The Sandbox, a prominent decentralized gaming virtual world, has officially launched The Sandbox DAO, marking a significant milestone in its mission to create an open Metaverse governed by its community. This move underscores The Sandbox’s dedication to decentralization, empowering users to have a direct say in the platform’s future developments and initiatives.
The Sandbox recently provided more details about its vision, stating, “At The Sandbox, we’re constructing an open Metaverse, where individuals from all over the world can own their creations, publish unique experiences on virtual LANDs, and connect with others in new and meaningful ways through our tools and platform. With over five million users, The Sandbox ecosystem was established using blockchain technology, incorporating Web3 elements and NFTs, with the ultimate goal of running and managing the platform by the community it serves.”
Introducing The Sandbox DAO, a platform that shapes the future of gaming, entertainment, music, art, and more! Follow @TheSandboxDAO for more. It’s time for you to take control!
The Sandbox DAO introduces a decentralized governance model that allows users to participate in decisions regarding the platform’s development. Community members, including players, creators, LAND owners, and brands, can now submit proposals and vote on various topics, such as product improvements, communication tools, avatar utilities, and reward mechanics based on LAND and NFT ownership.
Arthur Madrid, CEO & Co-Founder of The Sandbox, highlighted the importance of community governance, stating, “We believe that a gaming open Metaverse should be governed by all users: creators, players, and LAND owners, in order to make it timeless and push the boundaries of our community. Blockchain technology enables a fully decentralized system of decision-making and power to the people. We think Fortnite or Roblox will eventually adopt it.”
The journey towards decentralization began in 2020 with the introduction of SAND utility tokens. This allowed creators to buy and sell virtual plots of LAND, publish their creations, and earn SAND tokens, which could be exchanged for fiat currency worldwide. Today, SAND is one of the top 10 gaming tokens and a top 100 cryptocurrency, with utilities extending beyond The Sandbox platform.
Sebastien Borget, COO & Co-Founder of The Sandbox, reflected on this journey, saying, “The launch of The Sandbox DAO marks a significant milestone in our journey to build the open Metaverse together. Four years ago, we started empowering a new generation of creators through decentralization, blockchain, and NFTs. These creators are now the citizens of a digital nation in the making and hold the power to decide how the platform should evolve and what initiatives it will support.”
The launch of The Sandbox DAO will take place in three phases. Phase One, starting on May 28th, will involve SAND and LAND owners voting on Sandbox Improvement Proposals (SIPs). In Phase Two, the DAO will gain more autonomy, becoming increasingly independent from The Sandbox’s staff. Phase Three will fully empower the community to propose and vote on SIPs, fostering a decentralized decision-making process.
The Sandbox DAO will consist of two main groups: the Council and Advisors. The Council will review SIPs, ensuring they align with the DAO’s vision and community interests, and have the power to veto proposals based on legality, redundancy, conflict, and community interests. Trusted partners have been selected to form the initial Council, establishing a solid foundation for the DAO’s future operations.
Additionally, a dedicated Sandbox DAO Foundation will manage the DAO’s operations, including the treasury and the employment of a support team. This foundation will ensure the smooth execution of DAO decisions and the sustainable growth of the platform.
The initial SIPs proposed by The Sandbox DAO leadership team focus on foundational governance and impactful initiatives, such as introducing the DAO and its constitution, establishing the Foundation, outlining the budget for the first year, implementing an environmental initiative to offset CO2 emissions, and supporting the Red Cross through the sale of NFTs.
The introduction of The Sandbox DAO aims to foster trust and create a sense of belonging among community members. By ensuring transparency in every decision and process, The Sandbox strives to build a platform that is not only built for the community but also by the community.
The DAO represents a commitment to active participation, inclusivity, and transparency, paving the way for a truly open Metaverse governed by its users. The launch of The Sandbox DAO is a landmark moment in the platform’s evolution, empowering its community to shape the future of the open Metaverse and drive forward a collective vision of innovation and inclusivity.
