The Sandbox, a metaverse-focused subsidiary of Hong Kong-based Web3 agency Animoca Manufacturers, is restructuring its operations, with its co-founders shifting into new strategic roles.
Co-founders Arthur Madrid and Sebastien Borget have transitioned as a part of ongoing enterprise optimization at The Sandbox, Borget instructed Cointelegraph on Thursday.
Co-founder Madrid moved from CEO to chairman, whereas Borget takes on the function of worldwide ambassador, representing The Sandbox at business occasions worldwide.
“Each stay deeply concerned in The Sandbox and its ecosystem, with key initiatives to be introduced later this 12 months by way of the suitable channels,” Borget mentioned.
AI developments set off employees trimming
As a part of the restructuring, The Sandbox is shedding employees, Borget confirmed to Cointelegraph, although he didn’t present particular numbers.
“As The Sandbox matures, we’re constantly optimising our operations for optimum effectivity,” the manager mentioned, including {that a} key a part of this technique entails deploying developments of synthetic intelligence.
“The affect of AI developments in gaming have been nicely documented, and permits us to speed up our deployment of content material, options, and LiveOps whereas sustaining a leaner, extra agile staff,” Borget mentioned, including:
“Whereas selections that affect personnel are undoubtedly troublesome and never made evenly, they’re essential to adapt to technological advances and guarantee The Sandbox’s long-term success,” he mentioned.
Along with AI developments, The Sandbox may also profit from the mixing of assets and shared companies from Animoca Manufacturers, Borget instructed Cointelegraph.
Studies pointed to 50% layoffs
Borget’s assertion adopted on earlier reviews alleging that The Sandbox was shedding at the very least 50% of its employees, with the founders being pushed apart.
In keeping with an article by The Massive Whale, the affected groups significantly embrace these in Argentina, Uruguay, South Korea, Thailand and Turkey.
Moreover, the platform is probably planning to quickly announce a memecoin launchpad on Coinbase’s layer-2 community Base, modeled after the Solana-based Pump.enjoyable market, permitting customers to create and distribute tokens.
Whereas Borget declined to “speculate on market rumors” relating to the longer term initiatives of The Sandbox and Animoca, the exec emphasised that the businesses stay dedicated to empowering creators and the expansion of their token financial system as their core mission.
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“The Sandbox’s digital belongings, together with the $SAND token, LANDs, NFT collections, and varied belongings inside its ecosystem, stay unchanged,” he added.
SAND is down 70% since 2024
The restructuring of The Sandbox comes amid the platform’s utility token, SAND, dropping about 70% of its worth since late 2024.
In keeping with CoinGecko information, SAND traded at $0.28 at publishing, down practically 97% from the all-time excessive ranges of $8.40 recorded in November 2021.
The SAND token was launched by way of a Binance Launchpad preliminary alternate providing in August 2020. The crypto asset noticed an enormous rally forward of The Sandbox launching a play-to-earn metaverse in November 2021, with its market reaching $6.8 billion in capitalization at its peak.
At publishing time, the SAND’s market cap is at $687 million.
Extra reporting by Brayden Lindrea.
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