Nifty News: Sandbox LAND on Polygon, ETH Earns Tax Loss and More… | Cryptocurrency

An NFT trader has passed a supposed tax depreciation “masterclass” by booking a profit of 74.2 ETH for a loss of $52,000, and print-on-demand company Pixels.com has rolled out NFT merch support.

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

While The Sandbox will primarily live on Ethereum, the platform pointed out that performing 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 start rolling out LAND on Polygon, and users will be able to receive a cashback of 10 mSAND worth approximately $10.60 on LAND ported to the diaper. 2.

mSAND is the new ticker for SAND tokens based on Polygon, and has an identical price to that of SAND based on Ethereum. As part of the bridge’s commissioning, The Sandbox will soon be rolling out 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 ongoing 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 for the first four weeks to encourage early adoption. The specific percentage of staking rewards has yet to be detailed, however.

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 had an impact on 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 venture capital fund NFT 121G, pulled off a “masterclass” by selling Moonbird NFT #6969 for a loss of $52,000 according to NFT trader OxQuit, as it represented a major gain of 74, 2 ETH while 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 around $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 in how to stack ETH while booking a tax loss.”

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

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

As things stand, Carson would need a 32.5% increase in the price of ETH for his ETH hodling strategy to see him back in the green, even though he would still be liable for tax on the capital gains if he sold.

Pixels.com launches support for NFT merchandising

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

The service is designed for Ethereum-based NFT holders and works by allowing Pixels to fetch NFT artwork and then generate “photorealistic 3D 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 they allow them to outsource the entire process of manufacturing and shipping goods.

Snoop Dogg says crypto winter is ‘awesome’

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

Speaking to CNBC during 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: 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 mostly offer good products:

Now it will bring great deals, and in the future when the market comes back, 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 mine “full” blockchain data through software.

Catalan chief innovation officer Daniel Marco has revealed that the government is working on building a Catalan metaverse called the Cataverse.



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Nifty News: Sandbox LAND on Polygon, ETH Earns Tax Loss and More… | Cryptocurrency


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