PANews reported on August 28 that The Big Whale reported 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 a global ambassador, while Madrid will become a non-executive chairman. Meanwhile, the company has laid off over 50% of its staff, affecting teams in Argentina, Uruguay, South Korea, Thailand, and Turkey, and plans to close its office in Lyon, France, with further layoffs in Paris as well. This restructuring is seen as a strategic adjustment driven by technological advancements.
In addition, The Sandbox is gradually scaling back its metaverse business and shifting towards broader Web3 applications, including a memecoin launch platform based on Base.
