Decentralized gaming platform Sandbox has launched The Sandbox DAO, a decentralized autonomous organization (DAO).
the DAO Users of the game who hold its native token, SAND, and LAND non-fungible tokens (NFTs) will be allowed to vote on various network improvements to the project. These improvements, called Sandbox Improvement Proposals (SIPs), are formal documents that outline proposed changes or improvements within the Sandbox ecosystem.
Specifically, holders of five SANDs or one LAND will be able to vote on the three founding proposals to initiate DAO operations.
While Sandbox developers will still retain control over some operations, the majority of control will be delegated to the community.
“From deciding how to allocate critical funds to the next Game Jam theme, community members will have a say in how this platform evolves and where business focuses then,” the Sandbox team said in a statement. statement.
The DAO will be launched in three phases, with the first phase scheduled to begin on May 28.
According to the Sandbox team, the three-phase rollout will help ensure the necessary testing is done and any issues encountered are fixed after launch. The team also stressed that the goal here is “long-term success.”
“We are taking a measured and thoughtful approach to ensure we are prepared for sustainable growth,” the team added.
In its second phase, referred to as the “exploration” phase, the project will seek to separate itself from its parent company, Animoca Brands.
The final phase will see the project become fully independent and community-driven.
Besides the community-driven approach, the DAO will also be guided by a board and advisors. Introduced alongside the DAO, board members will include Sébastien Bourget, co-founder and chief operating officer of The Sandbox.
Other members include Yat Siu, Chairman of Animoca Brands; Shannon Snow, Chief Operating Officer of Women's World; and Jean-Michel Pilhon, founder of Grail Capital.
Council members will review all SIPs and provide feedback.
“They meet every two months to review the SIPs and can veto proposals based on legality, lack of alignment with the DAO’s vision, or redundancy,” the team added.
The Sandbox has been a popular destination for those looking to explore the Metaverse. The project has seen big names like Forbes make investments in the virtual world.
Despite its popularity, the price of sand is down 94.7% One of its all-time highs in 2021.
