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In the realm of cryptocurrencies, The Sandbox appears to have taken a new step. According to the announcement on Tuesday, a DAO (decentralized autonomous organization) has been launched to give token investors a say in the future of the game and its ecosystem.
Sandbox Comments
People who have purchased NFT-based LAND plots or own the game’s SAND tokens will have a say in management decisions related to in-game upgrades, feature additions, future events, reward systems, player status based on owned assets, and other potential aspects of The Sandbox universe.
The Sandbox co-founder and CEO Arthur Madrid said in a blog post:
We believe an open game metaverse should be governed by all users: creators, players, and LAND owners, to make it timeless and push the boundaries of our community,” he said. “Blockchain technology provides people with a fully decentralized decision and power system.
Sandbox and the DAO Process
A presentation on this topic will be held in three phases. The first phase starts today. In the first phase, SAND token and LAND plot owners will have voting rights on Sandbox Improvement Proposals (SIPs) submitted by the community via email.
A blog post about the DAO stated:
We want to ensure a thoughtful and well-executed launch. This allows us to test and iterate the DAO’s functionality as we progress, learning from emerging challenges and making necessary adjustments along the way, ultimately leading to a more robust and effective system.
Co-founder and COO Sebastien Borget made the following statement:
The launch of The Sandbox DAO marks a significant milestone in our journey to build an open metaverse together,” he said. “Four years ago, we started empowering a new generation of creators through decentralization, blockchain, and NFTs. These creators are now citizens of a digital nation with the power to decide how the platform should evolve and which initiatives to support.
Meanwhile, the price of SAND, which had experienced wild rises in the past, was observed to be falling. After a 3% drop in the last 24 hours, SAND continues to trade at $0.04456 today.
