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Odaily Translator | Nian Yin Si Tang

Summary:

Summary:

- Snap Inc., the parent company of Snapchat, is restructuring its business to focus on community growth, revenue growth and augmented reality;

- Before announcing the layoffs, Snap reported a net loss of $422 million for the second quarter.

Snap appears to have laid off its Web3 team as part of the social media company's decision to restructure and lay off about 20% of its workforce.Jake Sheinman revealed on Twitter Wednesday that this is his last day at Snap. According to him inProfile on LinkedIn

Sheinman most recently served as an R&D project manager, having first joined the company in December 2018 as an account specialist, according to the report.

“Due to a corporate reorganization, we have decided to disband our (Web3) team,” Sheinman tweeted. “I co-founded this team last year with others who believe that digital ownership and (augmented reality) can play a role in this.” effect."

Snap CEO Evan Spiegel wrote on Wednesdayblog postblog post

While not explicitly mentioning Web3, Snap's investments in various business lines are made assuming a higher rate of revenue growth, Zhong said. He added that since Snapchat launched its IPO in 2017, the company's community has doubled in size and revenue over the past 12 months has grown tenfold since then.

Despite second-quarter revenue growth of 13% year-over-year to about $1.1 billion, Snap reported a net loss of $422 million for the three-month period.

But in a surprise, Snap shares have risen 16% since Tuesday's close, while the tech-heavy Nasdaq 100 has fallen more than 1%.

"Unfortunately, given our current low revenue growth rate, it is clear that we must reduce our cost structure to avoid sustained significant losses," the CEO wrote Wednesday. "We are restructuring our business , to sharpen our focus on our three strategic priorities: community growth, revenue growth and augmented reality."

Sheinman said on LinkedIn that he is part of Snap's Emerging Mobile Apps team, where he supports fintech and crypto companies -- such as Coinbase, Cash App, Dave and Robinhood -- to help them acquire new users. He added that he later helped Snap build the Web3 team in product development and research.According to the Financial Times in July

According to people familiar with the matter, Snapchat is preparing to test a feature that allows NFT artists to display their designs as AR filters on the Snapchat platform. The beta, which is an invite-only limited number of creators, is scheduled to begin at the end of August.

Snapchat has built a roster of creators who will use the platform to create fun AR lenses for users, called Lenses. Creators are able to mint or create NFTs through third-party services outside the platform, and then transfer them to Snapchat as Lenses. Additionally, Snapchat has no plans to charge creators to display NFTs, but it is exploring partnerships with third parties to help creators monetize their designs.