Sandbox LAND on Polygon, ETH gets a tax loss and more…

Popular Ethereum-based Metaverse Gaming Platform The Sandbox has unveiled a bridge that will allow users to transfer their virtual NFT LAND and native SAND tokens to Layer-2 network Polygon (MATIC).

While The Sandbox will live on Ethereum for the most part, the platform has emphasized that performing SAND and LAND transactions on Polygon will result in lower gas costs, faster transaction speeds and greener interactions on the blockchain.

The company stated on June 29 via Twitter that it is now ready to deploy LAND on Polygon, and users will be able to receive a 10 mSAND cashback worth approximately ($10.60) on LAND transitioned to Layer 2.

mSAND is the new ticker for Polygon-based SAND tokens and is priced the same as Ethereum-based SAND. As part of the bridge’s go-live, The Sandbox will soon roll out two LAND and mSAND stakeout programs, and another drop in LAND sales on Polygon.

The bridge to Polygon and the new stakeout programs have been in the works since December 2021, and the company stated in a blog post that “300,000 mSAND will be injected weekly” into the mSand/MATIC stakeout pool, plus a 200,000 mSAND bonus for the first four weeks to encourage early adoption. However, the specific percentage of wagering rewards is not detailed yet.

According to data from CoinGecko, SAND is up 12.9% in the past seven days to $1.06 at the time of writing. However, the Polygon-related announcement does not appear to have impacted the price as SAND is down 2.4% in the past 24 hours.

Stack ETH for your tax loss needs

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

Carson, the former COO of the Moonbirds project, initially purchased the NFT for 69.49 ETH on April 16, when it was worth $212,000. On June 29, Carson sold the NFT for 143.69 ETH, worth approximately $160,000.

OxQuit, who tweeted to their 54,900 followers on June 30 that appears to own a Bored Ape Yacht Club NFT, labeled the move a “masterclass in stacking ETH and posting a tax loss.”

Not everyone agreed, however, with NFT degen HollanderAdam’s self-described comment:

“Or he just couldn’t have bought the bird. Waited and bought 143 ETH for $160k today. And then had another 52k in his account.”

As it stands, Carson would have to see a 32.5% ETH price hike for his ETH hodling strategy to see him back in the green, though he would still be on the hook for capital gains tax if he would sell.

Pixels.com launches support for NFT merchandise

On June 29, print-on-demand marketplace giant Pixels.com launched a new NFT service that allows owners to copy and paste their wallet address and instantly convert their tokenized artwork into merch.

The service is built for hodlers of Ethereum-based NFTs and it works by allowing Pixels to fetch the NFT artwork and then to generate “3D, photo-realistic 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 useful tool for artists and content creators as it allows them to outsource the entire merchandising manufacturing and shipping process.

BAYC framed print: Pixels.com

Snoop Dogg Says Crypto Winter Is ‘Amazing’

Iconic rapper and avid NFT collector Snoop Dogg has expressed his gratitude for the current crypto winter, as it will wash out bad players in space and will result in “great things” moving forward.

Speaking to CNBC during NFT.NYC last week, Snoop stated that the current bear market has “wiped out all the people who shouldn’t be in space and who took advantage of the opportunities that were there.”

Related: Bear Market Will Last Until Crypto Apps Are Really Useful: Mark Cuban

The rapper further suggested that most projects and companies that survive the carnage will usually offer good products:

“Now it’s going to bring great business, and when the market comes back there will be nothing but great things to choose from.”

Other useful news

Blockchain analytics company Flipside Crypto has launched an online Software Development Kit (SDK) called ShroomDK, which is based on non-replaceable tokens (NFTs) and provides an automated means to obtain “extensive” blockchain data through software.

Catalan Director-General for Innovation Daniel Marco has revealed that the government is working on: build a catalan metaverse called the Kataverse.