I’d like to open a discussion about blockchain tech and NFTs.
As artists, what is your experience with this kind of tech if any?
Those of you that have experience, what are you thoughts about it? What obstacles have you encountered trying out this tech?
A downside of blockchain is the volume of carbon it creates. It is estimated that Bitcoin will generate over 78 megatons in 2022, more than many world nations. https://digiconomist.net/bitcoin-energy-consumption
There are platforms that mint on a sidechain which I understand makes less carbon, such as Kreatorhood.io.
NFTs that sell well are typically associated with famous people (Elon Musk), are internet memes, like “Charlie bit my finger” (https://youtu.be/9vKZSMjzkIY), or come with some other perk, like being used inside a video game or gaining admittance to a private club (bored ape yacht club).
If you are paid with Crypto, you must report your ownership to the IRS (US). Figuring the tax sounds complicated, but there are calculators you can use.
Another benefit of Kreatorhood.io is people can purchase with a credit card (no crypto or digital wallet is required).
NFT fans seems to congregate on Twitter rather than on FB or IG.
Totally agreed on the negative impact on our surroundings.
However if we look at the Elrond blockchain, we’ll see they are carbon negative ( https://offsetra.com/profile/elrond ) which is pretty interesting!
As for taxes - Indeed you owe taxes on crypto activity, both in the US and EU.
Here’s a news piece, which you might have seen, reporting that interest in NFTs has dried up –