The Sandbox, a decentralized gaming platform, has announced the launch of its decentralized autonomous organization (DAO), known as The Sandbox DAO.
The DAO initiative will be carried out in three phases, giving SAND holders and virtual LAND owners (nonfungible tokens representing in-game plots) the ability to participate in governance through voting. Holders and NFT owners can vote on projects and propose improvements using Sandbox Improvement Proposals (SIPs).
The first phase, starting on May 28, will allow the community to vote on SIPs, but some operations will still be managed by The Sandbox staff.
During the second phase, known as the “exploration” phase, The Sandbox DAO will become self-reliant and separate from the parent company.
By the third phase, the DAO is expected to be fully operational, enabling community-driven governance.
The Sandbox team explained the reasoning behind the three-phase rollout, stating that:
“We believe that implementing the DAO in three phases allows us to gradually transition from a centralized model to a fully decentralized one. This approach ensures that the community has a say in the decision-making process while also allowing for a smooth transition.”
The team also announced a leadership team for the DAO, consisting of a council and advisers who will provide guidance and expertise. The Council will collaborate with trusted partners to develop the DAO, while the advisers will offer their insights.
The Council members include Sebastien Borget, co-founder and COO of The Sandbox; Yat Siu, chairman of Animoca Brands; Shannon Snow, COO of World of Women; and Jean-Michel Pailhon, founder of Grail Capital.
When asked about the accountability of the Council to the community, The Sandbox stated:
“We are committed to transparency and accountability. The Council members will regularly engage with the community, providing updates and seeking feedback to ensure that the interests of the community are represented.”
Community members who own five SAND or one LAND will have the opportunity to vote on three initial SIPs, which are considered foundational proposals to kickstart the DAO’s operations.