The metaverse game platform The Sandbox has undergone significant business and personnel restructuring. According to French media (The Big Whale), The Sandbox has cut its workforce by 50%, with half of the approximately 250 employees being laid off, and has begun to close several overseas offices; at the same time, parent company Animoca Brands will take over operations completely, and the two co-founders will step back from day-to-day management.

In response, Animoca Brands confirmed to foreign media that it has undergone a "reorganization," with group CEO Robby Yung appointed as the new CEO of The Sandbox about two weeks ago.

Insiders indicate that the two co-founders, Sébastien Borget and Arthur Madrid, are still involved in the project but no longer hold decision-making power: Sébastien Borget has transitioned to "Global Ambassador"; Arthur Madrid has taken on the role of "Non-Executive Chairman."

It is reported that this round of layoffs at The Sandbox primarily affects teams in Argentina, South Korea, Thailand, Turkey, and Uruguay, with the Lyon office in France also expected to close. Animoca Brands confirmed that four offices have officially closed, but emphasized that The Sandbox still operates in nine locations worldwide.

As a major shareholder, Animoca Brands has invested approximately $300 million into The Sandbox over the past eight years, but has been dissatisfied with its progress, as the number of players has not improved.

Insiders reveal that The Sandbox now has only 'hundreds' of daily active users, many of whom are bots from South America. In fact, even during the peak of the metaverse craze, The Sandbox's activity level struggled to compare with Decentraland or Axie Infinity.

It is reported that The Sandbox currently holds assets worth between $100 million and $300 million, primarily in Ether and stablecoins. Last year, the platform completed a $20 million funding round, achieving a valuation of $1 billion.

There is external concern whether The Sandbox will shift in another direction as the metaverse continues to face challenges.

According to (The Big Whale), The Sandbox team is developing a meme coin issuance platform based on Base, similar to Pump.fun.

Sebastien Borget admitted in an interview: "We have always adhered to our gaming vision, but we must also consider market developments and changes."

Animoca Brands publicly emphasizes: "The Sandbox has not deviated from its core mission, and we are still filled with expectations for future opportunities."

The Sandbox's native token SAND is also underperforming in the market, with its market value peaking at $6.2 billion in 2021, but has now shrunk to about $700 million, a decline of over 90%. Despite the recent market trend of competitive coins, SAND remains weak.

"Active users down to 'hundreds'! The Sandbox lays off 50% of staff, reportedly developing a meme coin platform" this article was first published on (Blockcast).