According to Bijie.com, founders of The Sandbox, Arthur Madrid and Sébastien Borget, have stepped down from day-to-day operations, with Animoca Brands executive Robby Yung taking over as CEO. Borget will serve as a global ambassador, while Madrid will become non-executive chairman. The company is also laying off over 50% of its staff, impacting teams in Argentina, Uruguay, South Korea, Thailand, and Turkey. The company also plans to close its office in Lyon, France, and make further layoffs in Paris. The restructuring is being viewed as a strategic adjustment driven by technological advancements. Furthermore, The Sandbox is de-emphasizing its metaverse efforts and focusing on broader Web3 applications, including the memecoin launch platform based on Base.