The popular Ethereum-based metaverse gaming platform The Sandbox has unveiled a bridge that enables users to transfer virtual non-fungible (NFT) LAND tokens and native SAND tokens to the Layer 2 Polygon Network.
While Sandbox will mostly live on Ethereum, the platform has confirmed that conducting SAND and LAND transactions on Polygon will result in lower gas fees, faster transaction speeds and more environmentally friendly interactions on the blockchain.
The company said via Twitter on Wednesday that it is now ready to begin deploying LAND on Polygon, and users will be able to earn 10 mSAND cashback of approximately $10.60 on LAND transferred to Layer 2.
mSAND is the new benchmark for SAND tokens based on Polygon with pricing similar to SAND based on Ethereum. As part of the bridge startup, Sandbox will soon roll out two LAND and mSAND staking programs and a new LAND sales cut on Polygon.
Work on the bridge to Polygon and new staking programs has been in operation since December 2021, and the company stated in a blog post that “300,000 mSANDs will be injected” into the mSand/Polygon (MATIC) staking pool per week, as well as a bonus of 200,000 mSANDs for the first four weeks to stimulate early adoption. The exact percentage of staking rewards has not yet been detailed.
According to data from CoinGecko, the price of SAND is up 12.9% over the past seven days to reach $1.06 at the time of writing. However, the announcement regarding Polygon did not seem to have an impact on the price, as the price of SAND is down 2.4% in the past 24 hours.
Stack ETH for your tax loss needs
Ryan Carson, founder of NFT Venture Fund 121G, made a “major class” by selling Moonbird NFT #6969 for a loss of $52,000, according to NFT trader OxQuit, representing a major gain of 74.2 Ether (ETH) while representing the tax write-off at the same time.
Carson, the former chief operating officer of the Moonbirds project, initially bought NFT for 69.49 ETH on April 16, when it was valued at $212,000. On Wendesday, Carson sold NFT for 143.69 ETH, worth approximately $160,000.
In a tweet to its 54,900 followers on Thursday, OxQuit, who appears to own the Bored Ape Yacht Club NFT, called the move a “master class in how to accumulate ETH while also booking a tax loss.”
However, not everyone agreed with the comment of self-described NFT, Degen Hollander Adam:
“Or he couldn’t have bought the bird. I waited and bought 143 ETH today for $160,000. Then he had an extra $52,000 in his account.”
As it stands, Carson will need to see a 32.5% increase in the price of Ethereum for his Ethereum strategy to get it back into the green, although he is still in trouble for a capital gains tax if he is to sell.
Pixels.com launches NFT support for merchandise
On Wednesday, print-on-demand giant Pixels.com launched a new NFT service that enables owners to copy and paste their wallet address and instantly commodify their token artwork.
The service is designed for users of Ethereum-based NFTs and works by enabling Pixels to retrieve NFT artwork and then creating “realistic 3D previews of each available product” on the website. Pixels offers customizable products ranging from T-shirts to canvas prints and stationery.
Print-on-demand companies are a useful tool for artists and content creators as it enables them to outsource the entire manufacturing and shipping process of merchandise.
BAYC Framed Print: Pixels.com
Snoop Dogg says crypto winter is ‘cool’
Popular rapper and NFT collector, Snoop Dogg, has expressed his gratitude for the current crypto decoupling, as it launders bad players into the space and produces “great things” going forward.
Speaking to CNBC during NFT.NYC last week, Snoop stated that the current bear market “has gotten rid of all the people who weren’t supposed to be in the space who were abusing opportunities.”
RELATED: Bear Market Will Go On Until Crypto Apps Really Useful: Mark Cuban
The rapper went on to suggest that most of the projects and companies that survived the massacre would mostly offer good products:
“Now it’s going to bring in great business, and going forward, when the market comes back, there will only be great things to pick and choose from.”