NFT Tax - Simplified

• 🧦 Doodles to Launch Genesis Box with Exclusive Wearables

• 🖼️ Andy Warhol Artworks Purchasable with ETH

• ⚖️ Understanding IRS' Proposed NFT Guidelines

• Magic Eden Becomes Leading Marketplace for Ordinal NFTs (NFT Lately)

• Trump NFT Sales Spike Again With Historic Indictment (Decrypt)

• Art Blocks Launches NFT Marketplace to Support Creators (NFT Lately)

• AI Has a Role to Play in Detecting Fake NFTs ( Cointelegraph)

• Argentinian Airline Distributes First NFT Flight Tickets (NFT Lately)

• MetaBirkins Artist Mason Rothschild's Latest NFT Project Is "Subject to Change" (CoinDesk)

• Virtual Couture? Vivienne Tam’s First NFT Dress Struts Around Metaverse Fashion Week (Decrypt)

• Pussy Riot’s NFT Art Sparks Russian Criminal Charges (NFT Lately)

• California Leads the Way as U.S. Federal, State Agencies Consider Blockchain’s Applications: Bank of America (CoinDesk)

• Indonesian Government Looks to NFTs to Preserve Cultural Heritage (Cointelegraph)

• $37M of Y00ts NFTs Move from Solana to Polygon in 24 Hours (NFT Lately)

• It’s a Small (Virtual) World After All (CoinDesk)

• Candy Digital Launches MLB NFT Collection Following Fanatics’ Divestment (NFT Lately)

• Yuga Labs’ Otherside Presents 2D Game, Legends of the Mara (NFT Lately)

Other Stuff We Dig:

• Are NFTs a Good Investment (NFT Plazas)

• Web3 Creators at a Higher Loss for Royalties than Anticipated: Data (Cointelegraph)

• Near at ETHDenver: Launching the Blockchain Operating System (CoinDesk)

• How to Make Money from NFT Music (NFT Plazas)

Trending Collections:

• REXBITS [Floor Price - 0.02 ETH]

• Nakamigos [Floor Price - 0.59 ETH]

• Chaos City: Residents [Floor Price - < 0.01 ETH]

Doodles to Launch Genesis Box with Exclusive Wearables

The well-known NFT collection, Doodles 2, has revealed the eagerly awaited launch of the Genesis Box, marking the debut of Doodles Wearables. This ushers in a new era of digital fashion and contributes to the expanding wearables economy.

Here's What We Know:

• Genesis Box offers users two new wearables and a beta pass for early access to Doodles 2.

• Doodles aims to create mass consumer-focused NFTs at accessible price points.

• 24,000 Genesis Boxes with 201 unique Wearables available, and boxes can only be opened once.

• Wearables and Doodles 2 beta passes can be traded on secondary marketplaces like Gaia.

• Collaborations with singer Pharrell Williams and animation studio Golden Wolf are in the works.

Andy Warhol Artworks Available for ETH

Four renowned Warhol pieces were partially obtained from prominent art collectors. Each artwork's shares are soon to be offered as security tokens and for sale for ETH.

Here's What We Know:

• Freeport will offer an exclusive collection of four prints by pop artist Andy Warhol, enabling people to invest in fine art through tokenized shares.

• Digital asset management tool Vertalo will be used to tokenize the artworks, allowing them to be bought and sold on DeFi platforms.

• The tokenized art collection is set to launch in May, with interested collectors able to join a waitlist.

• The starting price for each tokenized Warhol masterpiece will range between $250 and $860.

NFT MADNESS: Vote for Your Favorite NFT Project

Who has the strongest NFT community?

NFT Lately is letting you decide with NFT MADNESS!

Here’s our NFT Bracket consisting of some of our favorite projects. The NFT world is reliant on community. So, to emphasize that, YOU can decide who you want to be crowned winner.

Voting is open here!

Follow NFT Lately on Twitter to stay in the loop with NFT Madness and for pressing community news!

• First round: March 14-17

• Second round: 18-21

• Third round: March 23-26

• Fourth round : March 25-28

• Fifth round: March 29-April 1

• Final round: April 1-3

• Winner announced: April 4

Understanding IRS' Proposed NFT Guidelines

Recently, the U.S. Internal Revenue Service (IRS) released a document (Notice 2023-27) seeking feedback and suggesting new guidelines for NFT taxation. The notice questions if NFTs should be treated like traditional collectibles or if digital art needs its own category.

All of the spill about the situation can get confusing.

Here's What We Know (In Simple Terms):

• IRC Section 408 defines collectibles as tangible personal property, creating a legal challenge for classifying NFTs as they are intangible.

• Notice 2023-27 is a step towards tax liability clarity for NFT collectors, with the IRS considering treating NFTs as collectibles if linked to physical items.

• The IRS's look-through analysis will help clarify taxation for platforms like Otis and BlockBar, which link NFTs to physical assets.

• Intellectual property rights may play a key role in determining if digital art NFTs have collector value and should be classified as collectibles.

• Written comments on Notice 2023-27 can be submitted electronically or by mail to the IRS on or before June 19, 2023.

• We're here for you!

Today's edition was written by Leah Alger.

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