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The Sandbox’s Sébastien Borget on the Future of Web3 Gaming

For Sébastien Borget, what started as a passion for gaming has flourished into co-founding The Sandbox, now one of the most recognized metaverse platforms in the world with more than 6.3 million user accounts with connected crypto wallets.
Its recent Alpha Season 4 curated event attracted more than 580,000 unique players in just six weeks, generating 1.1 million blockchain transactions and 350,000 NFT sales, while its creator economy continues to thrive, with over 1,500 user-generated games published on the platform.
As a serial entrepreneur with a background in telecommunications, Borget has helped The Sandbox secure over 400 major brand partnerships and establish its native token, SAND, as the second-largest gaming token by market cap, according to CoinMarketCap.
This series is brought to you by Consensus Hong Kong. Come and experience the most influential event in Web3 and Digital Assets, Feb.18-20. Register today and save 15% with the code CoinDesk15.
Here, Borget, who will be a speaker at Consensus Hong Kong, discusses Asia’s dominance in blockchain gaming, The Sandbox’s approach to cultural localization and AI’s potential impact on the gaming industry.
This interview has been condensed and lightly edited for clarity.
What led you to start The Sandbox?
I’ve always been a tech geek and an early adopter of gaming hardware. My journey started with a Super Nintendo, and since then, I’ve owned nearly every console on launch day. That childhood passion fueled my dream of one day creating my own video games.
My co-founder, Arthur Madrid, and I started working together in 2007, founding three companies — two of which we successfully exited. In 2011, we shifted to mobile gaming, launching The Sandbox as a 2D world-building game. It gained 40 million downloads and 70 million player creations, but we faced challenges in retaining game creators. App Store and Google Play limitations prevented us from sharing revenue, leading creators to leave over time.
By 2017-2018, I was experimenting with Bitcoin mining and blockchain technology. When CryptoKitties emerged, I saw NFTs as a game-changing solution — allowing players to truly own and monetize their creations. That’s when we decided to rebuild The Sandbox on the blockchain, making avatars, virtual land and assets into NFTs and launching our own token-driven economy.
How have you handled challenges like bear markets and shifting user expectations?
We’ve built through every market cycle. When we started in 2018, it was a bear market — fundraising was incredibly tough. We pitched over 100 investors before securing seed funding from Animoca Brands, True Global Ventures, Square Enix and HashKey — all based in Asia. That was our first indicator that Asia had a stronger appetite for blockchain gaming than the West.
Our Series B round in 2021 was led by SoftBank from Japan, reinforcing that trend. While 2022-24 were bearish years, we focused on expanding in Asia, where we saw continued interest. Over the past two years, we’ve grown small, agile teams in India, Singapore, Vietnam, Thailand, Korea, Japan, Hong Kong, Turkey and even Saudi Arabia. Today, Asia accounts for 40% of our audience, partnerships and revenue, making it a key pillar of our growth strategy.
How is The Sandbox adapting to markets like Japan, Korea and Southeast Asia, which each have their own unique user base?
Unlike some Western companies that prioritize the U.S. first, we built The Sandbox as a “metaverse of culture,” focusing on localization from the start. Instead of launching with a large centralized team, we embed small, regionally-focused teams in each country. This approach helped us to form strategic partnerships across key Asian markets, collaborating with Bollywood studios and music labels in India, securing high-profile projects in Korea such as Solo Leveling — one of the top webtoons — and even partnering with South Korea’s Incheon City. In Japan, a major milestone was our collaboration with Attack on Titan, a globally recognized franchise.
Localization, for us, extends far beyond translation — it’s about integrating culturally significant brands that truly resonate with local audiences. This strategy has been instrumental in driving strong engagement across Asia.
How is The Sandbox using AI to engage creators and gamers?
AI is still in its early adoption phase in gaming, but we’re already exploring its potential in several key areas. For chat moderation, we’re leveraging GGWP AI to ensure a safe and well-moderated player experience. In motion capture, our partnership with Kinetix AI allows us to create realistic avatar animations directly from video captures. We’re also experimenting with generative AI for game creation, particularly in AI-powered level design based on text prompts, though full integration is still in progress.
Additionally, we’re considering AI-driven non-player characters (NPCs) and virtual agents capable of engaging in intelligent conversations and strategizing in PvP battles. Other platforms like Minecraft and Roblox have already begun experimenting with AI-driven virtual agents, and we’re closely monitoring their progress to determine if similar innovations would be a good fit for The Sandbox.
How do you see monetary incentives and monetization models changing within The Sandbox?
Web3 monetization is still evolving, but our LiveOps game management system has emerged as a proven model, with regular in-game events, quests and mission-based rewards driving engagement. In Q4 2024, we launched Season 4, which became our strongest season yet despite the bear market. Building on this momentum, we plan to scale up in 2025 by expanding from one major season per year to four seasonal events.
However, the broader Web3 gaming landscape remains uncertain. Telegram-based games are gaining traction, though their monetization models are still untested. Meanwhile, high-quality Web3 titles like Shardbound, Shrapnel and MetalCore are working to replicate traditional AAA gaming revenue models, signaling a shift toward more sustainable economic frameworks in the space.
With Asia driving stablecoin adoption, do you see The Sandbox integrating stablecoins into its ecosystem?
Stablecoins are key for business and enterprise adoption, but they’re still highly centralized. We’re seeing emerging regional stablecoins, such as the Hong Kong dollar-pegged stablecoin, alongside USDC and USDT. The broader question is whether the U.S. dollar will remain the dominant reserve currency in Web3, or if Asian alternatives like the Chinese yuan or HKD will rise. This could impact international trade and crypto settlements.
What’s the most underappreciated aspect about the gaming ecosystem in Asian markets?
I think what is very undervalued and underappreciated is how much technology is ingrained into the culture and the daily habits of people in Korea, Japan, China and other Asian markets. For example, you look at those countries and you see older generations already invested in stocks, real estate, digital payments and transportation systems. There’s no resistance to adopting new technology, unlike in Western countries..
Another thing that’s really underappreciated is how storytelling, characterization and branding matter in gaming and Web3. Look at memecoins like Shiba Inu or Dogecoin — they resonate because they align with Asian branding strategies where mascots and storytelling are a big deal. That’s why gamification works so well here.
And even though Web3 gaming levels the playing field — removing traditional regional spending disparities in gaming — adoption still requires local teams, local manpower and cultural adaptation. You need people on the ground because local content and engagement still drive growth in these markets.
What are you most excited to talk about on-stage in Hong Kong?
I’m interested in the evolution of AI-powered virtual agents, moving beyond static NPCs to fully interactive, AI-driven characters that enhance immersion in gaming. Another key development is the rise of app chains, with projects like Abstrakt and Pudgy Penguins pioneering new models that are reshaping Web3 gaming infrastructure.
At the same time, the global crypto landscape is undergoing a major shift, especially with Hong Kong positioning itself as a leading crypto hub. With a new U.S. presidential administration, the question remains: how will shifting policies impact the broader Web3 ecosystem? As Hong Kong, Dubai, Singapore and even France compete to become the world’s top crypto hub, it’ll be fascinating to see which jurisdiction takes the lead in shaping the future of digital assets.
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Chart of the Week: Crypto May Now Have Its Own ‘Inverse Cramer’ and Profits Are in the Millions

Meet James Wynn, the pseudonymous trader on Hyperliquid who became famous for his $1 billion bitcoin short bet, could now be gaining a new kind of fame: as crypto’s own “Inverse Cramer.”
For those unfamiliar with the Cramer lore: he’s the high-octane, loud-money mascot of CNBC’s Mad Money, a former hedge fund manager turned stock picker with a hit-or-miss track record that turned into a meme. Many retail traders started doing the exact opposite of his recommendations, and the idea became so famous that an “Inverse Cramer ETF” was launched (it was later shut down, but the meme lives on).
Now, crypto traders might have found their new «Inverse Jim Cramer» in James Wynn’s trading wallet.
«The winning strategy lately? Do the opposite of James Wynn,» said blockchain sleuth Lookonchain in an X post, pointing to a trader who has been making millions by doing exactly the opposite of James Wynn’s trades.
«0x2258 has been counter-trading James Wynn—shorting when James Wynn goes long, and going long when James Wynn shorts. In the past week, 0x2258 has made ~$17M, while James Wynn has lost ~$98M,» Lookonchain said in the post.
Seventeen million dollars in a week just by inverse-betting on one trader is not a bad payday. However, this might be a short-term trade, and one should be very cautious as things can change lightning fast in the trading world, leaving punters millions in losses if not hedged properly.
Even James Wynn said, «I’ll run it back, I always do. And I’ll enjoy doing it. I like playing the game,” after the trader got fully liquidated over the weekend.
So, maybe this Reddit gem: «How much money would you have made if you did the exact opposite of Jim Cramer?» would never translate to include James Wynn. But the sentiments, though, are loud and clear: in a market where perception is half the trade, even your PnL can get memed!
A bonus read: Jim Cramer Doesn’t Know Bitcoin«
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XRP’s Indecisive May vs. Bullish Bets – A Divergence Worth Watching

XRP, used by Ripple to facilitate cross-border transactions, ended May with signs of indecision. Still, activity on the dominant crypto options exchange, Deribit, suggests that bulls aren’t ready to back down yet.
The payments-focused cryptocurrency formed a «doji» with a long upper shadow in May, a classic sign of indecision in the market, according to charting platform TradingView.
The long upper wick suggests that bulls pushed prices higher to $2.65, but bears stepped in and rejected those levels, driving prices down to near the level seen at the start of the month.
The appearance of the doji suggests the recovery rally from the early April lows near $1.60 has likely run out of steam. Doji candles appearing after uptrends often prompt technical analysts to call for bull exhaustion and a potential turn lower.
Accordingly, last week, some traders purchased the $ 2.40 strike put option expiring on May 30. A put option offers insurance against price drops.
Bullish options open interest
The overall picture remains bullish, with options open interest concentrated in higher-strike calls in a sign of persistent positive sentiment. Open interest refers to the number of active contracts at a given time. A call option gives the purchaser an asymmetric upside exposure to the underlying asset, in this case, XRP, representing a bullish bet.
«XRP open interest on Deribit is steadily increasing, with the highest concentration of strikes clustered on the upside between $2.60 and $3.0+, reflecting a notably bullish sentiment while the spot price currently trades at $2.16,» Luuk Strijers, CEO of Deribit, told CoinDesk.
The chart shows that the $4 call option is the most popular, with a notional open interest of $5.39 million. Calls at the $3 and $3.10 strikes have an open interest (OI) of over $5 million each. Notional open interest refers to the dollar value of the number of active contracts.
«XRP option open interest is split across June and September expiries, with monthly notional volumes approximating $65–$70 million, of which over 95% is traded on Deribit,» Strijers said.
The bullish mood likely stems from XRP’s positioning as a cross-border payments solution and mounting expectations of a spot XRP ETF listing in the U.S. Furthermore, the cryptocurrency is gaining traction as a corporate treasury asset.
Ripple, which uses XRP to facilitate cross-border transactions, recently highlighted its potential to address inefficiencies in SWIFT-based cross-border payments. The B2B cross-border payments market is projected to increase to $50 trillion by 2031, up 58% from $31.6 trillion in 2024.
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ETH Price Dips Below $2,500 on Whale Exit Fears, Then Bounces Back Above Key Level

Ethereum (ETH) faced renewed downside pressure in late trading, tumbling below the $2,500 level as selling volume surged and broader risk sentiment weakened. Global trade tensions and renewed U.S. tariff risks have triggered risk-off flows, with digital assets increasingly mirroring traditional markets in their reaction to geopolitical uncertainty.
On-chain data revealed sizable inflows to centralized exchanges — most notably 385,000 ETH to Binance —a dding to speculation that institutional players may be trimming positions. Although ETH has since recovered modestly to trade around $2,506, market observers are closely watching whether buyers can defend this level or if another leg lower is imminent.
Technical Analysis Highlights
- ETH traded within a volatile $48.61 range (1.95%) between $2,551.09 and $2,499.09.
- Price action formed a bullish ascending channel before breaking down in the final hour.
- Heavy selling emerged near $2,550, with profit-taking accelerating into a sharp reversal.
- ETH dropped from $2,521.35 to $2,499.09 between 01:53 and 01:54, with combined volume exceeding 48,000 ETH across two minutes.
- Volume normalized shortly after, and price recovered slightly, consolidating around the $2,504–$2,508 band.
- The $2,500 level is now acting as interim support, though momentum remains fragile with signs of distribution still evident in recent volume patterns.
External References
- «Ethereum Price Analysis: Is ETH Dumping to $2K Next as Momentum Fades?«, CryptoPotato, published May 31, 2025.
- «Ethereum Bulls Defend Support – Key Indicator Hints At Short-Term Rally«, NewsBTC, published May 31, 2025.
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