NFT Notes 2 | Yes- this is a NFT!

Blogging on OpenSea & artNFTexpert.com

The Ultimate NFT Royalties post! https://manifoldxyz.substack.com/p/royalties-demystified- 💰

WARNING: OpenSea Royalties: Makes sure you set your royalties to 10%!! This is NOT automatic!! https://support.opensea.io/hc/en-us/articles/1500009575482-How-do-royalties-work-on-OpenSea- 👁

Introducing HEN Great article on HEN! This will also be a future experimeNFT! https://hyperallergic.com/665481/nft-market-frenzy-experimental-alternative/

NFTs, Generative Art, and Sol LeWitt – snuff said! https://medium.com/@mitchellfchan/nfts-generative-art-and-sol-lewitt-e99a5fa2b0cb

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The coming NFT WARS…

The Government: “At issue is recent IRS guidance on using cryptocurrencies to buy an asset, including an NFT. As part of its principle known as “disposition of assets,” the IRS states that “if you exchange virtual currency held as a capital asset for other property, including for goods or for another virtual currency, you will recognize a capital gain or loss.”” AND “If the NFT buyer later goes on to sell or “flip” the NFT at a higher price — which has become popular with NBA highlight videos and Beeple works — the seller would also pay a capital gains tax on any gain. And since NFTs are considered collectibles, they are taxed at the higher collectible capital gains rate of 28%.” Luckily for now, the marketplaces aren’t listening: “Another problem is inadequate reporting by companies at the center of the NFT boom. The big platforms that buy and sell NFTs, like Flow by Dapper Labs or OpenSea, can report a sale but they aren’t able to report a buyer’s gain on the crypto used for the purchase.” https://www.cnbc.com/2021/03/17/tax-surprise-looms-for-nft-investors-who-use-crypto-.html

IPs – the Centralized As Big Biz moves into the space to take a piece of the NFT pie, they will not want to give up their centralized nature. Some are already criticizing Topshots and the Flow block chain because you cannot export it to another block chain. Some say that Flow is basically a super database with blockchain like features. It looks like lines are already blurring as new new nonEth block chains emerge.

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Art Tips: Clichés AF https://austinkleon.com/2021/08/03/cliches-puns-and-hooks/ 🍏

Investing Tip by James Altucher: “Be aggressively unexpected!”

Cheers- Mars

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