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The IRS says the tax treatment depends on the asset underlying the NFT. If that underlying asset is currently considered a collectible (such as art), then the NFT would be treated as a collectible.
Non-fungible tokens exploded in popularity in 2021, but over the past few months, they seem to be cooling off. Even so, some industry pros say they aren't going anywhere. But where are investors...
By July 2021, users were completing $350 million in transactions a month, [6] and the company was valued at $1.5 billion—meaning unicorn status—after a $100 million Series B venture round led by Andreessen Horowitz. [7] In August 2021, the value of monthly transactions spiked to $3.4 billion, and in November OpenSea had 1.8 million active ...
During the height of the breakout success of CryptoKitties and the emergence of ERC-721 tokens in 2017, an NFT marketplace called OpenSea emerged to capitalize off of the new non-fungible token standard. [46] It positioned itself early in the NFT market landscape and grew to a $1.4 billion market cap in 2021 during the then-ongoing NFT boom. [47]
Like cryptocurrency, non-fungible tokens are becoming a bigger part of the financial mainstream -- and when that happens, you can be sure that tax authorities are keeping a close watch. If you ...
2021 March 11, 2021: Beeple [6] "Metakovan" (Vignesh Sundaresan) [7] Ethereum First purely NFT artwork to be offered by a major auction house, Christie's. [8] $59.3 M $52.8 M Clock: 2022 February 9, 2022: Pak "AssangeDAO" Ethereum Depicts a counter of the number of days Julian Assange has spent in prison. The most expensive NFT sold on-chain ...
NFT sales volume totalled $24.9 billion in 2021, compared to just $94.9 million the year before, DappRadar, said on Monday. DappRadar collects data across ten different blockchains, which are used ...
Pudgy Penguins [1] [2] is a blockchain-based collection of digital artwork composed of non-fungible tokens (NFTs). [3] [4] It is a collection of 8,888 unique NFTs launched on the Ethereum blockchain in August 2021. [5] Established in July 2021, the organization was formed by a cohort of university students. [6]