Snap Shutters Web3 Division as Part of Broader Job Cuts
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Loading... - Melissa Correa
- 07 Sep 2022
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Are social networks starting to cool on Web3 projects?
Earlier this week, Snapchat announced that it would be cutting over 1,000 jobs, as it works to counter losses due, essentially, to lower than anticipated ad spend. In order to do this, Snap explained that it would be focusing on three specific areas to hone in future development.
As per Snap CEO Evan Spiegel:
“We are restructuring our business to increase focus on our three strategic priorities: community growth, revenue growth, and augmented reality. Projects that don’t directly contribute to these areas will be discontinued or receive substantially reduced investment.”
Which makes sense – community and revenue growth provide immediate business benefit, while AR remains Snap’s biggest opportunity moving forward, and is the area that it’s continued to lead the way on.
But that also means that one particularly interesting area of Snap’s business is being cut as part of the reshuffle.
As per The Block:
“Snapchat parent Snap Inc. appears to be shuttering its web3 team in light of a company-wide restructuring plan.”
Snap’s Web3 division had been looking at different applications of evolving technologies in a Snapchat context, including AR collaborations with various well-known NFT projects, digital clothing and items for avatars, and potentially, and the capacity to use NFTs as face-changing Lenses.
Eventually, Snap would have theoretically also been looking to facilitate more direct connection with NFT projects, so that expansions like this would be native to Snap itself.
But that, seemingly, now won’t go ahead – or at least, not to the extent that it likely could have via Snap’s own, dedicated Web3 initiative. Read More...
