NFT has been getting the mainstream adoption. A lot of crappy art and the useless items are being sold so far. For which many good artists and the genuine art makers are not happy.
However this was just a proof of concept for the NFT world. Not just the art but any other digital product and the copies that can be sold through the NFT marketplace. Like ocean marketplace, the support for the NFT has been started in the ebay.
I am not sure what to make of this announcement. As this means there will soon be regulation of the crypto currency that is being transacted through ebay. And this means people will have to use the wallets which are monitored by the govt or the crypto billed nations around the world.
Here's what the Ebay said about the Digital collectibles aka NFT.
You can read about the announcement Here.
What are the consequences of NFT reaching Mainstream?
Every digital marketplace that lists the NFT for the certain nation, would be asked to make the wallet public so that the crypto bills would force the users to show their transactions. And this means your wallet will be forced to be shown the transaction before it gets taxed. As the Biden in US already mentioned about taxing crypto currency. Making money out of thin air and getting away with it by bypassing the tax man is no longer be the luxury of the people in US. And soon this would apply for the rest of the other nations in the world.
What can be done for your art if you want to bypass the taxman?
You have to be extremely careful about your art being displayed in multiple tax regulated marketplaces. You have to keep them in anonymous marketplaces that hides your identity and the buyers too. This could be one way new silk road type scenarios happening and possibly the marketplaces will be raided by govt for tax evasion reasons.
Crypto Regulation and Taxation is Inevitable
By the time next year same month we could be discussing the crypto bills around the world that are taxing the people for NFT and other crypto to FIAT purchases. A lot of people would be asked to show notice for the transactions they have made in binanace and other marketplaces around the world.
Crypto regulation is inevitable. The anarchy idea of the get rid of govt, get rid of the taxman bypassed the moment the crypto market supported Elon musk and his dogecoin proxy to damage the crypto market which used to support anonymity in crypto market.
Let's be both sketpical and optimistic about the crypto world at the same time so that we don't lose the sight of our future goals.