The Sandbox Founders Step Down as Animoca Brands' Robby Yung Takes Over as CEO
The company undergoes significant changes, including a 50% workforce reduction and leadership overhaul, with plans to launch a memecoin platform on Base.
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Fact Check
The statement is directly confirmed by multiple sources. A news report from GAM3S.GG explicitly states that The Sandbox founders have stepped down and 'Animoca executive Robby Yung appointed CEO of the unit.' This information is corroborated by a tweet from reporter Frank Chaparro, which also reports the founder's removal and Robby Yung stepping in. Other sources establish Yung's high-level role at Animoca Brands, the parent company of The Sandbox.
Summary
The Sandbox has laid off over 50% of its global workforce and is pivoting away from its metaverse focus. Co-founders Arthur Madrid and Sébastien Borget step down, with Animoca Brands' Robby Yung taking over as CEO. The company is now focusing on Web3 applications, including a memecoin launchpad on Base.
Terms & Concepts
- Web3: A new generation of the internet that emphasizes decentralized applications, blockchain technologies, and user ownership of data.
- Metaverse: A collective virtual shared space, created by the convergence of virtually enhanced physical reality and persistent virtual environments.