The Sandbox, once a leading name in the metaverse space, is undergoing major restructuring with layoffs affecting 50% of its workforce. Teams in Argentina, Uruguay, South Korea, Thailand, and Turkey have been hit, while the company’s Lyon office will shut down. Co-founders Arthur Madrid and Sébastien Borget are stepping back from operations, replaced by Animoca Brands CEO Robby Yung as the new chief executive.
The shift comes as interest in metaverse platforms continues to fade since the 2021–2022 boom. Instead, The Sandbox is pivoting toward Web3 applications, with plans to launch a meme coin platform on Base. The move underscores a broader industry trend of adapting strategies in response to falling engagement with virtual worlds.
SAND, the platform’s native token, is down 97% from its November 2021 all-time high of $8.40, currently trading near $0.28, according to CoinGecko. The restructuring highlights both the challenges and reinvention strategies facing metaverse developers.
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