Sandbox DAO Unveils 25M Sand Treasury as The Sandbox Launches

The Sandbox, a decentralized gaming platform, has just announced the launch of its decentralized autonomous organization (DAO), known as The Sandbox DAO.
The DAO initiative will be rolled out in three distinct phases, allowing holders of The Sandbox’s native token, SAND, and owners of virtual LAND (nonfungible tokens representing in-game plots) to participate in voting on projects and proposing improvements through Sandbox Improvement Proposals (SIPs).
Phase one of the DAO implementation will commence on May 28, enabling the community to vote on SIPs; however, The Sandbox staff will still play a role in managing certain operations.
During a conversation with Cointelegraph, The Sandbox team stated:
“The metaverse is coming straight to your web browser: Here’s how”
Phase two of the DAO implementation, known as the “exploration” phase, aims to make The Sandbox DAO self-sufficient and separate it from the parent company.
By phase three, the DAO is expected to be fully operational and function under community-driven governance.
The Sandbox team provided further insight into the reasoning behind the three-phase rollout, explaining to Cointelegraph:
In addition, The Sandbox team has announced the formation of a leadership team consisting of a council and advisers who will guide the DAO. The Council will collaborate with trusted partners to develop the DAO, while the advisers will offer 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 questioned about how the Council will remain accountable to the community in their roles, The Sandbox shared with Cointelegraph:
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 initiate the DAO’s operations.”
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