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

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

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.

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.

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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.

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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…

Read full article on cointelegraph.com