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.

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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
Magnetic Forces v3
"El imán humilla al hierro. Es una teoría sobre el amor. Magnets humiliate iron. It's a theory about love." --Marco Denevi
Chargebeard
A character from The Beacon
Yoshida on the Tokaido Highway, from the series Thirty-six Views of Mt. Fuji
Katsushika Hokusai (1760-1849) Yoshida on the Tokaido Highway, from the series Thirty-six Views of Mt. Fuji 1831 - Japan
Who Is The Creator 2
The idea for this piece was borne out of a tweet of mine that caused a bit of a stir. I’d posted a link to a blog article I’d written a number of months previous titled ‘Who is the Creator’ discussing various types of creative collaborations and why I hire people to work on my animations. It generated a lot of debate around creation and attribution with the community split on whether it’s right or wrong for an artist to hire other professionals to help them realize their art projects. I decided to push the boundaries even further and see how the cryptoart community responded. What if I quite literally had nothing to do with the physical or digital elements of the work other than coming up with the concept and coordinating it? I decided there was one artist in the space who could add huge value to this idea on levels that none other could and so I gathered my courage and contacted the great José Delbo to ask him if he’d be interested in a very unique collaboration. I explained to him that to make this piece ‘work’ he couldn't have any say in what I produced and moreover, he wouldn’t even be allowed to see the animation until it was dropped on MakersPlace. To my surprise, Mr Delbo agreed to my proposal. The animation tells the story of the creative process, which includes my roles as writer, director, and producer working with a team and making edits and changes ‘in real time’. The dialogue between myself and my ‘hired guns’ plays out in front of the viewer. The music written for the piece adds to the nostalgia of the comic book superhero theme but other elements such as the snapping and kicking of the pencil and the signing of my signature at the bottom incorporates further layers and challenges the viewer to ask important questions, such as, is the ‘Art’ the final animation (the creation) or is the ‘Art’ the concept/credit for the creation itself?
Portrait of the Artist in Digital Decay
Self Portrait taken in the East Village, January 2019. Stereoscopic Effect created with Facebook 3D photo, "painted" with neural imaging, then digitally pixelsorted. Single Edition Hi Res GIF Token by Sarah Zucker.