09/11/2021 NFT Sellers Will Have To Start Paying Taxes On Their JPEGs

A cool strategy to avoid this is to simply not buy any.

It could hardly get more poetic. In the same week thatgaming companies have been jumping on the bandwagon, NFTs are now getting regulated.

President Joe Biden's infrastructure bill has finally passed, and among the many areas it covers, it appears that cryptocurrency is going to be regulated. Any crypto purchase of over $10,000 must now be declared to the IRS - and seemingly to avoid loopholes, NFTs and other digital assets will be considered cash.

Public accountant James Yochum breaks down the bill over onTwitter. If this analysis is correct, then crypto bros won't be able to enjoy the free-range they have up until now.

"In the business of creating/reselling #NFTs? Get used to filing Form 8300, and obtaining social security numbers and identification of your buyers", says Yochum. "You’ve got 15 days to report this information on Form 8300 and violation of 6050i is a felony. A Felony for selling NFTs, because digital asset is now concerned as 'cash'"

Well, they say that the flame that burns twice as bright burns half as long. NFTs had humble beginnings as ugly little polluters, before quickly evolving into even uglier ways toscrew over artistsandNeopets fans alike. Then of course, the triple A gaming scene caught a whiff of it, and jumped headfirst into the practice that is often associated with scamming and harming the environment.

But now that NFTs may be mercifully coming to an end - or at least had their growth halted - let's take a moment to appreciate their greatest hits. There's that time an NFT projectran off with $2.7 million, leaving consumers with nothing except ugly ape avatars. Then, we had Valvebanning them from Steam, upsetting nerds online. Then there wasanotherproject running with the money, just five hours after its launch. And last, but by no means least, someone actually spent$125,000 on an NSFW NFT of Twitch streamer Amouranth.

It remains to be seen if the infrastructure bill is actually enough for the so-called "right clickers" to declare victory. But in any case, the JPEG lovers are mad online, so we have that.

Arts

https://www.thegamer.com/nfts-regulated-taxes-cryprocurrency/

Interesting NFTs
#90241
By OthersideDeployer
Alex in Wonderland
A figure, Alex, stands mostly naked in the midst of a physical and psychological maelstrom. He is clad only in nostalgic 80’s era socks, on a tenuous island between active waters and a variety of shark denizens. Sharks on the right side of the image are all beached, including a shark with a quartz crystal snout, an orange shark wrapped in a life buoy, and a shark further in the distance wearing an 80’s style shirt with the number “88”. On the left side is the largest shark, wearing bright glossy red lipstick and brandishing prominent teeth with braces. She is cordoned off from the figure by a roped float divider, and within her thought bubble is a warning symbol. Behind the figure, hovering in the air, are Grey aliens emerging from the distance, out of a series of elliptical UFO shaped interdimensional membranes. The Greys take on the visual form of spermazoa ostensibly impregnating the interdimensional thresholds. As is typical, these Greys inhabit a zone just behind the unconscious topology of Alex’s dissociative mind. Though Alex’s bottom half is representative, his top half mutates into a psychological cornucopia. In a manner akin to “Auto-Erotic Sphinx”, a predecessor work, the figure has self suctioned—an act of sensual infatuation, enjoyment, and exploration. Upward exists the figure’s primary conscious eye, adorned with a revolutionary beret emblazoned with a Bitcoin badge. The figure’s summit features the nose of a fighter jet facing off against video game Bullet Bills, one of whom is marked by a communist North Korean star. A cropped section of a UFO observes the contest. Alex’s mind branches both left and right. To the left is more singular embodied consciousness, manifesting two eyes and a Ganesh trunk grasping crayons. The right branch dissociates upward diagonally, emerging into an array of eyes, faces, teeth, tail, a unicorn horn, and much more—all of which participate in expressing his unconscious being; a democracy of psychic factions representing thought impressions and associations. All illumination and darkness– fernal, infernal, high consciousness and corporeal underbelly–reside in this realm. In the distance are relatively languid, light clouds, and against the firmament hovers a colossal distant eye peering over the scene and far beyond. This painting possesses underlying genetic traits with previous works such as “Auto-Erotic Sphinx with Toys”, “Dionysus”, and “Fuku-Shiva”. The work serves also as a nod to an earlier period of art inspiration during late teens and early twenties— born out of the nakedness, vulnerability, curiosity, and wonder inherent to coming of age and all subsequent psychedelic revelation.
The Harvest
An anthropomorphic figure stands, wide eyed, staring at the viewer; its body masculine, muscular, and humanoid. Its “mind” dissociates into a conglomerate of structures resembling feathers, grain, teeth–as well as a radial flower “node”, casting linear rays throughout the composition. To his left, a vat of bodies gesture and writhe in a kind of amniotic soup, attended by a video game robot. The bot's red display reads “uWu”. Behind the robot and filling the left side of the composition is an archaic figure composed of a variety of vintage objects and symbols. Among them are a hardbound book with ancient cuneiform scripts, indicating barley, beer, bread, ox, house, and sky, behind which is a grimacing, salivating jagged toothed maw; and an old Commodore floppy drive. The figure’s head tilts toward an illuminated crescent moon, suggesting the Egyptian Sacred Bull. The archaic figure is composed of a variety of mutating cells, which shift in color, and pattern; eventually breaking free into an ephemeral broadcast of bubbles which move across the background. The work came into being against a psychological introspection, which included associations to pop culture such as alien abduction and pod people, as well as quite a bit of reflection on grains as a symbol of civilization, agriculture, sustenance, life, and imbibing (mainly whiskies).
Untitled (Flower)
ANDY WARHOL (1928-1987) Untitled (Flower) token ID: 3193 wallet address: 0xfc1e8a007f83d197e7cd5e04408f0e3a33ab9747 smart contract address: 0xabEFBc9fD2F806065b4f3C237d4b59D9A97Bcac7 non-fungible token (tif) 4500 x 6000 pixels Executed circa 1985 and minted in 2021.
Pending Gerbil #10/23
The #PendingGerbil drew his breath nervously. Fail Dropped Dropped and Replaced There were nothing in this world he feared more. He looked at the chords that crossed the abyss in front of him. They were loaded with pending gerbils, clinging for their life. No open space to be seen. The world machine creaked under the load. As the wheel turned and settled on a new block with a load bang, the chords vibrated, and short shrieks were heard as tired paws lost their grip and the gerbils fell into oblivion. #PendingGerbil closed his eyes, sent a short prayer to @VitalikButerin, and took the leap. Written by: @Werekitty1 Pending Gerbil is a very special collaboration with NonFunGerbils (https://nonfungerbils.com/pendinggerbil)