Snap may have cut its Web3 team

Snap, the popular Snapchat app, has announced that it will restructure and lay off employees, and its Web3 team may have been eliminated as part of the process, according to BlockWorks. Jake Sheinman, Research and development program manager for Snap's Web3 team, posted on social media on Wednesday, Sept. 1: "As a result of the [Snap] corporate restructuring, we have decided to terminate the Web3 team, which I co-founded with other colleagues last year, and we share the belief that digital ownership and augmented reality can power Web3." According to his LinkedIn profile, Jake Sheinman is also a member of Snap's innovative mobile app team and helped create the Web3 team in its product development and research division, As of now, there has been no official comment from Sheinman or Snap about the Web3 team being cut.