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Snap Says Web3 Projects ‘Not a Priority’ as Layoffs Bite

  • Platform scraps web3 experiments as part of other cuts
  • Company is slashing 20% of staff, scaling back investments
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Snap Cutting 20% of Workforce, Cutting Back costs

Snap Inc. is sunsetting efforts focused on building products for the much-vaunted next generation of the internet known as web3, according to a former research and development manager at the social media platform. 

The California-based tech company said this week it would slash 20% of its employee base and cut investments in any projects that don’t directly contribute to what CEO Evan Spiegel outlined as three strategic priorities: community growth, revenue growth and augmented reality.