Metaverse the Sandbox platform is experiencing a radical restructuring that will see more than half of its approximately 250 dismissed employees, according to a report of the French cryptocurrency the Big Whale cryptocurrencies.
The measure comes next to a leadership shake in which co -founders Arthur Madrid and Sebastien Borget have been marginalized from executive roles. His responsibilities are now supervised by Yat Siu, CEO of Animoca Brands, the majority shareholder of Sandbox.
According to reports, the restructuring includes closing offices in Argentina, Uruguay, South Korea, Thailand and Türkiye, with the company’s base in Lyon, it was also expected to get.
The measures highlight the struggle of the platform to translate years of investment in sustained participation of the user. Despite raising $ 300 million in the last eight years, Sandbox has seen its daily active users to decrease only a few hundred, many of which, according to the sources, are bots that operate mainly in South America.
The native platform file, Sand, has also worked badly despite the cryptography market that enters a “Altcoin season” in recent months. It had a market capitalization of $ 6.2 billion in 2021, that figure has now fallen to around $ 700 million after a 90%reduction.
A key obstacle in restructuring is what will happen with the Treasury Crypto de Sandbox, which is estimated between $ 100 million and $ 300 million. Much of the Treasury has “virtual land” sales profits worth $ 350 million during the Metververs peak at the end of 2021.
It could go to a government vote, although it is worth noting that there have only been 291 votes of the sand holders in three proposals presented in August.
The Sandbox did not immediately respond to the request for comments from Coindesk.
