ZD Tech: Why Snap is already ditching Web3

Hello everyone and welcome to ZD Tech, ‘s daily editorial podcast. My name is Guillaume Serries and today I will explain to you why Snapchat app publisher is getting rid of their latest Web3 projects.

Snap, creator of the teen-favorite Snapchat app, just months after becoming interested in the topic, abandoned its Web3 plans.

The California-based company just announced a 20 percent reduction in its workforce and a reduction in investment in all projects that do not directly contribute to what CEO Evan Spiegel calls the company’s three strategic priorities, which are community growth, revenue growth, and augmented reality. .

Exiting Web3 Projects

As a result of this refocusing on basics, exit Web3 projects.

So, you may be saying to yourself, “But what is Web3? Well, to find out, I invite you to listen to last January’s ZD Tech episode, which is mischievously titled “What Web3 Isn’t”. You will learn, in the void, what this concept encompasses.

The former Snap employee, who last year created a dedicated team on this issue closely related to digital property, claims his entire pole has recently been “set aside.”

What about the metaverse then?

What about the metaverse then? Yes, because one of the tasks of Web3, in addition to cryptocurrencies and NFTs, the famous non-fungible tokens, is the visualization of virtual universes. And what could be better than virtual reality and augmented reality to show buyers and users these famous universes?

Well no, Snap is now claiming that “the first explorations in the Web3 space represent a project that does not directly contribute to our priority and our investment in augmented reality.” So yes, augmented reality, especially with the famous Snapchat glasses, the famous Spectacles. But mixing virtual universes and augmented reality is out of the question.

This change of strategy will obviously not only make people happy. Several non-fungible token creators have previously worked with Snap to release augmented reality filters known as lenses. Filters that made it possible to create photos and videos showing their NFTs in 3D.

So, is this the end of Web3 already?

No. Other companies persist in exploring this new space, which is, admittedly, very poorly defined.

Meta, the publisher of Facebook and Instagram and Snap’s main competitor, continues its efforts in this area, adopting the name Meta earlier this year to reflect this new direction.

The company is developing a virtual reality platform called Horizon Worlds. And YouTube, a subsidiary of Alphabet, also announced the hiring of a Web3 manager earlier in the year.

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