Snap Said To Be Shuttering Web3 Team Amid Layoffs, Revamp

Bearish signal?
Social media giant $Snap Inc(SNAP.US)$ is dissolving its Web3 team amid company-wide layoffs, according to a prominent member of that team.
What Happened: Earlier this week, reports emerged that the Snapchat parent planned to cut 20% of its workforce, joining a cohort of tech companies like $Tesla(TSLA.US)$ and $Shopify(SHOP.US)$ that have announced layoffs in the last six months.
The report suggested that certain departments would be hit harder than others, including its AR/VR and hardware division. Program Manager Jake Sheinman revealed in a tweet that the company’s Web3 department would be one of the first to be officially disbanded.