Nifty News: LAND Sandbox on Polygon, ETH Earns Tax Losses & More …

An NFT trader passed an alleged “masterclass” in fiscal depreciation by posting a profit of 74.2 ETH for a loss of $ 52,000, and print-on-demand company implemented NFT merchandising support.

A popular Ethereum-based Metaverse gaming platform, The Sandbox has unveiled a bridge that allows users to transfer their virtual NFT LAND and native SAND tokens to the Polygon Layer 2 Network (MATIC).

Although The Sandbox will live primarily on Ethereum, the platform pointed out that executing SAND and LAND transactions on Polygon will result in lower gas fees, faster transaction speeds, and greener interactions on the blockchain.

The company said via Twitter on June 29 that it is now ready to begin distributing LAND on Polygon and users will be able to receive a 10 mSAND cashback worth approximately $ 10.60 on LAND transferred to the diaper.

mSAND is the new ticker for Polygon-based SAND tokens, and is priced identical to that of Ethereum-based SAND. As part of the bridge’s commissioning, The Sandbox will soon launch two staking programs for LAND and mSAND and a further drop in LAND sales on Polygon.

The bridge to Polygon and new staking programs have been underway since December 2021 and the company said in a blog post that “300,000 mSAND will be injected” into the mSand / MATIC staking pool every week, plus a 200,000 mSAND bonus for the first four weeks to encourage early adoption. However, the specific percentage of staking rewards is yet to be detailed.

According to data from CoinGecko, SAND is up 12.9% over the past seven days to $ 1.06 at the time of writing. However, the Polygon announcement does not appear to have had an impact on the price, as SAND has dropped 2.4% in the past 24 hours.

ETH stack for your tax loss needs

Ryan Carson, the founder of venture capital fund NFT 121G, made a “masterclass” by selling Moonbird NFT # 6969 for a loss of $ 52,000 according to trader NFT OxQuit, as it represented a major gain of 74.2 ETH while still representing a tax deduction at the same time.

Carson, the former COO of the Moonbirds project, originally bought 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.

Tweeting to its 54,900 followers on June 30, OxQuit, which appears to own a Bored Ape Yacht Club NFT, called the move “a masterclass on how to accumulate ETH while making a tax loss.”

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

Or he may simply not have bought the bird. I waited and bought 143 ETH today for $ 160,000. And then she had another $ 52,000 in his account.

As it stands, Carson would need a 32.5% increase in ETH’s price for his ETH retention strategy to see him green again, although he would still be subject to capital gains taxes if he sold. launches support for NFT merchandising

On June 29, print-on-demand market giant launched a new NFT service that allows owners to copy and paste their wallet address and quickly turn their token graphics into merchandise.

The service is designed for Ethereum-based NFT holders and works by allowing Pixel to retrieve NFT graphics and then generate “photorealistic 3D previews of every product available” on the website. Pixels offers customizable products ranging from t-shirts to prints on canvas and stationery.

Print-on-demand companies are a useful tool for artists and content creators because they allow them to outsource the entire process of producing and shipping goods.

Snoop Dogg Says Crypto Winter Is “Great”

Iconic rapper and avid NFT collector Snoop Dogg has expressed his gratitude for the current cryptocurrency winter as it eliminates bad players in space and will lead to “great things” in the future.

Speaking to CNBC on NFT.NYC last week, Snoop said the current bear market has “wiped out all the people who weren’t meant to be in space and who were abusing the opportunities there.”

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

The rapper went on to suggest that most of the projects and companies that survive the carnage will mainly offer good products:

Now it will bring great business and in the future, when the market returns, there will be only great things to choose from.

Other interesting news

Blockchain analytics firm Flipside Crypto has launched an online software development kit (SDK) called ShroomDK, which is based on non-fungible tokens (NFTs) and provides an automated way to extract “complete” blockchain data through software.

Daniel Marco, Catalan chief innovation officer, revealed that the government is working on the construction of a Catalan metaverse called Cataverse.

Leave a Comment