Metaverse platform Le Sandbox undergoes a sweeping restructuring which will see more than half of its around 250 licensed employees, according to a report by the French crypto outlet The Big Whale.
This decision comes next to an upheaval of leadership in which the co-founders Arthur Madrid and Sébastien Borget were sidelined by executive roles. Their responsibilities are now supervised by Yat Siu, CEO of Animoca Brands, the majority shareholder of the sandbox.
The restructuring would include closing offices in Argentina, Uruguay, South Korea, Thailand and Turkey, the company’s base in Lyon should also close.
The measures highlight the fight of the platform to translate years of investment in sustained commitment to users. Despite the increase of $ 300 million in the past eight years, the sandbox has seen its daily active users decrease only a few hundred, many of whom, according to sources, are boots operating mainly in South America.
The native token of the platform, Sand, has also poorly performed despite the cryptography market entering a “Altcoin season” in recent months. He had a market capitalization of $ 6.2 billion in 2021, this figure has now dropped around $ 700 million after a 90%draw.
A key obstacle in restructuring is what will happen to the cryptographic treasure of the sandbox, which is estimated between $ 100 and $ 300 million. A large part of the treasury comes from $ 350 million in sales of “virtual land” during the meta -driver peak at the end of 2021.
This could go to a governance vote, although it should be noted that there were only 291 votes of sand holders on three proposals submitted in August.
The sandbox did not immediately respond to the request for Coindesk comments.
