The Sandbox launches Sandbox DAO with 25 million Sand Treasury.
The Sandbox, a decentralized gaming platform, announced the launch of The Sandbox DAO, a decentralized autonomous organization (DAO).
The DAO initiative will be implemented in three phases, accepting holders of The Sandbox (SAND) and virtual LANDs (non-fungible tokens (NFTs) representing in-game plots). Holders and NFT owners can vote on projects and suggest improvements through Sandbox Improvement Proposals (SIPs).
Phase 1 will begin on May 28th and will allow the community to vote on SIPs. However, Sandbox staff still manages some of the work.
In a discussion with Cointelegraph, the Sandbox team said:
“The Sandbox DAO allows the community to shape and drive the growth and ecosystem of the platform. From deciding how to allocate critical funds to the next Game Jam topic, community members will have a say in how this platform develops and where businesses focus their time.”
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Phase 2 of the DAO implementation is considered the “exploration” phase and it is expected that The Sandbox DAO will become independent from its parent company and become self-sufficient.
In Phase 3, the DAO is expected to be fully operational and community-driven governance will be activated.
Detailing the rationale behind the Phase 3 launch, the Sandbox team told Cointelegraph:
“First, we want to ensure a thoughtful and well-executed rollout. This allows us to test and iterate on the functionality of the DAO, learning from any issues and making any necessary adjustments. Second, we understand the importance of preparation for long-term success. We are taking a cautious and measured approach to position ourselves for sustainable growth.”
The Sandbox team also announced a leadership team consisting of a council and advisors to help guide the DAO. The Committee will work with trusted partners to help develop the DAO, and advisors will be in a position to provide guidance and expertise.
Committee 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 committee will remain accountable to the community in its role, The Sandbox told Cointelegraph:
“The council reviews all SIPs and provides feedback. They meet every other month to review SIPs and may reject proposals based on legality, inconsistency with, or duplication of the DAO vision.”
Community members holding 5 SAND or 1 LAND can vote on three initial SIPs, which are considered “base proposals to begin DAO operations.”
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