Decentralized gaming platform The Sandbox has released a decentralized autonomous organization (DAO) known as The Sandbox DAO.
The Sandbox DAO will roll out in three phases, and it seeks to attract the participation of those holding SAND tokens and owning LAND non-fungible tokens. The DAO members will have privileges like voting on projects and proposing improvements to the protocol via Sandbox Improvement Proposals (SIPs).
The Sandbox Rolls Out Sandbox DAO
The first phase of this DAO will commence on May 28, allowing the community to vote on the proposals. During this phase, employees at The Sandbox will oversee some operations.
One of the roles that the DAO will be tasked with is deciding on the distribution of funds for the upcoming Game Jam theme. The community will also get to decide on the growth of the platform and where the future of the project lies.
“The Sandbox DAO enables the community to help shape and drive the platform’s growth and ecosystem,” the team said.
From determining how we allocate critical funds to the next Game Jam theme, community members will have a say in how this platform evolves and where the business focuses its time.
After the first phase of this initiative is complete, the Sandbox team will roll out the second phase, known as the “exploration” phase. The Sandbox DAO team will be tested during this phase to determine if it can become self-reliant.
The second phase of the DAO rollout will mark a significant step as the community will now operate separately from the parent company. This move will bring more decentralization to The Sandbox team.
Promoting Decentralization
By the third phase of the rollout, the Sandbox team plans to achieve complete decentralization. The DAO will become fully operational, meaning that the community will handle all the governance decisions on the platform.
According to the team, the three-phase rollout will ensure the launch is well-executed and implemented. Furthermore, the team will also have time to test the functionality of the DAO and learn from any challenges that might arise so that by the time it goes live, it will be fully functional.
The Sandbox also believes the DAO is the first step towards long-term success. As such, it took a keen effort to ensure that the DAO would drive the company’s sustainable growth and help it achieve its objectives.
The other feature of this DAO is that it will comprise a leadership team. This team will consist of a council and advisors that will guide the operations of the DAO.
The council will work hand in hand with trusted partners to support the development of the DAO. The advisors have also been well-positioned to offer the much-needed guidance and expertise to support growth. This council seeks to work for the betterment of the DAO.
This Council will include Sebastien Borget, The Sandbox’s chief operating officer and co-founder. It will also include other bigwigs from the Web3 space, including the Chairman of Animoca Brands, Yat Siu.
