For physical NFT artworks, Atari has partnered with Pixels.com, and Investopedia has provided an overview of NFT tax regulations.
Winamp with NFT music:
A vintage, PC-compatible media player In the most recent version of its desktop player, Winamp has included support for music nonfungible tokens (NFTs) based on Polygon and Ethereum.
Since 1997, Winamp has been one of the most widely used media players for PC users, but it has been surpassed by Windows Media Player and Apple’s omnipresent iTunes.
It is known for supporting various media file types, and the Winamp team stated that NFT support is now live and functioning in its most recent update announcement on December 7.
We are proud to announce a new version (5.9.1) for our Desktop player. This new version reduces Winamp’s memory footprint and upgrades security among many other improvements, it also allows you to play your music NFTs. New version available now.
— Winamp (@winamp) December 6, 2022
Users may now load up the music included in ERC-721 and ERC-1155 tokens created on Ethereum and Polygon by connecting their Metamask wallets from various browsers.
Winamp CEO Alexandre Saboundjian stated, “The genesis of Winamp has always been about accessibility and innovation, and now we are happy to unveil the first standalone player reading audio NFTs, as well as any other existing formats.”
There may soon be a large selection of Polygon-based music NFTs available. On December 7, the developers of the Ethereum scaling solution also disclosed their collaboration with Warner Music and LGND Music to create a “collaborative, digital collectible” music platform.
The portal, known as LGND Music, will launch in January 2023 and offer customers a simple on-ramp to purchase and hoard music NFTs.
LGND Music, enables you to play music digital collectibles, or “Virtual Vinyl”, on-the-go.
Also, select @warnermusic artists will launch their digital collectibles & connect fans with special content and experiences ✨
— Polygon (@0xPolygon) December 6, 2022
Investopedia: Employ an accountant and understand NFT taxes
In a thorough overview of NFT tax law in the US, the financial media website Investopedia emphasizes the need for people to hire tax professionals if they don’t want the Internal Revenue Service (IRS) on their tail.
The website ultimately incorporated an NFT Tax Guide on December 5 and provides a comprehensive Wikipedia-style explanation for the different complex financial concepts.
The IRS has not yet released “particular guidelines” about recording gains and losses from NFT sales on tax returns, indicating a significant area of uncertainty for individuals to traverse.
If an NFT is exclusively art-focused, it may be regarded as a collection. Still, if it is used for utility, especially for business use, it “may qualify for capital gains classification.”
The guidance states that the taxation of NFTs will lie somewhere between that of collectibles, which have a higher maximum capital gains rate of 28%, and cryptocurrencies, which are taxed as property and have a long-term capital gains rate of 0-20%, depending on income.
World Cup NFTs from Coca-Cola and Crypto.com
Crypto exchange Coca-Cola and cryptocurrency.com have teamed up to release a unique collection of NFTs that show player heat maps from 2022 FIFA World Cup matches.
A Dec. 5 release stated that GMUNK, a digital artist best known for his work on the well-liked sci-fi movies Tron: Legacy and Oblivion, is creating the artwork for the 10,000 NFT collection. A precise launch date, however, still needs to be provided.
Because they show how much of the field a player covers and which specific regions of the area they spend the most time in, heat maps in soccer are frequently used to evaluate a player’s performance throughout a match.
Creating artwork using in-game data might offer a creative approach to making collectibles from critical athletic events.
New idea from Atari: physical art
Atari, a leading manufacturer of video games in Japan, has partnered with the print-on-demand company Pixels.com to introduce a ground-breaking idea centered on printed NFT artwork.
Although some people might love viewing their Atari NFT artwork digitally, others prefer actual artwork.
According to a Dec. 6 announcement, Atari NFT owners can now convert Pixels into framed prints or posters by connecting Ethereum-based wallets to them.
If you don’t have any Atari NFTs, you may still print using Pixels by just right-clicking and saving the photos of that particular NFT.
Other Nifty news:
The Los Angeles-based music metaverse game startup Pixelynx has acquired a controlling stake from the digital entertainment, blockchain, and gamification firm Animoca Brands.
NFT collections are considered online virtual properties by a Chinese court in the city of Hangzhou and should be safeguarded by Chinese law.
