The Sandbox has launched its own DAO enabling holders of the token and virtual LAND NFTs to participate in governance through voting on proposals.
We are pleased to announce that The Sandbox, a decentralized gaming platform, has launched its own decentralized autonomous organization (DAO), which is known as The Sandbox DAO.
The Sandbox Launches DAO
Holders of token and virtual LAND, nonfungible tokens (NFTs) representing in-game plots, will be able to participate in the three-phase DAO effort. Holders and owners of NFTs can vote on individual projects and suggest improvements using Sandbox Improvement Proposals (SIPs).
Despite the fact that the Sandbox team will continue to handle some operations, Phase one will begin on May 28 and give the community the opportunity to vote on SIPs.
In an interview, the team stated the following: “Phase two of the DAO implementation is considered its “exploration” phase, and we anticipate that the DAO will become self-sufficient, thereby disentangling itself from the parent company.
“By the time phase three arrives, the DAO should be fully operational and capable of facilitating community-driven governance. The team provided an explanation of the reasoning behind the three-phase rollout.
The team also announced the formation of a leadership team that would consist of a council and advisers to assist in guiding the decentralized autonomous organization (DAO).
In order to assist in the development of the DAO, the Council will collaborate with reliable partners, and advisers will be able to provide assistance and knowledge.
The Council members include Jean-Michel Pailhon, the creator of Grail Capital; Sebastien Borget, who is the co-founder and chief operating officer of The Sandbox; Yat Siu, who is the chairman of Animoca Brands; Shannon Snow, who is the chief operating officer of World of Women; and all of these individuals.
The Sandbox responded to a question about how the Council will maintain accountability to the community in their respective roles by stating that community members who owe five SAND or one LAND have the opportunity to vote on three initial SIPs that are considered “foundational proposals to initiate the DAO’s operations.”