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NFT / Non-Fungible Token / Crypto Art

These 'NFTs' are in the room with us right now?

NFT / Non-Fungible Token / Crypto Art

psychiatrist nft

NFT Artists vs. Internet Artists

I draw for you. umm ok so i created this piece of art for auction and its on um sale for a zillion dollars but not real dollars its fake money and you dont actually own it and its super rare one of its kind also i didnt actually make it i found it on google images it also has the same enivornmental footprint of the state of california over the course of five years but who careyou drive acaryou TES LA Friend. NFT ARTISTS Internet Artists

I draw for you. umm ok so i created this piece of art for auction and its on um sale for a zillion dollars but not real dollars its fake money and you dont actually own it and its super rare one of its kind also i didnt actually make it i found it on google images it also has the same enivornmental footprint of the state of california over the course of five years but who careyou drive acaryou TES LA Friend. NFT ARTISTS Internet Artists

NFT / Non-Fungible Token / Crypto Art

nft twitter artists internet artists virgin vs chad

“It’s pronounced ‘fən-jə-bī(-ə)l’” “You’re putting me on.”

NFT / Non-Fungible Token / Crypto Art

frankenstein frankenstein’s monster

Family Guy "NFTs"

NFT / Non-Fungible Token / Crypto Art

family guy nft pixel art

Haruhi Suzumiya did it first in 2006

NFT / Non-Fungible Token / Crypto Art

haruhi suzumiya hairstyle the melancholy of haruhi suzumiya

"We're legit, we're legit," they cried, until the IRS agreed

James Yochum, CPA @JTheAccountant · Nov 5 H.R.3684 Infrastructure bill passed. James Yochum, CPA @JTheAccountant · Nov 5 Reading closer they have added “Digital Assets" into 6050i which me that any individual who receives $10,000 or more in crypto MUST rej Digital Assets are now covered securities. to the IRS. Reporting will be ushered in for all crypto brokers to report to IRS data on activity from 1/1-12/31/23 of all crypto transfers to other non US brokers (private wallets/offshore) ment as cash for purposes of section 60 (d) of such Code is amended by striking iragraph (1), by striking the period at and inserting", and", and by insert the following new paragraph: digital asset (as defined in section -.יי.( ce.--The amendments made by this section ired to be filed, and statements requir ember 31, 2023. :ruction.--Nothing in this section or the iis section shall be construed to create riod prior to the effective date of sucl sect to-- ier any person is a broker under section al Revenue Code of 1986, or ier any digital asset is property which :urity under section 6045(g) (3) (B) of su More In File #XRP #SEC #Ripple TA uy uuuany u Cn TUuwAVI quirement for Certain Transfers of Digital Ass ate.--The anendments made by this section shal ct to Reporting.--Any broker, with respect to quired to be filed, and statements required to not part of a sale or exchange executed by suc cenber 31, 2023. lendar year of a covered security which is a dstruction.-Nothing in this section or the nt maintained by such broker to an account whi this section shall be construed to create any or an address not associated with, a person th period prior to the effective date of such r has reason to know is also a broker, shall nspect to-- endar year, in such form as determined by the ther any person is a broker under section 6045 the information otherwise required to be furni rnal Revenue Code of 1986, or nsfers subject to subsection (a).. (B) Reporting penalties.--Section 6724(d) (1) ( ecurity under section 6845(g) (3) (B) of such Co h Code is amended by striking "or" at the en use (xxv), by striking "and at the end of CTION OF EMPLOYEE RETENTION CREDIT FOR EMPLOYER vi), and by inserting after clause (xxvi) the CT TO CLOSURE DUE TO COVID-19. lowing new clause: IRC Section 60501 requires that any person engaged in a trade or business that receives cash in excess of $10,000 in a single transaction or in related transactions must file Form 8300 POF, Report of Cash Payments Over $10,000 Received in a Trade or Business. ther any digital asset is property which is a Return to List of FAQS CON OF EMPLOYEE RETENTION CREDIT FOR EMPI TO CLOSURE DUE TO COVID-19. *(xxvii) section 6045A(d) (relating --Section 3134 of the Internal Revenue Code of returns for certain digital assets),". atment as cash for purposes of section 6050i.-subsection (c) (5)-- 0I(d) of such Code is amended by striking an (A) in subparagraph (A), by adding paragraph (1), by striking the period at the e, 2) and inserting ", and', and by inserting a (B) in subparagraph (B), by striking , and' 2) the following new paragraph: ny digital asset (as defined in section D)).'". and' at Page Last Reviewed or Updated: 01-Jul-2021 -Section 3134 of the Internal Revenue Co - Share 8 Print ibsection (c) (5)-- end and inserting a period, and (C) by striking subparagraph (C), and subsection (n), by striking"January 1, 2022 A) in subparagraph (A), by adding and The andmnntenda huthie catinnhal O 145 O 1.5K O 26 27 318 694 1.1Kר James Yochum, CPA @JTheAccountant This is a huge damn deal for the #NFT space. 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" for this provision. Insane. 11:54 PM · Nov 5, 2021 · Twitter Web App *guys selling and trading NFTS* what the f---, the IRS is making me report my digital assets as assets! that's insane! since when are there regulations on sales of securities! riseofthecommonwoodpile i feel this is kinda nerd s--- so i should briefly (over)explain (mostly because it's a very big L for crypto losers). so essentially, before now, anyone making money off crypto trading (or just NFTS specifically) was in this kinda...grey area in terms of regulation and taxation, and the anonymized nature of cryptocurrency means that most people were straight up not reporting that money as earnings (or NFTS as assets), especially not if it was never converted back into non- cryptocurrency. this meant that, if you were dealing in crypto, you could (and i'm HUGELY over-simplifying) dodge the vast majority of regulations and requirements (and taxes) that someone making a similar amount of money in USD would deal with. after this new regulation, if you receive US $10,000 or more in cryptocurrency, you must now report it to the IRS as a cash asset, and if you don't, that is a felony. So this is very funny, to me, for two reasons. One is that now, if a crypto-bro wants to not commit a felony, they have to un-anonymize their wallet, so they can no longer trade as an anon. They would be trading under their name (assuming they're trading $10,000 or more, per year i believe if i read right). This defeats some of the major uses it was being used to launder money, of cryptocurrency, especially and it means your identity on the blockchain would now become knowledge people would have access to, and track all future and past trades you have made on the blockchain. the second and funnier thing is what this does to NFTS. a cash asset is any asset which can be easily converted into cash within three months. according to this new regulation, you available cash assets would now include your NFTS (assuming they're valuable enough etc. etc.), and you would be expected to borrow and pay obligations based off of that information. so if a collector came to make good on their loan to you, they would be considering your NFT as a cash asset that can be used to pay them, but of course *selling NFTS is a f------ scam*. They're *not* cash assets, because outside of very specific circumstances, those $50,000 NFTS are not bought up again for the same or higher value. many (it's hard to know exactly how many, but this exact thing i'm about to describe has been documented a bunch of times in this space) NFTS have their values inflated purely through insider trading, in a scam that goes (in its simplest form) something like: person 1 makes an NFT, and person 1 sells the NFT to person 2 for a very high amount of crypto, some amount of which is given back to person 2 in another, altered form so as to not be traceable as just trading money back and forth. this causes the NFT to become "worth" that amount of money that was paid for it (this is also how most of the real world art market works too!). Do this to like 5 of an artist's NFTS, and suddenly it looks like that artist's work is worth X amount of money, despite no one having actually *paid* that much for it really, but now that the value of their work appears to be high, it can be sold to rubes for that high amount for real now. which is all a way to say that, if you are said rube, and you just bought a s----- picture of a monkey smoking a joint for $75,000, that is now considered cash you can access within three months when it comes to paying debtors (or anything else that involves how much cash and assets you have on hand, including how much you pay in taxes), even though, if you tried to sell it, no one would buy it for that much. so people will be expecting you to have money you do not actually have the ability to access. Not only that, but you would have had to un-anonymize you wallet's identity on the blockchain to buy the monkey, so everyone knows who the rube is. it owns ok? it owns. f--- this is a terrible explanation. i'm bad at explaining econ s--- and probably got 50 things wrong go away

James Yochum, CPA @JTheAccountant · Nov 5 H.R.3684 Infrastructure bill passed. James Yochum, CPA @JTheAccountant · Nov 5 Reading closer they have added “Digital Assets" into 6050i which me that any individual who receives $10,000 or more in crypto MUST rej Digital Assets are now covered securities. to the IRS. Reporting will be ushered in for all crypto brokers to report to IRS data on activity from 1/1-12/31/23 of all crypto transfers to other non US brokers (private wallets/offshore) ment as cash for purposes of section 60 (d) of such Code is amended by striking iragraph (1), by striking the period at and inserting", and", and by insert the following new paragraph: digital asset (as defined in section -.יי.( ce.--The amendments made by this section ired to be filed, and statements requir ember 31, 2023. :ruction.--Nothing in this section or the iis section shall be construed to create riod prior to the effective date of sucl sect to-- ier any person is a broker under section al Revenue Code of 1986, or ier any digital asset is property which :urity under section 6045(g) (3) (B) of su More In File #XRP #SEC #Ripple TA uy uuuany u Cn TUuwAVI quirement for Certain Transfers of Digital Ass ate.--The anendments made by this section shal ct to Reporting.--Any broker, with respect to quired to be filed, and statements required to not part of a sale or exchange executed by suc cenber 31, 2023. lendar year of a covered security which is a dstruction.-Nothing in this section or the nt maintained by such broker to an account whi this section shall be construed to create any or an address not associated with, a person th period prior to the effective date of such r has reason to know is also a broker, shall nspect to-- endar year, in such form as determined by the ther any person is a broker under section 6045 the information otherwise required to be furni rnal Revenue Code of 1986, or nsfers subject to subsection (a).. (B) Reporting penalties.--Section 6724(d) (1) ( ecurity under section 6845(g) (3) (B) of such Co h Code is amended by striking "or" at the en use (xxv), by striking "and at the end of CTION OF EMPLOYEE RETENTION CREDIT FOR EMPLOYER vi), and by inserting after clause (xxvi) the CT TO CLOSURE DUE TO COVID-19. lowing new clause: IRC Section 60501 requires that any person engaged in a trade or business that receives cash in excess of $10,000 in a single transaction or in related transactions must file Form 8300 POF, Report of Cash Payments Over $10,000 Received in a Trade or Business. ther any digital asset is property which is a Return to List of FAQS CON OF EMPLOYEE RETENTION CREDIT FOR EMPI TO CLOSURE DUE TO COVID-19. *(xxvii) section 6045A(d) (relating --Section 3134 of the Internal Revenue Code of returns for certain digital assets),". atment as cash for purposes of section 6050i.-subsection (c) (5)-- 0I(d) of such Code is amended by striking an (A) in subparagraph (A), by adding paragraph (1), by striking the period at the e, 2) and inserting ", and', and by inserting a (B) in subparagraph (B), by striking , and' 2) the following new paragraph: ny digital asset (as defined in section D)).'". and' at Page Last Reviewed or Updated: 01-Jul-2021 -Section 3134 of the Internal Revenue Co - Share 8 Print ibsection (c) (5)-- end and inserting a period, and (C) by striking subparagraph (C), and subsection (n), by striking"January 1, 2022 A) in subparagraph (A), by adding and The andmnntenda huthie catinnhal O 145 O 1.5K O 26 27 318 694 1.1Kר James Yochum, CPA @JTheAccountant This is a huge damn deal for the #NFT space. 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" for this provision. Insane. 11:54 PM · Nov 5, 2021 · Twitter Web App *guys selling and trading NFTS* what the f---, the IRS is making me report my digital assets as assets! that's insane! since when are there regulations on sales of securities! riseofthecommonwoodpile i feel this is kinda nerd s--- so i should briefly (over)explain (mostly because it's a very big L for crypto losers). so essentially, before now, anyone making money off crypto trading (or just NFTS specifically) was in this kinda...grey area in terms of regulation and taxation, and the anonymized nature of cryptocurrency means that most people were straight up not reporting that money as earnings (or NFTS as assets), especially not if it was never converted back into non- cryptocurrency. this meant that, if you were dealing in crypto, you could (and i'm HUGELY over-simplifying) dodge the vast majority of regulations and requirements (and taxes) that someone making a similar amount of money in USD would deal with. after this new regulation, if you receive US $10,000 or more in cryptocurrency, you must now report it to the IRS as a cash asset, and if you don't, that is a felony. So this is very funny, to me, for two reasons. One is that now, if a crypto-bro wants to not commit a felony, they have to un-anonymize their wallet, so they can no longer trade as an anon. They would be trading under their name (assuming they're trading $10,000 or more, per year i believe if i read right). This defeats some of the major uses it was being used to launder money, of cryptocurrency, especially and it means your identity on the blockchain would now become knowledge people would have access to, and track all future and past trades you have made on the blockchain. the second and funnier thing is what this does to NFTS. a cash asset is any asset which can be easily converted into cash within three months. according to this new regulation, you available cash assets would now include your NFTS (assuming they're valuable enough etc. etc.), and you would be expected to borrow and pay obligations based off of that information. so if a collector came to make good on their loan to you, they would be considering your NFT as a cash asset that can be used to pay them, but of course *selling NFTS is a f------ scam*. They're *not* cash assets, because outside of very specific circumstances, those $50,000 NFTS are not bought up again for the same or higher value. many (it's hard to know exactly how many, but this exact thing i'm about to describe has been documented a bunch of times in this space) NFTS have their values inflated purely through insider trading, in a scam that goes (in its simplest form) something like: person 1 makes an NFT, and person 1 sells the NFT to person 2 for a very high amount of crypto, some amount of which is given back to person 2 in another, altered form so as to not be traceable as just trading money back and forth. this causes the NFT to become "worth" that amount of money that was paid for it (this is also how most of the real world art market works too!). Do this to like 5 of an artist's NFTS, and suddenly it looks like that artist's work is worth X amount of money, despite no one having actually *paid* that much for it really, but now that the value of their work appears to be high, it can be sold to rubes for that high amount for real now. which is all a way to say that, if you are said rube, and you just bought a s----- picture of a monkey smoking a joint for $75,000, that is now considered cash you can access within three months when it comes to paying debtors (or anything else that involves how much cash and assets you have on hand, including how much you pay in taxes), even though, if you tried to sell it, no one would buy it for that much. so people will be expecting you to have money you do not actually have the ability to access. Not only that, but you would have had to un-anonymize you wallet's identity on the blockchain to buy the monkey, so everyone knows who the rube is. it owns ok? it owns. f--- this is a terrible explanation. i'm bad at explaining econ s--- and probably got 50 things wrong go away

NFT / Non-Fungible Token / Crypto Art

irs taxes cryptocurrency twitter tumblr economics tax evasion

Really odd analogy of NFT using Mario Kart

Bloomberg Wealth Imagine being able to earn money by playing Mario Kart, that indefatigable Nintendo spinoff series from the pre-internet Super Mario. You wouldn't have to be all that good at it. You wouldn’t have to play it 24/7. Because, in this mind experiment, you get to be Mario for as long as you like. You get to be him because you own him. Because your Mario is an NFT, he's impossible to duplicate. You and you alone own him. And because you own Mario, your go-kart is always better and faster than the ones piloted by other familiar faces in the Mushroom Kingdom like Luigi, Toad and Princess Peach. So off you go, earning the kingdom's digital money - Mariocoins, let's call them. Given market economics, you might have to pay more for NFT Mario than for, say, NFT Peach. But then you'd also earn more, because here in the Mushroom Kingdom, Mario is the fastest player. When you step out of the game and back into your day job, you still own Mario. When you start playing again, Mario is there, waiting for you. Waiting to earn you Mariocoins.

Bloomberg Wealth Imagine being able to earn money by playing Mario Kart, that indefatigable Nintendo spinoff series from the pre-internet Super Mario. You wouldn't have to be all that good at it. You wouldn’t have to play it 24/7. Because, in this mind experiment, you get to be Mario for as long as you like. You get to be him because you own him. Because your Mario is an NFT, he's impossible to duplicate. You and you alone own him. And because you own Mario, your go-kart is always better and faster than the ones piloted by other familiar faces in the Mushroom Kingdom like Luigi, Toad and Princess Peach. So off you go, earning the kingdom's digital money - Mariocoins, let's call them. Given market economics, you might have to pay more for NFT Mario than for, say, NFT Peach. But then you'd also earn more, because here in the Mushroom Kingdom, Mario is the fastest player. When you step out of the game and back into your day job, you still own Mario. When you start playing again, Mario is there, waiting for you. Waiting to earn you Mariocoins.

NFT / Non-Fungible Token / Crypto Art

mario kart nft analogy mario luigi toad princess peach

* THIS IS THE RECYCLE BIN. FEEL FREE TO OPEN IT ANYTIME.

Marc Gravestone @OhHeyMarc EACH TILE HAS A DIFFERENT COLOR! EACH COLOR HAS A DIFFERENT FUNCTION! RED TILES ARE IMPASSABLE! YOU CANNOT WALK ON THEM! YELLOW TILES ARE ELECTRIC! THEY WILL ELECTROCUTE YOU! ORANGE TILES ARE ORANGE SCENTED! THEY WILL MAKE YOU SMELL DELICIOUS! ONFT Whale Alert @nftwhalealert Oct 27 Filaments 275 bought for =4.35 ($18,372.66) Avg Price: =1.15 Rare Trait: Palette: Splatter - 1.56% opensea.io/assets/0x0a57e... 12:39 AM · Oct 27, 2021 · Twitter for iPhone 10.4K Retweets 95 Quote Tweets 48.6K Likes

Marc Gravestone @OhHeyMarc EACH TILE HAS A DIFFERENT COLOR! EACH COLOR HAS A DIFFERENT FUNCTION! RED TILES ARE IMPASSABLE! YOU CANNOT WALK ON THEM! YELLOW TILES ARE ELECTRIC! THEY WILL ELECTROCUTE YOU! ORANGE TILES ARE ORANGE SCENTED! THEY WILL MAKE YOU SMELL DELICIOUS! ONFT Whale Alert @nftwhalealert Oct 27 Filaments 275 bought for =4.35 ($18,372.66) Avg Price: =1.15 Rare Trait: Palette: Splatter - 1.56% opensea.io/assets/0x0a57e... 12:39 AM · Oct 27, 2021 · Twitter for iPhone 10.4K Retweets 95 Quote Tweets 48.6K Likes

NFT / Non-Fungible Token / Crypto Art

undertale papyrus color puzzle ratio

$500,000,000 crypto punks Bait. The person who “bought this” quickly transferred it back to the original wallet. just a publicity stunt. Carry on.

NFT / Non-Fungible Token / Crypto Art

nft cryptopunks money laundering

Basically the same thing

NFT Gacha Buyers Players Paying thousands of dollars for a jpeg

NFT Gacha Buyers Players Paying thousands of dollars for a jpeg

NFT / Non-Fungible Token / Crypto Art

gacha jpeg jpg naruto handshake

Just sold my house to buy this NFT

Christian Girl Autim ... @PostinMonkey Just sold my house to buy this NFT 9:47 PM - Oct 15, 2021 - Twitter for iPhone

Christian Girl Autim ... @PostinMonkey Just sold my house to buy this NFT 9:47 PM - Oct 15, 2021 - Twitter for iPhone

NFT / Non-Fungible Token / Crypto Art

nft dog painting adolf hitler its always sunny in philadelphia iasip

Neopets calls NFT detractors hateoooooors

Neopets Metaverse @NeopetsMeta గీతంpds METAVERSE Hello frens, in light of the amount of discussions regarding #NFTS, here is a thread We encourage both NFT projects and readers to share this so we can collectively educate the general public on what NFTS are and why it matters. to help you out! The NFT Hateo00or "NFTS are all scams" Right click and save image as Doesn't understand NFT We are destroying the but hates it environment "aaaaaa im never buying "This is a pyramid scheme" NFTS ever" Has no idea what NFT stands for Owns $8 trillion worth of JPEGS from saving images 8:40 AM · Oct 10, 2021 · Twitter Web App

Neopets Metaverse @NeopetsMeta గీతంpds METAVERSE Hello frens, in light of the amount of discussions regarding #NFTS, here is a thread We encourage both NFT projects and readers to share this so we can collectively educate the general public on what NFTS are and why it matters. to help you out! The NFT Hateo00or "NFTS are all scams" Right click and save image as Doesn't understand NFT We are destroying the but hates it environment "aaaaaa im never buying "This is a pyramid scheme" NFTS ever" Has no idea what NFT stands for Owns $8 trillion worth of JPEGS from saving images 8:40 AM · Oct 10, 2021 · Twitter Web App

NFT / Non-Fungible Token / Crypto Art

nft neopets soyjak twitter metaverse

Ask and you shall receive

NFT / Non-Fungible Token / Crypto Art

jaydenthehuman nft notice of meme acquisition kronk the emperor's new groove

Ask and you shall receive

NFT / Non-Fungible Token / Crypto Art

jaydenthehuman nft notice of meme acquisition

Best Kind Of NFT

Yeah T'm into "NET"S Nos FERA Tu

Yeah T'm into "NET"S Nos FERA Tu

NFT / Non-Fungible Token / Crypto Art

snarkfriend nft non-fungible token crypto art nosferatu

Yea of Cource I Own NFT, Nice Fucking Toa Bionicle

VEA OF COURSE IOWN NFT KinoFabino Nice F------- Toa BIONICLE

VEA OF COURSE IOWN NFT KinoFabino Nice F------- Toa BIONICLE

NFT / Non-Fungible Token / Crypto Art

toa bionicle lego nft kinofabino

NFT Alarm

NFT ALARM

NFT ALARM

NFT / Non-Fungible Token / Crypto Art

nft homer simpson

CURSE YOU ATSUKO

CURSE YOU ATSUKO Wow Such NFT RELEASE ME FROM THIS NFT PRISON THIS INSTANT

CURSE YOU ATSUKO Wow Such NFT RELEASE ME FROM THIS NFT PRISON THIS INSTANT

NFT / Non-Fungible Token / Crypto Art

atsuko doge kabosu

Doge on Sale

かぼすママ @kabosumama I am auctioning the original Doge meme and photoshoot as NFTS for charity! The NFTS and auctions are officially curated by @knowyourmeme and made possible by @ourZORA. The auctions go live on June 8th: very.auction 12:00 PM - Jun 7, 2021 - Twitter for iPhone 1,218 344 Retweets Quote Tweets 1,458 Likes

かぼすママ @kabosumama I am auctioning the original Doge meme and photoshoot as NFTS for charity! The NFTS and auctions are officially curated by @knowyourmeme and made possible by @ourZORA. The auctions go live on June 8th: very.auction 12:00 PM - Jun 7, 2021 - Twitter for iPhone 1,218 344 Retweets Quote Tweets 1,458 Likes

NFT / Non-Fungible Token / Crypto Art

doge kabosumama knowyourmeme ourzora nft auction twitter charity