The Sandbox, a decentralized gaming platform, has introduced The Sandbox DAO, which stands for decentralized autonomous organization.
This initiative will enable users of the game who hold the native token, SAND, and the LAND nonfungible tokens (NFTs) to participate in voting for network improvements through Sandbox Improvement Proposals (SIPs). SIPs are formal documents outlining proposed changes or enhancements within The Sandbox ecosystem.
Individuals holding at least five SAND or one LAND will have the opportunity to vote on the three primary proposals to kickstart the operations of the DAO. While the Sandbox developers will maintain some control, the majority will be delegated to the community.
The Sandbox team expressed, “From deciding how to allocate essential funds to determining the next Game Jam theme, community members will have a voice in shaping the platform’s evolution and business priorities.”
The DAO will be introduced in three phases, with the first phase scheduled to commence on May 28. The team emphasized that the phased rollout approach aims to ensure thorough testing and resolution of any post-launch issues for long-term success.
In the “exploration” phase, the project will aim to become independent from its parent company, Animoca Brands. The final phase will mark the project’s full independence and transition to a community-driven model.
In addition to community involvement, the DAO will be supported by a council and advisers, including Sebastien Borget, the co-founder and COO of The Sandbox. The council members, which also include Yat Siu, Shannon Snow, and Jean-Michel Pailhon, will review SIPs and provide input on proposals.
The Sandbox has been a popular metaverse destination, attracting high-profile investors like Forbes. Despite its popularity, the price of SAND has dropped significantly from its all-time high in 2021.
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