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

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.

According to a tweet posted on Wednesday by a Twitter account linked to Jake Sheinman, a research and development manager for web3 at Snap, ...