Sandbox founder steps down and lays off 50% of staff, shifting focus from metaverse business to Web3 applications and Launchpad initiatives
Jinse Finance reported, according to The Big Whale, that The Sandbox founders Arthur Madrid and Sébastien Borget have stepped down from daily operations, with Animoca Brands executive Robby Yung taking over as CEO. Borget will serve as Global Ambassador, while Madrid becomes Non-Executive Chairman. Meanwhile, the company has laid off more than 50% of its staff, affecting teams in Argentina, Uruguay, South Korea, Thailand, and Turkey, and plans to close its Lyon office in France, with further layoffs expected in Paris. This restructuring is seen as a strategic adjustment driven by technological advancements. In addition, The Sandbox is gradually downplaying its metaverse business and shifting towards broader Web3 applications, including a Base-based memecoin launch platform.
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