The Sandbox to Launch DAO in Three Phases, Empowering Community-led Growth
Summary:
The Sandbox, a digital gaming platform, is set to launch its decentralized autonomous organization (DAO), a project that will evolve over three stages. The DAO will allow The Sandbox (SAND) holders and nonfungible token (NFT) owners to vote on proposed developments and suggest improvements, and is expected to be fully independent by phase three. This setup aims to facilitate a community-led governance and growth for the platform, with a council and advisory team appointed for guidance and expertise. For voting rights on foundational improvement proposals, community members need to hold a minimum of five SAND or one LAND token.
The digital gaming platform, The Sandbox, has revealed plans to launch its decentralized autonomous organization (DAO), labeled as The Sandbox DAO. This project will be developed across three stages and will engage The Sandbox (SAND) holders and owners of nonfungible tokens (NFTs) that represent plots within the game. These stakeholders will be able to vote on proposed projects and voice their suggestions for enhancements via Sandbox Improvement Proposals (SIPs). Starting from May 28, phase one empowers the community with the ability to vote on SIPs, however The Sandbox personnel will continue to oversee certain operations.
The Sandbox team shared with Cointelegraph their belief in this system, expressing that the platform's growth and wider ecosystem can be guided by community input. Everything from how resources are allocated to the themes in Game Jam, the team states that community influence will help shape the platform's evolution.
The impending metaverse is set to be easily accessible via web browsers. Phase two of the DAO's implementation is dubbed its "exploration" stage and aims for The Sandbox DAO to establish independence from its parent organization. By phase three, the DAO should be completely up and running, facilitating governance driven by the community.
The rationale behind the phased launch was explained by The Sandbox team, emphasizing a thoughtful and well-coordinated starting point. This approach facilitates trials and refinements to the DAO's functionality, providing opportunities to learn from challenges and make any required adjustments. Moreover, the team acknowledges the importance of long-term success, displaying a calculated and systematic approach to foster sustainable growth.
In addition to this, The Sandbox staff announced the formation of a leadership team comprising of a council and advisors, to steer the DAO's direction. Council members such as Sebastien Borget, the co-founder and COO of The Sandbox, and Yat Siu, the chairman of Animoca Brands, along with other reputable partners are tasked with contributing to the development of the DAO. Advisors, meanwhile, will offer guidance and expert knowledge.
The potential of Council members keeping accountable to the community was enquired upon, to which The Sandbox replied that all SIPs are reviewed by the Council who offer feedback. They meet twice a month to review SIPs and can reject proposals due to legality conflicts, misalignment with the DAO's vision, or redundancy issues.
Community members holding five SAND tokens or one LAND can cast votes on three foundational SIPs that will set in motion the DAO's operations.
Published At
5/28/2024 10:00:00 AM
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