June Roundup: Meta Begins Testing Ethereum and Polygon NFTs on Facebook, Coinbase Now Supports Solana Staking, Sandbox Lands on Polygon and More
Social media giant Meta launched NFT support on its Facebook platform this week after a successful Instagram integration in May.
Sandbox deploys its native resources on Polygon
Blockchain gaming entity Sandbox shared news on Wednesday of the deployment of its virtual token ERC-721 LAND on Polygon via a bridge with the latter. The metaverse gaming platform also revealed that it will soon launch LAND sales and LAND staking on Polygon. The LAND multiplier on staking will give Sand token users the opportunity to earn returns by staking their SAND. This will be done either by transferring the assets to Polygon or by purchasing a LAND in the LAND sales.
“Each bridged LAND grants 10 mSAND cashback! LAND multipliers on both mSAND staking programs are back! LAND sales and LAND staking features (on Polygon) are coming soon,” Sandbox wrote.
The bridge, which has been cooking since December, will allow the transfer of LAND and the ERC-20 utility token SAND (as well as other tokens in the future) to their smart contracts on Polygon. In addition to low gas fees and faster speeds, this development provides a pathway for a greener interaction between Layer 2 Polygon and Ethereum. The integration doesn’t change anything else beyond that, with the metaverse gaming platform taking advantage of this latest chain that both tokens are built on.
To learn more, check out our Investing in Polygon and Investing in The Sandbox guides.
Meta launches a test for Ethereum and Polygon NFT in the United States
Social networking company Meta this week rolled out NFT support features on Facebook for a number of US-based creators. In this initial rollout, only NTFs on the Ethereum and Polygon blockchains will be supported, but the company intends to include NFTs from Solana and Flow soon.
The tech giant will have a “digital collectibles” tab on users’ accounts where they can interact with their non-fungible library. Users can link their crypto wallets to their accounts and turn their NFTs into posts that can be reacted to, liked, and even shared. Meta CEO Mark Zuckerberg has confirmed plans to launch the same features on other flagships, like WhatsApp.
Zuckerberg also added that Meta is exploring the possibility of augmenting reality NFTs and 3D NFTs using their Spark AR software platform. Meta has moved rapidly in the direction of Web3 as it seeks to capitalize on the space’s potential ahead of other companies.
To learn more about Ethereum, see our Investing in Ethereum guide.
Coinbase Introduces Solana Native Asset Staking
Crypto exchange, Coinbase, has added Solana (SOL) to the list of altcoin projects it supports staking. Users of the crypto trading platform can start earning automatically when they purchase Solana. Coinbase detailed in the announcement post that the platform offers a 3.85% annual return for staking, with rewards received in 3-4 days.
The exchange allows staking with as little as $1 while allowing clients to withdraw at any time as there is no lock-in period imposed. Users can request that their staked assets be exchanged or transferred at any time, but the exchange will take a share of the staking rewards. In addition to Solana (SOL), Coinbase offers a platform for staking Ethereum 2.0, Polkadot, and Cosmos. The exchange also allows users to send and receive USDC on Solana, with plans underway to allow them to connect to Solana dApps.
Solana CEO hails Saga phone as leap to inspire big tech
Last month, Solana announced that it would launch a crypto smartphone integrated with the Solana blockchain to help improve the Web3 experience for its users. The flagship phone is expected to come with unique features to help manage digital assets and tokens, according to the announcement. Co-founder Anatoly Yakovenko said at the time that Solana was focused on the mobile experience because of its outlook.
In a Friday interview with The block, Yakovenko went into more detail about what Solana hopes to achieve with the Saga phone. He reiterated that the flagship offering will prioritize mobile user experience when it comes to blockchain. The Solana executive said tech giants like Google and Apple have qualms about venturing in this direction because they believe consumer demand doesn’t justify the decision.
“Crypto users might be crazy enough to switch from iOS to Android because of crypto. Maybe it’s so important to have that experience that they’re ready to change their ways. he theorized. “You need Google and Apple to do it, but they won’t until there’s proven demand that people need it – and so someone has to somehow take that leap .
Solana hopes to refute that concern to encourage big tech to follow this path and adopt the same infrastructure for their future smartphone offerings.
To learn more, visit our Investing in Solana guide.