SpeedVR cautioned customers that the record sizes which the camera made were immense, and that it battled with scenes including shadows or features.
"For around a tenth of the value you can get higher quality somewhere else," it blogged a year ago.
In April, Nokia declared a subsequent framework - the Ozo+ - promising better unique range and more honed, cleaner pictures to address customers' reactions.
OzoImage copyrightNOKIA
The measure of capacity required and handling time included add to the expenses of utilizing Ozo
It went at a bargain for $45,000 yet was marked down to $25,000 five months after the fact.
"The Ozo has unmistakably been a substantially littler specialty item than Nokia foreseen," remarked Ben Wood from the CCS Insight tech consultancy.
"The test was this was to a great degree beginning period innovation and clients regularly discovered it required a long investment to process the substance.
"Also, tragically, 360-degree content and virtual reality all the more extensively have not taken off as fast the same number of in the business had trusted - notwithstanding the help of stages including Facebook and YouTube."