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Snap Inc., Snapchat’s parent company, is apparently laying off its web3 team. A company-wide restructuring plan calls to reduce staff by 20%. Snap founder Jake Sheinman tweeted that he was leaving the company on August 31.

Snap Inc., Snapchat parent, appears to be closing its web3 team due to a company-wide restructuring plan which calls for reducing overall staff members by around 20%.

One of the founders of the team, tweeted Aug. 31 that it was his final day at the company after nearly four years.

Snap Inc Web3 team gets cancelled

Sheinman tweeted, “As a consequence of the company restructuring, decisions were made for us to retire our web3 team.” “The same team I co-founded last summer with other pirates who believed digital ownership and in the role that [augmented Reality] can play to support it.”

Snap has not responded to a request for comment regarding this story.

Snap stated that it would begin experimenting with a feature that would allow users to import FFTs into its platform to be used as filters. The Financial Times reported this July. Developers were also involved in the incorporation of AR effects into its latest generation high-tech glasses,Spectacles.

Snapchat is expected to continue working on AR initiatives even though it has shut down its web3 team. Evan Spiegel, Snap CEO, stated that AR was one of three areas that the company would continue to focus on.

Spiegel wrote to employees on Aug. 31 that he was restructuring his business in order to focus more on three strategic priorities: revenue growth, community growth, and augmented reality. Projects that do not directly support these areas will either be terminated or significantly reduced in investment.

Snap stated that it would slow the hiring rate for July, after its second quarter results were below analyst expectations.

Spiegel stated in an Aug. 31 statement that “our forward-looking revenue visibility is limited” and that our current quarter-to-date revenue growth of 8.8% year-over year is far below what we had expected earlier this year.

The post Snap Inc Looks to Cancel its Web3 Plans as Huge Layoffs Announced first appeared on The Daily Encrypt.


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Angie Byrd