3 hours ago
Metaverse level The Sandbox is undergoing a sweeping restructuring that volition spot much than fractional of its astir 250 employees laid off, according to a study from French crypto outlet The Big Whale.
The determination comes alongside a enactment shake-up successful which co-founders Arthur Madrid and Sebastien Borget person been sidelined from enforcement roles. Their responsibilities are present being overseen by Yat Siu, CEO of Animoca Brands, The Sandbox’s bulk shareholder.
The restructuring reportedly includes closing offices successful Argentina, Uruguay, South Korea, Thailand, and Turkey, with the company’s basal successful Lyon besides expected to shutter.
The measures item the platform’s conflict to construe years of concern into sustained idiosyncratic engagement. Despite raising $300 cardinal implicit the past 8 years, The Sandbox has seen its regular progressive users dwindle to conscionable a fewer hundred, galore of whom, sources claim, are bots operating chiefly successful South America.
The platform’s autochthonal token, SAND, has besides performed poorly contempt the crypto marketplace entering an "altcoin season" successful caller months. It had a marketplace headdress of $6.2 cardinal successful 2021, that fig has present slumped to astir $700 cardinal pursuing a 90% drawdown.
A cardinal hurdle successful the restructuring is what volition hap to The Sandbox’s crypto treasury, which is estimated to beryllium betwixt $100 cardinal and $300 million. Much of the treasury is proceeds from $350 cardinal worthy of "virtual land" income during the metaverse highest successful precocious 2021.
It could spell to a governance vote, though it's worthy noting that determination has been conscionable 291 votes from SAND holders crossed 3 proposals submitted successful August.
The Sandbox did not instantly respond to CoinDesk's petition for comment.
English (US) 