Odaily Planet Daily reports that co-founders of The Sandbox, Arthur Madrid and Sébastien Borget, have stepped down from day-to-day management, with Animoca Brands executive Robby Yung appointed CEO. Borget will transition to a global ambassador role, while Madrid will assume the role of non-executive chairman.

The restructuring was accompanied by significant layoffs and office closures. Sources reported that more than half of the approximately 250 employees at the beginning of the year were affected, with the company internally viewing the restructuring as a "streamlining strategy" that leveraged technological advancements to reduce labor requirements.

In terms of business direction, The Sandbox will reduce its singular focus on the "Metaverse" and shift towards a wider range of Web 3 applications, including exploring a Meme coin issuance platform on the Base chain. Investors stated that "the market environment has changed, and the project must adapt accordingly."

Furthermore, the price of Metaverse tokens has plummeted since the end of 2021, putting pressure on SAND, forcing related projects to seek more resilient business models. (The Big Whale)