While it might not have been in the company's original ballpark, OZO suggested Nokia was taking VR seriously.
Moving forward, Nokia said it would look to focus its Technologies arm on opportunities in licensing and healthcare.
The news comes on the eve of the Oculus Connect VR developers conference, which opens Wednesday in San Jose.
The division was responsible for creating the OZO VR camera, which originally retailed for $60 000 before being cut down to $45 000, will soon be resigned to the annals of history.
The 310 jobs will go in the UK, US and Finland. In July 2017, Facebook announced the Ozo was one of the cameras approved for its Live 360 Ready Program, a set of cameras and software suites guaranteed to work with its 360° live video streams. The company said it plans to continue supporting existing OZO customers. Nokia says it needs to focus less on VR products and more on "technology licensing opportunities", in other words, patent licensing deals, alongside an "increased focus on digital health and brand and technology licensing". The company said it has invited employee representations from its Finland business to engage in cooperation negotiations.
Having seen its dominance of the mobile phone market shrink to nothing in the wake of smartphones from Samsung and Apple, Nokia in 2015 pivoted to the nascent VR market. The figure represents around a third of the Nokia Technologies workforce.