The Sandbox revealed that it is creating The Sandbox DAO. This new decentralized autonomous organization plans to bring in the people of the community through the introduction of the voting system for the numerous projects for the holders of SAND and LAND.
SAND serves as the official cryptocurrency of the platform, and LAND consists of non-fungible tokens representing game environment plots.
The implementation of The Sandbox DAO will occur in three phases. The initial phase, starting May 28, will allow community members to vote on Sandbox Improvement Proposals (SIPs), although The Sandbox staff will maintain some operational control. This phase aims to incorporate community feedback into the platform’s development and growth.
The second phase, described as the exploration phase, will transition The Sandbox DAO towards autonomy from its parent company. The final phase will see the DAO achieve full operational capability, facilitating entirely community-driven governance.
To guide this transition, The Sandbox has established a leadership council and a team of advisers, including industry veterans such as Sebastien Borget, Yat Siu, Shannon Snow, and Jean-Michel Pailhon. This council will review all SIPs bimonthly and has the authority to veto proposals that do not align with the DAO’s legal and strategic direction.
Eligible community members owning at least five SAND or one LAND will have the opportunity to vote on three foundational SIPs to kickstart the DAO’s operations, marking a significant move towards democratizing platform governance.
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