Introducing The Sandbox DAO: Shifting the Virtual World to a Community-Led Environment.
This DAO empowers users holding the native token, SAND, and LAND nonfungible tokens (NFTs) to vote on network improvements. These improvements, known as Sandbox Improvement Proposals (SIPs), are formal documents that detail proposed changes or enhancements within The Sandbox ecosystem.
Specifically, holders of five SAND or one LAND will have the ability to vote on three foundational proposals to kickstart the DAO’s operations.
While the Sandbox developers will still retain control over certain operations, the majority of control will be delegated to the community.
“In matters ranging from the allocation of critical funds to selecting themes for the next Game Jam, community members will have a significant influence on the platform’s evolution and business priorities,” the Sandbox team stated.
The DAO will be rolled out in three phases, with the first phase scheduled to begin on May 28.
The Sandbox team emphasized that the three-phase rollout aims to ensure thorough testing and prompt resolution of any post-launch issues, with the ultimate goal of achieving “long-term success.”
“We’re adopting a deliberate and measured approach to prepare for sustainable growth,” the team added.
In its second phase, known as the “exploration” phase, the project will focus on distancing itself from its parent company, Animoca Brands.
The final phase will transform the project into a fully independent and community-driven entity. In addition to the community-led approach, the DAO will be guided by a council and advisers. The council, introduced alongside the DAO, will comprise individuals like Sebastien Borget, who serves as the co-founder and chief operating officer of The Sandbox.
Other members on the council consist of Yat Siu, who serves as the chairman of Animoca Brands; Shannon Snow, acting as the chief operating officer of World of Women; and Jean-Michel Pailhon, founder of Grail Capital.
The council will convene regularly to review all Sandbox Improvement Proposals (SIPs) and provide valuable feedback.
“They convene bi-monthly to evaluate SIPs and reserve the right to reject proposals that conflict with the DAO’s principles, are legally problematic, or are deemed redundant,” the team elaborated.
The Sandbox has emerged as a popular metaverse destination, drawing investments from notable entities like Forbes.
Despite its widespread appeal, SAND’s price has plummeted by 94.7% from its peak in 2021.
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