Proliferation of NFT Transactions Raises Numerous US Tax Questions
By EsqSocial Corporation 17/05/21
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....
By: Skadden, Arps, Slate, Meagher & Flom LLP