Snap announced a 20% layoff, saying Web3 did not contribute to the company's goals

According to the news in the morning of September 2, Beijing time, it is reported that many people think that Web3 will be the next generation Internet, but Snap is not interested at the moment, at least Web3 is not its priority.

This week, Snap announced 20% layoffs and investment in some projects has shrunk sharply. Snap CEO Evan Spiegel (Evan Spiegel) listed three strategic priorities, namely, community growth, revenue growth, and AR, some of which do not match his vision.

Jack Shainman (Jake Sheinman) is the R & D manager of Snap. He focuses on Web3. Shainman said Wednesday that Web3 did not contribute to the company's goals because the Web3 team was laid off as a result of the restructuring. A spokesman for Snap responded that while AR remained the company's focus, early exploration in Web3 had no direct contribution to Snap priorities and AR investment, adding that only a small number of people were involved in Web3 projects.

Snap's move seems to be in sharp contrast to Meta, which has said it wants to shift its business to new priorities, such as Web3 development and meta-universe. YouTube also looked for a new director for Web3 earlier this year.

The layoffs also affect other Snap projects, such as in-house Snap Originals skits, in-program games, and Pixy, a camera drone.