You know how blockchain platforms have always gone on about decentralization and bringing power to the people? Well, The Sandbox is now officially committed to doing that.
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On May 28, 2024, the Ethereum-based metaverse game platform The Sandbox announced that it had launched a DAO (Decentralized Autonomous Organization) so holders of its token SAND could have a say in the game’s future and finances.
A DAO is sometimes also called a DAC (Decentralized Autonomous Corporation). Basically, it’s an organization with no central governing body whose members share the goal of acting in the organization’s best interest. In essence, this is what The Sandbox is proposing.
To put it in simpler words, this means that if you now hold the SAND token or Sanbox’s NFT-based LAND plots, you basically become a member of The Sandbox’s Board of Directors. You get to call the shots!
Sandbox has mentioned that their token holders will gain a say in the following;
- Governance decisions on gameplay upgrades and new features
- Future events
- Future reward initiatives
- Determining player status for token holders based on the number of assets owned
People who say gaming is not a job will have to think again when talking to Sandbox token holders and players because they are now bosses in their own right.
The Sandbox explained its rationale for this new move in a post on its Medium account. In the post, Sanbox’s Arthur Madrid, who is the CEO and Co-founder of The Sandbox, 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.
Wasting no time, The Sandbox has even created a Twitter account for The Sandbox DAO. But does that mean everything is all set? Not quite.
The Sandbox has explained that the rollout of the DAO will follow three phases.
The first phase was already launched on the same Tuesday as the DAO announcement. In this phase, any SAND token or LAND plot owner can now vote on what they have called “Sandbox Improvement Proposals,” or SIPs. The community will submit the SIPs by email.
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The second phase comes with not just new DAO features but also a cool name. It’s called “Exploration,” and it offers some more power to the DAO but not full power yet. The third and final stage makes The Sandbox fully independent.
The rollout of this DAO is a very big one for Sandbox token holders, but it’s also a win for the rest of the world as we gradually move to a fully decentralized tech world. We wish The Sandbox a successful journey to becoming a robust and independent platform.
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