Sandbox LAND on Polygon, ETH gains tax losses, and more…

popular Metaverse game platform based on Ethereum Sandbox has launched a bridge that enables users to transfer their virtual NFT LAND and native SAND tokens to the layer 2 network Polygon (MATIC).

While the sandbox will mostly run on Ethereum, the platform emphasizes that SAND and LAND transactions on Polygon will result in lower gas fees, faster transaction speeds and greener blockchain interactions.

The company said via Twitter on June 29 that it is now ready to begin deploying LAND on Polygon, and users will be able to earn approximately ($10.60) worth of 10 mSAND cashback on LAND ported to Layer 2.

mSAND is a new code for the Polygon-based SAND token at the same price as the Ethereum-based SAND. As part of the bridge launch, The Sandbox will soon launch two staking programs for LAND and mSAND, as well as a new LAND sale drop on Polygon.

Polygon’s bridge and new staking program has been in the works since December 2021, and the company said in a blog post that “300,000 mSAND will be injected into the mSand/MATIC staking pool each week,” plus a bonus of 200,000 mSAND Used for the first four weeks to incentivize early adoption. However, the exact percentage of staking rewards has not been detailed.

At the time of writing, SAND is up 12.9% over the past seven days to $1.06, according to CoinGecko. However, Polygon-related announcements do not appear to have had an impact on prices, as SAND is down 2.4% over the past 24 hours.

Stack ETH for your tax loss needs

According to NFT trader OxQuit, Ryan Carson, founder of NFT venture fund 121G, completed a “master class” by selling Moonbird NFT #6969 for a loss of $52,000 as it represented a major gain of 74.2 ETH while representing tax write-off. at the same time.

Carson, former COO of the Moonbirds project, originally Buy The NFT was sold on April 16 for 69.49 ETH, which was then worth $212,000. On June 29, Carson sold the NFT for 143.69 ETH, worth about $160,000.

On June 30, OxQuit, which owns the Bored Ape Yacht Club NFT, tweeted to its 54,900 followers that the move was “a master class on how to stack ETH while also recording tax losses.”

Not everyone agrees, however, with self-proclaimed NFT degen HollanderAdam commenting:

“Or maybe he just didn’t buy the bird. Waited today and bought 143 ETH for $160,000. Then he had $52,000 more in his account.”

For now, Carson’s ETH holding strategy would need to see a 32.5% ETH price increase to get him back on track, although he would still be subject to capital gains tax if he were to sell.

Pixels.com Introduces NFT Item Support

On June 29, print-on-demand marketplace giant Pixels.com launched a new NFT service that enables owners to copy and paste their wallet addresses and quickly convert their tokenized artwork into merchandise.

Built for holders of Ethereum-based NFTs, the service works by enabling Pixels to retrieve NFT artwork, then produce “3D, photorealistic previews of every available product” on the website. Pixels offers customizable products ranging from t-shirts to canvas prints and stationery.

Print-on-demand companies are a handy tool for artists and content creators because it enables them to outsource the entire process of manufacturing and shipping goods.

BAYC Framed Print: Pixels.com

Snoop Dogg Says Crypto Winter is ‘Awesome’

Iconic rapper and avid NFT collector Snoop Dogg is thankful for the current crypto winter as it is weeding out bad players in the space and will lead to “great things” going forward.

In an interview with CNBC on the sidelines of NFT.NYC last week, Snoop said the current bear market has “eliminated everyone who shouldn’t be in the space and abusing the opportunities there.”

related: Bear market will continue until crypto apps are really useful: Mark Cuban

The rapper went on to say that most of the projects and companies that survived the carnage will primarily be offering premium products:

“Now it’s going to bring great business, and going forward, when the market comes back, there’s only great stuff to pick from.”

other good news

blockchain Analyst firm Flipside Crypto Launched an online software development kit (SDK) called ShroomDK, which is based on non-fungible tokens (NFTs) and provides an automated method of extracting “comprehensive” blockchain data via software.

Catalonia innovation director Daniel Marco revealed that the government is working to achieve Building the Catalan Metaverse called the cataclysm.