The Sandbox has announced the launch of The Sandbox DAO, its global community. In order to determine the future of the open metaverse, the corporation encourages citizens to propose and participate in governance decisions.
Built on blockchain technology with Web3 components and NFTs, The Sandbox ecosystem has more than five million users and aspires to be owned and operated by the community it serves.
The company has delivered The Sandbox DAO for the upcoming open metaverse. This will provide users with the opportunity to participate in platform-related activities. This allows the Sandbox community of participants, owners, creators, and brands to articulate their opinions by casting votes and presenting proposals, such as feedback on new gameplay and communication features; opinions on future platform events and reward mechanics; determining SAND and LAND owners’ player status by quantity of LANDS or NFTs, and many more.
According to Arthur MADRID, CEO & Co-Founder of The Sandbox, the company is of the opinion that a gaming open metaverse must be governed by all users, including players, creators, and LAND owners, to ensure its enduring nature and to challenge the limits of their community. A complete decentralized system of power and decision-making is made possible by blockchain technology. Blockchain technology is anticipated to be integrated by organizations such as Fortnite and Roblox.
In 2020, the company decided to decentralize the economy pertaining to the platform via the delivery of the SAND utility tokens. This made it possible for builders to purchase and sell virtual plots of LANDS, as well as publish their creations and obtain SAND, that could be exchanged with FIAT. At present, SAND is listed among the top ten gambling tokens and the top one hundred cryptocurrencies.
According to The Sandbox’s COO and Co-Founder, Sebastien Borget, the creation of an open metaverse is an absolute landmark moment for the company. The company initiated the process of empowering a new generation of creators by utilizing decentralization, blockchain, and NFTs four years ago. The creators now have the power to determine how the platform should expand and what initiatives it will support, and they are also citizens of a digital nation in the making.
The engaged, global community is invited to collaborate with The Sandbox in the development of the future of the metaverse through the introduction of its Decentralized Autonomous Organization (DAO). This innovative initiative, which will be implemented in three phases and features a treasury of 25 million $SAND, represents a new era in decentralized governance.
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