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.
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:
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.
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.
