Sandbox founder resigns and lays off 50% of staff, de-emphasizing Metaverse business and shifting to Web3 applications and Launchpad plans

PANews reported on August 28th that The Sandbox founders Arthur Madrid and Sébastien Borget have stepped down from day-to-day operations, with Animoca Brands executive Robby Yung taking over as CEO. Borget will serve as a global ambassador, while Madrid will become non-executive chairman. Concurrently, the company is laying off over 50% of its staff, affecting teams in Argentina, Uruguay, South Korea, Thailand, and Turkey. The company also plans to close its Lyon, France, office, with further layoffs in Paris. This restructuring is seen as a strategic realignment driven by technological advancements.

In addition, The Sandbox is gradually de-emphasizing its metaverse business and turning to broader Web3 applications, including the memecoin launch platform based on Base.