Metaverse developer The Sandbox lays off 50% of staff and pivots to meme coin launchpad

The Sandbox, the high-profile metaverse and NFT platform backed by Animoca Brands, is undergoing a large-scale restructuring and executive transition, according to a new report from The Big Whale, a France-based media outlet covering the crypto and web3 ecosystem.

https://twitter.com/gregory_raymond/status/1960688743032950923?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer

The company is reducing its global workforce by 50%. The layoffs impact teams in Argentina, Uruguay, South Korea, Thailand, and Turkey. The company also plans to close its Lyon office in France.

As reported, Arthur Madrid and Sébastien Borget, co-founders of The Sandbox, are stepping back from daily operations. Animoca Brands CEO Robby Yung has been appointed as the company’s new CEO.

The Sandbox is said to be pivoting from its metaverse ambitions toward web3 applications. The company plans to introduce a meme coin launchpad on Base.

Once positioned as a leading metaverse project where users could buy virtual land, build structures, host events, and trade NFTs, The Sandbox is reorienting amid fading engagement in metaverse platforms following the boom of 2021–2022.

SAND, the native token of The Sandbox, was changing hands at $0.28 at press time, down about 97% from its $8.4 peak in November 2021, CoinGecko data shows.