NFTs and Taxes: What You Should Be Aware Of

NFT Tax Implications - NFTs are treated similarly to crypto assets for tax purposes [1] - Buying, selling, and trading NFTs can result in taxable gains or losses [1] NFT Tax Loss Harvesting - The company launched a smart contract for NFT tax loss harvesting [1] - The smart contract bought worthless NFTs for a nominal amount (e.g., $0.01) to allow users to realize losses [1] Operational Status - The current operational status of the NFT tax loss harvesting smart contract is uncertain and requires verification [1]