Metaverse platform The Sandbox has begun a sweeping restructuring after its takeover by Hong Kong-based web3 investor Animoca Brands, cutting about 50% of staff and shuttering five of its international offices, according to industry reports. Animoca has sidelined co-founders Sebastien Borget and Arthur Madrid and installed company executive Robby Yung as chief executive, with chairman Yat Siu overseeing the transition. The shake-up follows a sharp deterioration in usage—now reportedly only a few hundred daily active users—and a 95% slide in the platform’s SAND token from its 2021 high. Management is seeking fresh revenue by launching a memecoin creation hub on Coinbase’s Base network, pivoting away from the virtual-land boom that saw The Sandbox sell more than $350 million in parcels during 2021. The overhaul underscores the broader retrenchment coursing through metaverse projects as enthusiasm shifts toward other digital-asset segments, forcing once-high-flying platforms to slash costs and refocus their business models.