Social Media Snap to Sunset Web3 Team, Reduce Team Size by Approximately 20%

According to a tweet from Jake Sheinman, co-founder of social media Snap's Web3 team, Snap has decided to sunset the Web3 team as a result of the company restructure, and he is leaving the company. In addition, Snap CEO Evan Spiegel announced on August 31st that they are restructuring their business and has decided to stop investing in areas such as Snap Originals, Minis, Games and Pixy, as well as gradually shutting down standalone apps Zenly and Voisey, and to reduce the size of the team by approximately 20%.