The Sandbox, a gaming platform that operates in a decentralized manner, has announced the launch of its decentralized autonomous organization (DAO), called The Sandbox DAO.
The DAO initiative will be executed in three stages, giving SAND token holders and virtual LAND owners (nonfungible tokens representing in-game plots) the ability to participate in governance through voting. Holders and owners can vote on projects and propose improvements using Sandbox Improvement Proposals (SIPs).
The first phase, starting on May 28, will allow the community to vote on SIPs, although The Sandbox team will still manage certain operations.
The second phase of the DAO implementation is referred to as the “exploration” phase, which aims to make The Sandbox DAO self-reliant and separate it from the parent company.
By the third phase, the DAO is expected to be fully functional, enabling community-driven governance.
The rationale behind the three-phase rollout was explained by The Sandbox team, who stated that:
“The phased approach allows us to gradually transition from centralized management to a fully decentralized governance model. This ensures a smooth and efficient process, as well as the opportunity for community members to actively participate in the decision-making process.”
In addition, The Sandbox team has also announced the formation of a leadership team, which consists of a council and advisers who will provide guidance for the DAO. The Council will collaborate with trusted partners to develop the DAO, while the advisers will offer their expertise and advice.
The Council members include Sebastien Borget, co-founder and COO of The Sandbox; Yat Siu, chairman of Animoca Brands; Shannon Snow, COO of World of Women; and Jean-Michel Pailhon, founder of Grail Capital.
When asked about the accountability of the Council to the community, The Sandbox stated:
“The Council will regularly communicate with the community, provide updates on the progress of the DAO, and ensure transparency in decision-making. We believe in the importance of community involvement and will actively seek feedback to make informed decisions.”
Community members who own at least five SAND or one LAND will have the opportunity to vote on three initial SIPs, which are considered foundational proposals to kickstart the DAO’s operations.