The Sandbox launches a three-phase DAO with a $25 million SAND budget

by Eve Adams

2 years ago

The Sandbox, a decentralized gaming platform in the metaverse, announced the launch of its decentralized autonomous organization (DAO).

The DAO initiative will be implemented in three phases, allowing holders of SAND and LAND tokens to vote on projects and propose improvements through The Sandbox Improvement Proposals (SIP).

The first phase will start on May 28, allowing the community to vote on SIP. However, The Sandbox employees will still manage some operations.

Sandbox DAO allows the community to participate in shaping and stimulating the growth of the platform and ecosystem. Community members will have a say in decisions regarding the allocation of critical funds, such as the next Game Jam theme, and will influence how the platform develops and what the business focuses on - The Sandbox team.

The second phase of DAO implementation is considered exploratory, and it is expected that The Sandbox DAO will become independent, separating from the parent company.

By the third phase, the DAO is expected to be fully operational and community-governed.

The Sandbox team elaborated on the rationale behind the three-phase deployment, stating:

Firstly, we want to ensure a thoughtful and well-executed launch. This allows us to test and refine DAO functionality, learn from any issues, and make necessary adjustments. Secondly, we understand the importance of setting ourselves up for long-term success. We are taking a deliberate and measured approach to ensure we are prepared for sustainable growth.

The creation of a steering group was also announced, consisting of a council and advisors who will help guide the DAO. The council intends to collaborate with trusted partners to aid in the development of the DAO, while advisors will provide recommendations and expert knowledge.

The council includes:

Sebastien Borget, co-founder and COO of The Sandbox;
Yat Siu, chairman of Animoca Brands;
Shannon Snow, COO of World of Women;
Jean-Michel Pailhon, founder of Grail Capital;

The council will be accountable to the community in fulfilling its duties.

The council reviews all SIP and provides feedback. They meet every two months to review SIP and can veto proposals if they contradict legality, the DAO vision, or are redundant, explained The Sandbox team.

This approach to DAO implementation will create a solid foundation for the platform's further growth and development. Ultimately, it should foster trust among participants and lead to more effective management of resources and projects within The Sandbox ecosystem.