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Snapchat abandons its web3 plans

Snapchat abandons its web3 plans- As part of a business restructure that also entails firing 20% of the personnel, Snapchat has chosen to disband its web3 team. Jake Sheinman tweeted the information regarding the web3 team. Sheinman is one of the group’s original members.

He wrote in his tweet, “Decisions were taken to sunset our web3 team as a result of corporate reorganisation. The same team that I helped form last year with other cybercriminals who supported digital ownership and the role that augmented reality may play in it.

It appears that their belief will be permanently abandoned. Regarding the story, Snap made no formal statements or comments. Follow along to learn more.

Snap was reportedly experimenting with the notion of a tool that would allow users to import their NFTs onto its platform, which may then be used as filters, according to a Financial Times story from July. Despite being in its experimental stage, this feature was given a lot of optimism. The business also worked with certain developers to make it easier to create augmented reality effects that could be added to the most recent version of its high-tech spectacles, known as Spectacles.

Although Snap is disbanding the web3 team, it will still work on augmented reality (AR) projects as it is one of the three primary areas the firm plans to concentrate on. The CEO of Snap, Evan Spiegal, claims:

We are reorganising our company to put a stronger emphasis on our three strategic priorities: augmented reality, revenue growth, and community expansion. Projects that do not advance these goals will be cancelled or will receive much less funding.

In July, Snap plans to reduce recruiting as a result of the second-quarter results that fell short of analyst expectations. Their quarter-to-date revenue increase of 8% is far less than what the corporation had anticipated.

According to Spiegel in a statement, “Our forward-looking revenue visibility remains restricted, and our current year-over-year sales increase of 8% is far below what we were expecting earlier this year.”

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