Decentralized gaming platform Sandbox has unveiled The Sandbox DAO, a decentralized autonomous organization aimed at making the virtual world entirely community-driven.
The newly launched DAO empowers users holding the native token, SAND, and LAND non-fungible tokens (NFTs) to vote on various network enhancements and changes within the ecosystem, referred to as Sandbox Improvement Proposals (SIPs). These SIPs are formal documents outlining proposed improvements or modifications.
To participate in the governance process, users need to hold either five SAND tokens or one LAND NFT. They will be able to vote on three foundational proposals essential for kickstarting the DAO’s operations.
While the developers of Sandbox will retain control over some operations, the majority of governance will be delegated to the community. “From determining the allocation of critical funds to choosing themes for the next Game Jam, community members will shape the platform’s evolution and the business’s focus,” stated the Sandbox team.
The rollout of The Sandbox DAO will occur in three phases, with the first phase beginning on May 28. The Sandbox team emphasized that this phased approach ensures thorough testing and resolution of any post-launch issues, aiming for long-term success. “We’re adopting a deliberate and measured approach to prepare for sustainable growth,” they added.
In the second phase, known as the “exploration” phase, the project aims to separate from its parent company, Animoca Brands. The final phase will see the project become entirely independent and community-driven.
In addition to the community-driven approach, the DAO will be guided by a council and advisors. The council includes prominent figures such as Sebastien Borget, co-founder and chief operating officer of The Sandbox; Yat Siu, chairman of Animoca Brands; Shannon Snow, chief operating officer of World of Women; and Jean-Michel Pailhon, founder of Grail Capital. These council members will review all SIPs and provide feedback, meeting bi-monthly to review proposals and potentially veto those that are illegal, misaligned with the DAO’s vision, or redundant.
The Sandbox has become a popular platform for exploring the metaverse, attracting notable investors like Forbes. Despite its popularity, the price of SAND has decreased by 94.7% from its all-time high in 2021.
By launching The Sandbox DAO, the platform aims to enhance its community-driven approach, ensuring that users have a significant say in the future development and focus of the virtual world.
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