The Metaverse platform The sandbox undergoes a sweeping restructuring that will see more than half of its approx. 250 employees dismissed, according to a report from the French crypto -outlet the great whale.
The move comes with a leadership where co -founders Arthur Madrid and Sebastien Borget have been sidelined from performing roles. Their responsibilities are now monitored by Yat Siu, CEO of Animoca Brands, Sandbox’s majority shareholder.
The restructuring allegedly includes the closure of offices in Argentina, Uruguay, South Korea, Thailand and Turkey, with the company’s base in Lyon also expected to shut down.
The measures highlight the platform’s struggle to translate many years of investment into sustained user engagement. Despite having collected $ 300 million over the past eight years, the sandbox has seen its daily active users subside to only a few hundred, many of whom sources claim, bots are primarily in South America.
The native token of the platform, Sand, has also worked poorly despite the crypto market coming into an “altcoin season” in recent months. It had a market capital of $ 6.2 billion in 2021, this figure has now fallen to about $ 700 million after a 90% step -down.
A keyhood of restructuring is what will happen to Sandbox’s Crypto Treasury, which is estimated to be between $ 100 million and $ 300 million. Much of the Treasury is revenue from $ 350 million worth of “Virtual Land” sales under Metaverse Peak by the end of 2021.
It could go to a government vote, although it is worth noting that there have been only 291 votes from sand holders across three proposals submitted in August.
The sandbox did not immediately respond to Coindesk’s request for comment.
