The Sandbox DAO Launches with 25M SAND Treasury

YEREVAN (CoinChapter.com) — The Sandbox, a decentralized gaming platform, has launched a namesake DAO backed by a 25M SAND treasury. This initiative will be rolled out in three phases, providing a structured approach to implementation. Phase one, which begins on May 28, allows the community to vote on Sandbox Improvement Proposals (SIPs) while the Sandbox staff will still manage some operations.

Sandbox is Reinventing the DAO Wheel

Like typical DAO projects, The Sandbox DAO will enable holders of SAND, currently valued at $0.45, and virtual LAND, nonfungible tokens (NFTs) representing in-game plots, to participate in governance. These holders can vote on projects and propose improvements through SIPs.

Phase two will see the DAO becoming self-reliant and disentangling itself from the parent company. By phase three, the DAO is expected to be fully operational, allowing for community-driven governance. This gradual transition ensures that the platform can adapt and evolve based on feedback and practical experience.

“The Sandbox DAO enables the community to help shape and drive the platform’s growth and ecosystem. 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.”

the Sandbox team noted,

Leadership and Accountability

The Sandbox has also announced a leadership team composed of a council and advisers to guide the DAO. 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; and Jean-Michel Pailhon, founder of Grail Capital. These members are expected to bring valuable expertise and oversight.

The Council will review all SIPs and provide feedback. They will meet bi-monthly to review proposals and can veto those based on legality, misalignment with the DAO’s vision, or redundancy. This system aims to ensure that all proposals align with the community’s best interests and the platform’s strategic goals.

When asked how the Council will stay accountable, The Sandbox said:

“The Council reviews all SIPs and provides feedback. They meet bi-monthly to review SIPs and can veto proposals based on legality, misalignment with the DAO’s vision, or redundancy.”

Community Voting and Initial Proposals

Community members owning five SAND or one LAND can vote on three initial SIPs. These proposals are considered foundational for initiating the DAO’s operations. This voting process is a critical step in engaging the community and ensuring that their voices are heard from the outset.

The initial phase of the DAO’s launch will be closely watched to see how effectively the community engages with the voting process. This engagement is vital for the DAO’s long-term success and for building trust within the community.