An NFT trader has passed a so-called “masterclass” in tax amortization by posting a profit of 74.2 ETH for a loss of $52,000, and print-on-demand company Pixels.com has rolled out NFT merchant support.
The Sandbox, a popular Ethereum-based Metaverse gaming platform, has unveiled a bridge that allows users to transfer their virtual LAND and native SAND NFT tokens to the Polygon Layer 2 (MATIC) network.
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 costs, faster transaction speeds, and greener interactions on the blockchain.
The company said on June 29 via Twitter that it is now ready to roll out LAND on Polygon, and users will be able to receive a 10 mSAND cashback worth approximately $10.60 on LAND ported to the diaper.
We are ready to use LAND for @0xPolygon
Each bridged LAND yields a cashback of 10 mSAND!
LAND multipliers on both mSAND stakeout programs are back!
LAND sales and LAND Stakeout features (on Polygon) coming soon!
BRIDGE NOW ➡️ https://t.co/jlcSKxuBWh pic.twitter.com/1tuAAsqEZP
— The Sandbox (@TheSandboxGame) June 28, 2022
mSAND is the new ticker for Polygon-based SAND tokens and has an identical price to Ethereum-based SAND. As part of the bridge commissioning, The Sandbox will soon be rolling out two stakeout programs for LAND and mSAND, and a further drop in LAND sales on Polygon.
The bridge to Polygon and new strike programs have been underway since December 2021, and the company said in a blog post that “300,000 mSAND will be injected each week” into the mSand/MATIC strike pool, plus a 200,000 mSAND bonus for the first four weeks. to encourage early adoption. However, the specific percentage of strike rewards has yet to be detailed.
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 venture capital fund NFT 121G, took a “masterclass” by selling Moonbird NFT #6969 for a $52,000 loss according to NFT trader OxQuit, as it represented a large profit of 74.2 ETH while representing a tax subtract at the same time.
Carson, the former COO of the Moonbirds project, originally bought the NFT on April 16 for 69.49 ETH when it was worth $212,000. On June 29, Carson sold the NFT for 143.69 ETH, worth approximately $160,000.
OxQuit, which appears to own a Bored Ape Yacht Club NFT, tweeted to its 54,900 followers on June 30, calling the move “a masterclass in stacking ETH while posting a tax loss.”
However, not everyone agreed with NFT epee HollanderAdam’s self-proclaimed comment:
Or he just couldn’t have bought the bird. I waited and bought 143 ETH for $160,000 today. 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 owe taxes on the capital gains if he were to sell.
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.
Designed for Ethereum-based NFT holders, the service works by allowing Pixels to fetch NFT artwork and then generate “photo-realistic 3D previews of each 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 they allow them to outsource the entire process of producing and shipping goods.
Snoop Dogg calls crypto winter ‘great’
Iconic rapper and avid NFT collector Snoop Dogg has expressed his gratitude for the current crypto winter as it wipes 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 allowed 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 further suggested that most projects and companies that survive the carnage will usually offer good products:
Now it will bring you 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-replaceable tokens (NFTs) and provides an automated way to mine “entire” blockchain data through software.
Catalan Chief Innovation Officer Daniel Marco has revealed that the government is working to build a Catalan metaverse called the Cataverse.