Giant metaverse gaming platform The Sandbox, based on the Ethereum blockchain, has unveiled a bridge that enables users to transfer their virtual NFT (LAND) and native tokens (SAND) over to the Layer-2 network Polygon (MATIC). The upgrade comes with many perks for LAND holders, including staking features and mSAND cashback.
Previously, all LAND collectibles from The Sandbox were stored on the Ethereum Layer-1. Although The Sandbox will still live most on Ethereum, the platform has noted that conducting SAND and LAND transactions on Polygon will result in lower gas fees, faster transaction speeds, and eco-friendly interactions on the blockchain.
The firm tweeted 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) 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 in LAND sales on Polygon.
Simply put, the Polygon Bridge is a Proof-of-Stake (PoS) mechanism within The Sandbox. Users can easily use this bridge to transfer digital assets between Ethereum Layer-1 and Polygon Layer-2.
The Polygon bridge and the new staking programs have been developing since December 2021, and The Sandbox claimed 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 4 weeks to incentivize early adoption. However, the specific percentage of staking rewards has not been detailed yet.
According to CoinGecko, SAND was up 12.9% over the last week. However, the Polygon-related announcement doesn’t appear to impact the price, as SAND was down 3.75% over the past 24 hours.
To conclude, The Sandbox’s Polygon bridge feature is a major beneficial upgrade for the community. Meanwhile, the project is up to other real-life breakthroughs.
Recently, TIMEPieces, an NFT community initiative under US media company TIME, and The Sandbox announced a new partnership to develop TIME Square, the firm’s first-ever destination on TIME Land, in The Sandbox metaverse.
As per an announcement, TIME Square will be built on the media outlet’s virtual land in The Sandbox as a destination for convening, art, and commerce, inspired by the visual spirit and energy of the iconic urban locale in New York City. TIME Square will be an inclusive environment providing unique experiences to the TIMEPieces community.