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ART & COLLECTABLES

Sorare and French Football Have Teamed Up to Release NFT Cards for the Men’s National Team

This morning, Sorare announced a new licensing deal for the sale of non-fungible tokens with the French Football Federation (FFF).

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Sorare, a blockchain-based fantasy soccer game, has announced a license agreement with a national sports body to generate nonfungible tokens of its players, just in time for the Euro 2020 competition.

Sorare said that the France Football Federation, or FFF, had developed its own line of player nonfungible tokens, or NFTs, prior to the team’s match against Germany on Tuesday. The French National Team, dubbed “The Blues” owing to the color of their uniform, is presently competing in the 2020 Union of European Football Associations European Football Championship. The Euro 2020 event was postponed last year due to the epidemic.

The new digital cards for the national team will join those for more than 140 other licensed teams, including Bayern Munich, Juventus, Liverpool, Paris Saint-Germain, and Real Madrid.

National teams being included to the NFT collection is a logical next step for the digital collectable marketplace. With over 100,000 active monthly users from 140 countries, the network has a vast worldwide fan base to draw upon. Given that they are the defending world champions, France was an easy choice to be the first national team to work with.

After winning the European Football Championship in 1984 and 2000, France was one of the first national football associations to enter into a licensing agreement for official digital artifacts. Sorare, on the other hand, indicated that it was “discussing actively” with other organizations throughout the world.

“Today is a historic day for Sorare as we release the World Champions to the game through our unique relationship with the French Football Federation!”

said Nicolas Julia, CEO of Sorare.

“The team is on fire, and there will be a lot more coming shortly to bring you the finest of football,” he continued.

Sorare Will Tokenize French Players

The licensing agreement allows for the creation of NFT digital cards of the French men’s squad for the Euro competition. The cards will be valuable in the same manner that each player’s club version is valuable. The current supply of each player’s 111-card 2020 season release includes each NFT.

Players from the France national team, such as Antoine Griezmann, Paul Pogba, and Hugo Lloris, will be tokenized into digital cards for the 2020 season. Based on their performance stats saved on the blockchain, player cards for the fantasy football game will have varying scores and rarity.

Beginning in Game Week 174, top players from ongoing Global Nations contests will be granted National Team cards, and their numbers will grow when teams are eliminated from play. Each event’s top three finishers will receive a randomly selected FFF Super Rare card.

Since January, Sorare has sold more than $70 million in digital cards, with 90,000 monthly active users from 140 countries. Football — or soccer, as it is known in the United States and a few other countries — is played by people in over 200 countries.

Sorare CEO Nicolas said, “We’ve onboarded the World Champions: the French team.” “This is the first of many football associations that will join us in the weeks and months ahead.”

ART & COLLECTABLES

Participants in the NFT Market in the United States may Face Harsh Tax Penalties

As the NFT market grew in 2021, so did the tax questions for the next tax season.

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#nft #nfthours #taxes #irs

The Internal Revenue Service (IRS) wants a piece of the NFT loot. There is uncertainty over how NFT holders should be taxed, although tax experts estimate that taxes could be as high as 37%. According to James Creech, a tax attorney in San Francisco, “you don’t get to report earnings or losses because the IRS has failed to provide guidance that satisfies your expectations.”

According to Chainalysis, the NFT business would see $44 billion in transactions in 2021. Some artists made large profits, with one American artist selling an NFT for $69 million-plus royalties. This raises some concerns about how they ought to be taxed. Although the taxation of NFTs is not apparent at the moment, that does not mean they should not be declared on your tax return.

Those who failed to declare quarterly earnings from NFTs may be in for a rude awakening when penalties are imposed the next tax season. NFT owners can sell their NFTs on NFT marketplaces like Opensea or Rarible, and they may be liable to income tax of up to 37 percent when they do so. In addition, if NFTs use another cryptocurrency to purchase the NFT, they will owe capital gains taxes to the IRS.

Experts on taxation weigh in

NFT taxes are estimated to be worth billions of dollars, according to Arthur Teller, CEO of TokenTax. However, aside from the 37 percent income tax, the tax requirements are murky. For example, should they be taxed at the same rate as capital gains on art collectibles, currently 28 percent? Moreover, in light of Joe Biden’s proposed tax infrastructure package, the Treasury Department provides no detailed guidance on how NFTs will be taxed. According to Jarod Koopman, a director of the criminal investigation at the IRS, as a result, tax evasion may become a distinct possibility.

The IRS has issued general crypto tax guidelines

Notice 2014-21, 2014-16IRB938, Rev. Rul 2019-24, 2019-44 IRB1004, and ILM 20214020; the IRS explains how bitcoins are taxed. It should be noted that none of these include any mention of NFT. Section 61 of the Internal Revenue Code (IRC) may necessitate the inclusion of creator income on the revenues of NFT sales and royalties. In contrast, Section 197 may allow amortization to buyers who use the NFT for business purposes. Buyers from other countries will be subject to local taxes. At the same time, if the copyright owners are citizens of the United States, they may be required to pay state and federal taxes on any royalties received.

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ART & COLLECTABLES

On OpenSea, a 22-year-old Indonesian Boy Earns $1 Million by Selling NFT Selfies

Ghozali spent five years in front of his computer taking selfies, which he then transformed into NFTs and posted to OpenSea in December 2021.

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#nft #nfthours #millionaire #22yearsold

According to reports, an Indonesian college student made a million dollars from NFT versions of his selfies on the OpenSea NFT marketplace.

A 22-year-old Indonesian computer science student named Sultan Gustaf Al Ghozali converted and sold approximately 1,000 selfie photos as NFTs. Ghozali claims he collected images of himself for five years, from the ages of 18 to 22, as a means to reflect on his graduation journey.

Ghozali took selfies in front of his computer, whether sitting or standing, which were eventually turned into NFTs and posted to OpenSea in December 2021. Without expecting severe buyers, the artist set the price for each NFT selfie at $3. Ghozali commented while marketing his expressionless images:

“You can do anything like flipping or whatever but please don’t abuse my photos or my parents will very disappointed in me. I believe in you guys so please take care of my photos.”

Ghozali’s NFT offering blew up, contrary to his wildest expectations, as notable members of Crypto Twitter showed support by acquiring and pushing the offerings.

According to AFP, one of Ghozali’s NFT sold for 0.247 Ether (ETH) on January 14, valued at $806 at the time of purchase. Along with the selfies, the young entrepreneur adds a touch of individuality by offering background information, which adds to the NFT’s rarity.

According to a Lifestyle Asia post, Ghozali’s selfie NFTs sold for 0.9 ETH or almost $3,000 at their peak. Ghozali’s collection eventually achieved a total transaction volume of 317 ether, worth over $1 million. Through OpenSea, the young artist made his first tax payment based on this money.

Despite the general crypto market’s recent sluggishness, the NFT marketplace and blockchain gaming business continues to see large transaction volumes.

According to DappRadar data, the number of UAW connected to Ethereum NFT DApps has increased by 43% from Q3 2021. Furthermore, NFT trading generated $11.9 billion in the first ten days of 2022, up from $10.7 billion in Q3 2021.

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ART & COLLECTABLES

Here’s Why More Than 14,000 ETH Was Burned in the Last 24 Hours

Because of the tremendous rise in popularity of NFT collection, the Ethereum burn rate has surged once more.

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#nft #nfthours #ethereum #burn

Increased Ethereum gas expenses have resulted in the burning of more than 14,000 ETH coins in the previous 24 hours. The increasing burn rate was caused by a surge in interest in NFT initiatives.

NFTs on the rise

While some in the cryptocurrency and digital asset communities feared the demise of the NFT business following a significant reduction in selling volume and transactional activity, specific NFT projects have seen a more than 100 percent spike in activity in the first days of 2022.

OpenSea NFT marketplace was one of the biggest burn providers, according to burn sources, with 3,300 ETH destroyed in the last 24 hours. In addition, shared Ethereum transfers caused the burning of 1,200 ETH.

Uniswap, Tether, and GenieSwap sent slightly more than 1,300 ETH to the burn address.

Is Ethereum on the verge of deflation?

More Ether has been burned in the last 24 hours than has been issued by miners, making January 9th another deflationary day for Ethereum. When the main network experiences high fees or congestion, Ethereum typically deflates.

Ether transaction fees have surged by more than 150-200 percent during the most recent NFT popularity surge, resulting in dramatically higher network user expenditure.

While Ether is constantly experiencing deflationary days, its market performance does not appear to be following the trend, with a 16.6% correction from January 5th to 9. At the time of writing, Ethereum is trading at $3,145, having had its first positive day in the market in four days, with a 2.4 percent price increase.

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