The Sandbox launches Sandbox DAO with 25M sand Treasury
|The Sandbox, a decentralized gaming platform, announced the launch of its decentralized autonomous organization (DAO), The Sandbox DAO.
The DAO initiative will be implemented in three phases, allowing The Sandbox (SAND $0.45) holders and virtual LAND — nonfungible tokens (NFTs) representing in-game plots. Holders and NFT owners can vote on projects and propose improvements through Sandbox Improvement Proposals (SIPs).
Phase one begins May 28 and will enable the community to vote on SIPs; however, The Sandbox staff will still manage some operations.
In a discussion with Cointelegraph, The Sandbox team said:
The Sandbox DAO enables the community to help shape and drive the platform's growth and ecosystem. 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.
Phase two of the DAO implementation is considered its “exploration” phase and is expected to see The Sandbox DAO become self-reliant — disentangling itself from the parent company.
By phase three, the DAO is expected to be fully operational and enable community-driven governance.
The Sandbox team elaborated on the rationale behind the three-phase rollout, telling Cointelegraph that:
First, we want to ensure a thoughtful and well-executed launch. This allows us to test and iterate on the DAO’s functionality, enabling us to learn from any challenges and make necessary adjustments. Second, we understand the importance of setting ourselves up for long-term success. We’re taking a deliberate and measured approach to ensure we’re prepared for sustainable growth.
The Sandbox team also announced a leadership team composed of a council and advisers to help guide the DAO. The Council is set to work with trusted partners to help develop the DAO, while advisers are positioned to provide guidance and expertise.
The Council members include Sebastien Borget, co-founder and chief operating officer of The Sandbox; Yat Siu, chairman of Animoca Brands; Shannon Snow, chief operating officer of World of Women; and Jean-Michel Pailhon, founder of Grail Capital.
When asked how the Council will stay accountable to the community in their roles, The Sandbox told Cointelegraph:
The Council reviews all SIPs and provides feedback. They meet bi-monthly to review SIPs and can veto proposals based on legality, misalignment with the DAO’s vision, or redundancy.
Community members that owe five SAND or one LAND can vote on three initial SIPs considered “foundational proposals to initiate the DAO’s operations.”
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