Raise Novel News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Background on NFTs With the market for nonfungible tokens (NFTs) exploding, NFTs attached to art, music, video clips, tweets and other digital collectibles have sold for significant sums: An NFT of an animated flying Pop-Tart cat sold for $600,000, and an NFT from the artist Beeple was auctioned for $69 million. Demand for such tokens does not appear to be slowing, and the Internal Revenue Service (IRS) and state tax authorities undoubtedly have (or will) take notice. An NFT is a digital certificate of certain rights associated with an asset. NFTs are usually associated with digital assets, but NFTs representing rights to physical assets or experiences have also been minted. For example, the band Kings of Leon minted an NFT giving the holder the right to front-row concert tickets, and tennis professional Oleksandra Oliynykova auctioned an NFT for the right to determine what tattoo to put on her arm.

United statesOleksandra oliynykovaCharles rettigRevenue serviceSenate finance committeeMylan incMeagher flomCalifornia corporation franchise or income taxInternal revenue serviceBloomberg lawRaise novelContract issuesRevenue codeIncome tax returnLocal taxFrequently asked questions