Sandbox founder stepped down and layed off 50% of its employees, downplaying the metaverse business to Web3 applications and Launchpad plans

PANews August 28th news, according to The Big Whale, The Sandbox founder Arthur Madrid and Sébastien Borget have withdrawn from daily operations, and Animoca Brands executive Robby Yung took over as CEO. Borget will serve as global ambassador, while Madrid will become non-executive chairman. Meanwhile, the company has laid off more than 50%, involving teams in Argentina, Uruguay, South Korea, Thailand and Turkey, and plans to close its office in Lyon, France, and further layoffs in Paris. This restructuring is seen as a strategic adjustment driven by technological progress. Additionally, The Sandbox is gradually downplaying its metaverse business and moving toward a wider range of Web3 applications, including the Base-based memecoin launch platform.