Decentralized gaming platform Sandbox has launched The Sandbox DAO, a decentralized autonomous organization (DAO).
The DAO will allow the game’s users holding its native token, SAND, and the LAND nonfungible tokens (NFTs) to vote on various network improvements to the project. These improvements, dubbed Sandbox Improvement Proposals (SIPs), are formal documents that outline proposed changes or enhancements within The Sandbox ecosystem.
Specifically, holders of five SAND or one LAND will be able to vote on the three foundational proposals to initiate the DAO’s operations.
While the Sandbox developers will still retain control over some operations, the majority of the control will be delegated to the community.
“From determining how we allocate critical funds to the next Game Jam theme, community members will have a say in how this platform evolves and where the business focuses its time,” the Sandbox team said in a statement.
The DAO will be launched in three phases, with the first phase set to begin on May 28.
According to the Sandbox team, the three-phase rollout will help ensure necessary testing is done and any issues encountered post-launch are fixed. The team further stressed that the goal here is “long-term success.”
“We’re taking a deliberate and measured approach to ensure we’re prepared for sustainable growth,” the team added.
In its second phase, referred to as the “exploration” phase, the project will look to separate itself from the 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 council and advisers. Introduced alongside the DAO, the council members will include Sebastien Borget, co-founder and chief operating officer of The Sandbox.
Other members include Yat Siu, chairman of Animoca Brands; Shannon Snow, chief operating officer of World of Women; and Jean-Michel Pailhon, founder of Grail Capital.
Council members will review all SIPs and provide feedback.
“They meet bi-monthly to review SIPs and can veto proposals based on legality, misalignment 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 making investments in the virtual world.
Despite its popularity, the price of SAND is down 94.7% from its all-time high in 2021.
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