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The Sandbox, a leading gaming metaverse, has inaugurated its Decentralized Autonomous Organization (DAO), granting $SAND and LAND holders the authority to govern the platform.
The DAO empowers users to shape the future of the metaverse by voting on crucial matters such as treasury allocation, game jam themes, and new gameplay mechanics. Through Sandbox Improvement Proposals (SIPs), users can collectively voice their opinions and influence decisions.
Arthur Madrid, Co-Founder and CEO of The Sandbox, emphasized the significance of community governance in building a sustainable metaverse. He said, “We believe a gaming open metaverse must be governed by all users: creators, players, and LAND owners to make it timeless and push the boundaries of our community. Blockchain technology enables a full decentralized system of decisions and power to people. We think Fortnite or Roblox will adopt it at one point.”
Participation in governance is open to all, requiring ownership of LAND or a minimum of 5 $SAND tokens. Each user’s Voting Power (VP) is determined by their holdings across Ethereum and Polygon networks, ensuring inclusivity and fair representation.
Sebastien Borget, Co-Founder and COO of The Sandbox, hailed the launch of the DAO as a milestone in the metaverse’s evolution. He stated, “The launch of The Sandbox DAO marks a significant milestone in our journey to build the open metaverse, together. Four years ago, we began 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. I can’t wait to see how each of us will take action in supporting good causes, growing the ecosystem, and paving its future.”
The rollout plan comprises three phases, leveraging a treasury of 25 million $SAND tokens. The inaugural phase introduces limited governance options, including SIP voting and proposal submissions. Subsequent phases aim to enhance autonomy and streamline decision-making processes, ultimately culminating in the DAO’s full launch.
As The Sandbox embraces decentralized governance, it heralds a new era of community-driven innovation and collaboration within the metaverse.