The founder of Sandbox has stepped down and laid off 50% of staff, shifting focus from the Metaverse business to Web3 applications and Launchpad initiatives.

PANews reported on August 28 that The Big Whale has announced that The Sandbox founders Arthur Madrid and Sébastien Borget have stepped down from daily operations, with Animoca Brands CEO Robby Yung taking over as CEO. Borget will serve as a global ambassador, while Madrid will become the non-executive chairman. Meanwhile, the company has laid off more than 50% of its workforce, affecting teams in Argentina, Uruguay, South Korea, Thailand, and Turkey, and plans to close the 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 phasing out its metaverse business and shifting towards a broader range of Web3 applications, including a memecoin launch platform based on Base.