Major Overhaul at The Sandbox: Founders Exit as Animoca Takes Control
Metaverse platform The Sandbox is undergoing a significant transformation following the departure of its co-founders and a majority takeover by Animoca Brands. This move comes amidst a larger restructuring effort, which has resulted in the release of over half of the company’s workforce.
The co-founders, Sébastien Borget and Arthur Madrid, have resigned from their operational roles, with Borget taking on a public ambassador role and Madrid assuming a non-managing chairman position. This change in leadership comes as Animoca Brands, led by CEO Robby Yung, takes full control of The Sandbox.
Key Developments and Restructuring Efforts
The restructuring efforts have resulted in the release of over 50% of the company’s 250 employees, with offices in Argentina, Uruguay, South Korea, Thailand, and Turkey being closed. The French office in Lyon has also been closed, with additional work cuts expected in Paris. The company attributes these changes to a “strategic turnaround” made possible by more efficient development tools.
However, sources suggest that Animoca Brands is preparing for a potential IPO in Hong Kong and sees The Sandbox’s crypto treasury, estimated to be between $100 million and $300 million, as a valuable asset for positioning investors. The company has made significant investments with convertible notes, including a $110 million collection in September 2022.
Shift in Focus and New Developments
The Sandbox is now shifting its focus beyond its original metaverse ambitions. Insiders report that the team is working on a Memecoin launchpad inspired by Pump.fun, marking a change towards a wider web3 area. This move is seen as a response to market trends, with Borget stating that the company has always kept its focus on games but must consider market developments.
The changes at The Sandbox mark the end of a defining era in the NFT games industry. The platform once symbolized the metaverse boom, attracting brands and institutions between 2019 and 2022. However, with the founders’ departure, the workforce halved, and the strategy redirected, The Sandbox is forced to reinvent itself.
For more information on this development, visit https://cryptonews.com/news/the-sandbox-founders-exit-as-animoca-assumes-full-control-in-major-overhaul/
