Introducing The Sandbox DAO: Empowering the Virtual World through Community-driven Innovation
Sandbox, the decentralized gaming platform, has introduced The Sandbox DAO, an autonomous organization run by the community. This new DAO allows users of the game who hold the SAND native token and the LAND nonfungible tokens (NFTs) to participate in voting for network improvements through Sandbox Improvement Proposals (SIPs). These SIPs are official documents that outline proposed changes or enhancements within The Sandbox ecosystem.
To initiate the operations of the DAO, holders of either five SAND tokens or one LAND token will have the power to vote on three foundational proposals. While the developers of Sandbox will still maintain control over certain operations, the majority of decision-making authority will be delegated to the community.
The Sandbox team expressed that community members will play a crucial role in shaping the platform’s evolution and determining the allocation of funds, as well as deciding on the next Game Jam theme. The launch of the DAO will occur in three phases, with the first phase commencing on May 28. This phased approach aims to ensure thorough testing and address any post-launch issues, with a focus on achieving long-term success.
During the second phase, known as the “exploration” phase, the project aims to establish independence from its parent company, Animoca Brands. Finally, in the last phase, The Sandbox will become fully independent and community-driven.
In addition to the community-driven approach, the DAO will be guided by a council and advisers. The council members will consist of notable individuals such as Sebastien Borget, co-founder and COO of The Sandbox, as well as Yat Siu, chairman of Animoca Brands. Shannon Snow, COO of World of Women, and Jean-Michel Pailhon, founder of Grail Capital, are also part of the council. These members will review all SIPs and provide feedback. They convene every two months to assess the proposals and have the authority to veto them based on legality, alignment with the DAO’s vision, or redundancy.
The Sandbox has gained popularity as a metaverse exploration destination and has even attracted investments from notable entities like Forbes. However, despite its popularity, the price of SAND has experienced a significant decline of 94.7% from its all-time high in 2021.
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