The popular Ethereum-based metaverse gaming platform, The Sandbox has introduced a bridge that allows users to transfer their virtual LAND non-fungible tokens (NFTs) and native SAND tokens to the Polygon layer 2 network.
While The Sandbox will live on Ethereum for the most part, the platform has emphasized that transacting SAND and LAND on Polygon will lead to lower gas fees, faster transaction speeds, and greener interactions on the blockchain.
The firm stated via Twitter on Wednesday that it is now ready to start rolling out LAND on Polygon.and users will be able to receive a refund of 10 mSAND worth approximately USD 10.60 in LAND ported to layer 2.
We are ready to deploy LAND to @0xPolygon
Each LAND bridged grants a 10 mSAND cashback!
LAND multipliers on both mSAND staking programs are back!
LAND sales and LAND staking features (on Polygon) are coming soon!BRIDGE NOW ➡️ https://t.co/jlcSKxuBWh pic.twitter.com/1tuAAsqEZP
— The Sandbox (@TheSandboxGame) June 28, 2022
We are ready to deploy LAND on @0xPolygon. Each bridged LAND grants a cashback of 10 mSAND! LAND multipliers on both mSAND staking programs are back! LAND sales and LAND staking features (on Polygon) are coming soon!
BRIDGE NOW ➡️
mSAND is the new ticker for Polygon-based SAND tokens and is priced identically to Ethereum-based SAND. As part of the bridge rollout, The Sandbox will soon launch two staking programs for LAND and mSAND and a new drop in LAND sales on Polygon.
The bridge to Polygon and the new staking programs have been underway since December 2021, with the firm stating in a blog post that “300,000 mSAND” will be injected into the mSand/Polygon (MATIC) staking pool on a weekly basis, plus a bonus of 200,000 mSAND for the first four weeks to encourage early adoption. However, the specific percentage of staking rewards has not yet been detailed.
According to data from CoinGecko, SAND is up 12.9% in the last seven days and stands at $1.06 at the time of writing. However, the announcement related to Polygon does not seem to have had an impact on its price, as SAND is down 2.4% in the last 24 hours.
A master class on taxes?
Ryan Carson, founder of hedge fund NFT 121G, has given a “master class” by selling Moonbird’s NFT #6969 for a loss of $52,000, according to NFT trader OxQuit, as it represented a significant gain of 74.2 Ether ( ETH) and, at the same time, a tax loss.
Carson, a former COO of the Moonbirds project, initially purchased the NFT for 69.49 ETH on April 16, when it was worth $212,000. On Wednesday, Carson sold the NFT for 143.69 ETH, worth about $160,000.
In a tweet addressed to his 54,900 followers on Thursday, OxQuit, which appears to own an NFT from the Bored Ape Yacht Club, called the move a “master class on how to stack ETH while recording a tax loss.”
However, not everyone agreed; self-styled HollanderAdam, “degen” of NFT, commented:
“Or he just might not have bought the bird. I could have waited and bought 143 ETH today for $160,000. And then he had an extra $52,000 in his account.”
As it is, Carson would need to see a 32.5% rise in ETH price for his ETH hodling strategy to get him back in the green, though he would still be on the hook for capital gains tax if he were to sell.
Pixels.com Launches NFT Business Support
On Wednesday, the print-on-demand market giant Pixels.com launched a new NFT service that allows owners to copy and paste their wallet address and quickly transform their tokenized artwork into merchandise.
The service has been created for owners of Ethereum-based NFTs and works by allowing Pixels to retrieve the NFT artwork and then generate “photorealistic 3D previews of each available product” on the website. Pixels offers customizable products ranging from t-shirts to canvas prints to stationery.
Print-on-demand companies are a very useful tool for artists and content creatorssince it allows them to outsource the entire process of manufacturing and shipping the products.
Snoop Dogg Says Crypto Winter Is “Great”
Iconic rapper and avid NFT collector, Snoop Dogg has expressed his appreciation for the current cryptocurrency market winter as it is weeding out bad players in the space and will lead to “great things” in the future.
Speaking to CNBC during NFT.NYC last week, Snoop stated that the current bear market has “taken out all the people who weren’t supposed to be in the space and who were abusing the opportunities that were out there.”
The rapper went on to suggest that most projects and companies that survive the carnage will offer mostly good products:
“Now it’s going to be big business, and going forward, when the market comes back, there will only be big things to choose from.”
Other Nifty News
The blockchain analytics company Flipside Crypto has released an online software development kit (SDK) called ShroomDK, which is based on non-fungible tokens and provides an automated means of extracting “exhaustive” data from the blockchain via software.
The General Director of Innovation of Catalonia, Daniel Marco has revealed that the government is working on the construction of a Catalan metaverse called Cataverse.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, so you should do your own research when making a decision.
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