Popular Ethereum-based Metaverse gaming platform The Sandbox has unveiled a bridge that enables users to transfer their virtual NFT LAND and native SAND tokens over to Layer-2 network Polygon (MATIC).
While The Sandbox will live on Ethereum for the most part, the platform has emphasized that conducting SAND and LAND transactions on Polygon will result in lower gas fees, faster transaction speeds and greener interactions on the blockchain.
The firm stated via Twitter on June 29 that it is now ready to start deploying LAND on Polygon, and users will be able to receive a 10 mSAND cashback worth roughly ($10.60) on LAND ported over to the 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
mSAND is the new ticker for SAND tokens based on Polygon, and has identical pricing to Ethereum-based SAND. As part of the bridge going live, The Sandbox will soon roll out two staking programs for LAND and mSAND, and a new drop of LAND sales on Polygon.
The bridge to Polygon and the new staking programs have been in the works since December 2021, and the firm stated in a blog post that “300,000 mSAND will be injected” into the mSand/MATIC staking pool weekly, plus a bonus 200,000 mSAND for the first four weeks to incentivize early adoption. The specific percentage of staking rewards has not been detailed yet however.
According to data from CoinGecko, SAND is up 12.9% over the past seven days to sit at $1.06 at the time of writing. However, the Polygon-related announcement doesn’t appear to have had an impact on the price, as SAND is down 2.4% over the past 24 hours.
Stack ETH for your tax loss needs
Ryan Carson, the founder of NFT venture fund 121G has pulled off a “master class” by selling Moonbird NFT #6969 for $52,000 loss according to NFT trader OxQuit, as it represented a major 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 roughly $160,000.
Tweeting to their 54,900 followers on June 30, OxQuit, who appears to own a Bored Ape Yacht Club NFT, labeled the move as a “master…
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