Founder of Sandbox Steps Down and Lays Off 50% of Staff, Shifts Focus from Metaverse to Web3 Applications and Launchpad Initiative

BlockBeats News, August 28th, according to The Big Whale, The Sandbox co-founders Arthur Madrid and Sébastien Borget have stepped down from day-to-day operations, with Animoca Brands CEO Robby Yung taking over as CEO. Borget will serve as a global ambassador, while Madrid will become a non-executive chairman. At the same time, the company has laid off over 50% of its staff, involving teams in Argentina, Uruguay, South Korea, Thailand, and Turkey, and is planning to close its office in Lyon, France, with further layoffs expected in Paris. This restructuring is seen as a strategic adjustment driven by technological advancement.

Furthermore, The Sandbox is gradually shifting its focus away from its metaverse business towards a broader range of Web3 applications, including a Base-based memecoin launchpad.