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This week’s featured collector is Kira1995
Kira1995 is a collector of WAX NFTs. In fact, they have an extensive collection that is definitely worth checking out. Browse Kira1995’s gallery at lazy.com/kira1995
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Navigating the NFT Regulatory Rollercoaster: What Do Users Really Think?
Hey there, NFT enthusiasts! A recent report by CoinGecko and Blockchain Research Lab has shed light on NFT users’ views on regulation, and the results are fascinating! 🎢
It turns out NFT holders are pretty split on the regulation issue. Almost half (48.1%) are open to stricter regulation, with 29.4% agreeing and 18.7% feeling strongly about it. They’re probably thinking that a bit of oversight might help protect folks from the wild west of rug pulls and wash trading.
But wait, there’s more! A sizeable chunk (29.4%) of NFT holders are on the fence, not quite sure whether they’re pro or anti-regulation. Maybe they’re just waiting to see how the NFT space evolves. 🤔
And then, there’s the freedom-loving 22.4% who are firmly against stricter regulations. They’re likely fans of the decentralized, no-holds-barred nature of NFTs and prefer a free market environment.
Speaking of regulation, the IRS recently announced its plans to tax certain NFTs as collectibles, similar to art or gems. This approach would result in higher tax rates for wealthy NFT owners compared to other investments like stocks or real estate. The top rate for collectibles held for over a year is 28%, while other investments generally face a 20% top rate. The IRS said it intends to issue guidance on this matter soon. 💰
Despite the divide on regulation, most NFT holders seem aware of the risks involved. A whopping 54.5% admit to being afraid of fraud when investing in NFTs, while 69.4% say they do their homework before diving in. Looks like “do your own research” (DYOR) is alive and well in the NFT realm! 🕵️♂️
Interestingly, not all NFT holders fully understand the tech behind their digital treasures. About 7 in 10 get how it all works, but 11.4% are still in the dark. And hey, that’s okay! NFT adoption is growing, and people are embracing them for various reasons, from artistic value to community building.
The NFT world is a diverse place, with opinions as unique as the tokens themselves. One thing’s for sure: the conversation around NFT regulation (and taxation!) is just getting started!
This week’s poll: Do you understand how NFTs work?
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