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NFT Sellers Will Have To Start Paying Taxes On Their JPEGs – TheGamer

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A cool strategy to avoid this is to simply not buy any.
It could hardly get more poetic. In the same week that gaming companies have been jumping on the bandwagon, NFTs now getting regulated.
President Joe Biden's infrastructure bill has finally passed, and among the many areas it covers, it appears that cryptocurrency is going to be regulated. Any crypto purchase of over $10,000 must now be declared to the IRS – and seemingly to avoid loopholes, NFTs and other digital assets will be considered cash.
Related: Gaming NFTs Will Never Work
Public accountant James Yochum breaks down the bill over on Twitter. If this analysis is correct, then crypto bros won't be able to enjoy the free-range they have up until now.
"In the business of creating/reselling #NFTs? Get used to filing Form 8300, and obtaining social security numbers and identification of your buyers", says Yochum. "You’ve got 15 days to report this information on Form 8300 and violation of 6050i is a felony. A Felony for selling NFTs, because digital asset is now concerned as 'cash'"
Well, they say that the flame that burns twice as bright burns half as long. NFTs had humble beginnings as ugly little polluters, before quickly evolving into even uglier ways to screw over artists and Neopets fans alike. Then of course, the triple A gaming scene caught a whiff of it, and jumped headfirst into the practice that is often associated with scamming and harming the environment.
But now that NFTs may be mercifully coming to an end – or at least had their growth halted – let's take a moment to appreciate their greatest hits. There's that time an NFT project ran off with $2.7 million, leaving consumers with nothing except ugly ape avatars. Then, we had Valve banning them from Steam, upsetting nerds online. Then there was another project running with the money, just five hours after its launch. And last, but by no means least, someone actually spent $125,000 on an NSFW NFT of Twitch streamer Amouranth.
It remains to be seen if the infrastructure bill is actually enough for the so-called "right clickers" to declare victory. But in any case, the JPEG lovers are mad online, so we have that.
Next: Pokemon Has An Amazing Community
Aloy’s cheeks have been the subject of a lot of mockery from gamers online in the past few days because they’re a bit bigger.
Rhiannon is the Lead News Editor at TheGamer, and can often be spotted preaching the good word about Dragon Age: Origins. Which is the best game, in case you didn’t know.

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FASB Excludes NFTs, Some Stablecoins From Crypto Accounting Project – The Wall Street Journal

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Michael Saylor can't stop: MicroStrategy now holds 130,000 Bitcoin – Cointelegraph

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MicroStrategy bought an additional 301 BTC for $6 million at an average price of $19,851, the company’s executive chairman announced on Twitter.
MicroStrategy now owns 0.62% of all the Bitcoin (BTC) that will ever be mined. The company’s executive chairman, Michael Saylor, announced that the company bought another 301 BTC for roughly $6 million at an average price of $19,851 per BTC. 
In sum, the company is one of the planet’s largest holders of the asset, owning 130,000 BTC. Apparently, Saylor likes round numbers, buying 301 BTC to reach the 130,000 milestone. 
MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.https://t.co/5kYW98ij4I
Due to plunging price action, the company’s investment is down substantially in U.S. dollar terms. MicroStrategy’s entry price is roughly $30,639 per BTC, and the Securities and Exchange Commission filing states that the firm has bought 130,000 BTC at an aggregate purchase price of approximately $3.98 billion.
If MicroStrategy started stacking sats (buying Bitcoin) at today’s prices, it would have spent $2.48 billion on 130,000 BTC. Saylor is currently at a paper loss of over a billion dollars.
According to the SEC filing, the company made the purchase with “excess cash.” Saylor recently stepped down as CEO of the company to focus on buying more Bitcoin, while Washington, DC has taken aim at the billionaire in a tax evasion lawsuit.
Bitcoin enthusiasts were quick to commend Saylor’s buy. Referred to as the “Chad” or “Gigachad,” Saylor’s conviction and commitment to buying Bitcoin despite the investment being underwater has garnered both a devout following and numerous critics.
Related: Bitcoin better than physical property for regular folks, says Michael Saylor
Other large wallet addresses include that of crypto exchange Bitfinex, which holds 170,000 BTC, and a Binance reserve wallet that holds 125,000 BTC. Binance is the world’s largest crypto exchange and has several wallets holding six figures of Bitcoin. Regarding individuals, Saylor has stated that he holds Bitcoin, and FTX CEO Sam Bankman-Fried and Binance CEO Changpeng Zhao are also “hodlers” — a meme that became popular jargon for holding crypto.

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NFT Collections Will Be Regulated Like Cryptocurrencies Under EU’s MiCA Law, Official Says – CoinDesk

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