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I don't understand who can afford these with gas prices so high. NFTs aren't some typical trading card market. I think it's mostly tax evasion and some wealth p
by fny 5y ago
I don't understand who can afford these with gas prices so high. NFTs aren't some typical trading card market. I think it's mostly tax evasion and some wealth posturing.
You create an NFT sell it to yourself, the price tanks you deduct it from your taxes and then sit on a pile of USD coin in another wallet that no one knows about.
- ProjectArcturis 5y agoI doubt there is any jurisdiction in which one could deduct losses on a collectible of any kind, let alone an NFT, let alone unrealized losses. The real use is, you have $X dollars that you acquired by doing crimes. You want to buy a yacht with that money, but you don't want the authorities asking questions. So you sell an NFT to yourself, attribute your crime money to getting lucky in crypto, pay taxes on it, and poof! You're on a boat.