Browsing: Non-Fungible Tokens

Digital assets have become increasingly important in business and commerce, given their growing adoption by institutions, businesses, and individuals globally. Thus, the impact of crypto assets on tax systems has become all but impossible to ignore. As the number of transactions involving crypto assets continues to rise, so does the need for governments to establish a clear policy on taxing such transactions. In such a context, the absence of a deliberate policy position is a policy decision with consequences for tax systems.

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Non-Fungible Tokens (NFTs) are the new opportunity for anyone with anything they can monetise and an access to the internet to reap the benefits of minting money on the World Wide Web.

NFTs are “One of a kind” digital assets that can be traded like any other piece of property, but NFTs do not exist in any tangible form. It is possible to think of virtual or real assets as tokens that may be exchanged for tokens.

Therefore, an NFT is a digital title for a piece of content that may be sold on auction sites but is non-returnable because it is unique and irreplaceable. Because of this, its value fluctuates and it is useless as a means of exchange. Cryptocurrency and blockchain are the foundations of NFTs.