nftremind

By now, you are likely aware that NFT stands for Non-Fungible Token. But what does non-fungible even mean, and are there fungible tokens too? Let’s find out:

If something is fungible, it means it can be readily exchanged for another of the same kind. When something is non-fungible, it’s completely unique, unable to be replaced with something else.

Cryptocurrencies are considered fungible. If you were to trade one Bitcoin for another Bitcoin, you’d end up with the exact same token with the same value. But for example, when you trade one NFT (non-fungible token) for another, you get a whole new digital item with no duplicates on the blockchain.

In real life, fungible assets include many items with set value in the global market, including gold and of course, paper dollar bills. When you exchange one-dollar bill for another, you’ve essentially received the same thing, retaining the ability to spend it the same way you would with your old dollar bill. Fungibility!

On the flip side, IRL non-fungible assets include things like art, gems, and other unique collectibles that are incapable of duplication. These non-fungible assets don’t have a declared or fixed value in the global market. Often, the person who aims to sell a non-fungible item sets the price.

We hope this helped clear up this sometimes-confusing topic in the world of web3. Anything you want to share about fungibility and non-fungibility? Let us know!

Verified
Do you ever wish that you could “add to cart” as many NFTs as you want, and simply check out once? Well you actually can, using what are known as “NFT aggregators”.

While NFT marketplaces like OpenSea allow you to buy NFTs in bundles from a single seller, there’s currently no way to buy multiple NFTs from different buyers in one transaction. If you want to buy more than one NFT without paying extra gas, you should try using NFT aggregators!

NFT aggregators are platforms offering NFT buyers and sellers a place to do multiple transactions in one. They’re tools you can use to browse and purchase multiple NFTs at once, even if they’re listed on different marketplaces. Some, such as GenieXYZ or GemXYZ allow you to buy up to 60 NFTs in one transaction, paying gas just one time.

So, if you’re planning on stocking up on NFTs from your favorite collections, you should definitely use aggregators to avoid the inconvenience of buying one by one.

Have you ever used one of these? Let us know your experience.

Have you ever asked yourself – “how rare is my NFT”? How do I choose which one is rare and which one is not?

In the NFT space, the rarer the item is, usually the higher the value. Let’s take, for instance, a CryptoPunk with the alien trait. This NFT is so rare that it’s been sold in the past for 8,000 ETH or $23,7000,000. Often, these rare NFTs are the result of the unique combination of one or more rare attributes and traits. To see if an attribute on your NFT is rare, navigate to the “properties” section of your NFT on OpenSea.

You can also use a rarity tool when choosing what NFTs to get, especially when you want to grab some rare ones. Tools like Rarity Sniper and Rarity Sniffer are basically platforms where you can search for an NFT by its ID, and it will automatically tell you how rare it is. You’ll be able to easily know the percentage of the total NFTs in the collection with the same characteristics. The lower the rate, the rarer your item is.

Rarity tools often partner with NFT collections they can feature on the platform. So, for the most part you can only check your NFT’s rarity on these platforms if they’ve been added. In the vast majority of cases though, NFT collections will be available for search on one of these platforms.

Have you ever minted or bought a rare NFT? Let us know!

We all know the old saying about “the only two certainties in life”. So if you’re frequently buying and selling NFTs, you’re probably wondering about your tax responsibilities. Let’s talk NFTs and taxes.

Much like cryptocurrencies, NFTs themselves don’t have tax laws defining how NFT investors should tax their digital assets. This will vary depending on the area you are in. In some countries, NFTs are taxed the same way cryptocurrencies or fungible digital assets are taxed.

However, some experts define NFTs as “collectibles,” with higher tax percentages than income and capital gains taxes. In the U.S., the IRS defines tangible collectibles as things such as art, gems, antiques, coins, and stamps. These collectibles are considered to have long-term capital gains subject to the top federal tax rate, upwards of 28%. And since the proceeds from NFTs are also considered investment income, NFT investors may also pay a surtax of 3.8%, making the total tax percentage upwards of 31.8%!

Regulations on taxes in the NFT space are being worked on and determined on a daily basis which can leave many investors confused as to how much they owe. When trading NFTs, always ensure you leave some profit aside for tax purposes. Make sure to DYOR and research the most up-to-date tax info for your area, and consult a tax professional.

How does your country tax your NFT proceeds? We want to hear from you!



*not financial advice*

Opensea, the “world's first digital marketplace for crypto collectibles and non-fungible tokens” has had a monopoly on the marketplace since its inception, but how long can they ward off competitors looking for a shot at the title, and do they really have the best interests of the Web3 community in mind? Let’s get into it:

Essentially, Opensea is a centralized service catering to a decentralized community, which itself poses a slew of potential issues for people trading on its platform. Think of Opensea as the Ebay for digital collectibles, it’s a centralized platform built on top of a decentralized blockchain. Now don’t get me wrong, they have helped onboard numerous people into Web3, given many artists worldwide a voice and a means express themselves, and helped change the lives of many individuals monetarily. But are those things worth giving up control and allowing, in its essence, a web2 minded company to have power over the Web3 community? Absolutely not!

To be a decentralized community you must accept the good and the bad that comes with it. Opensea regularly removes accounts, most recently in Venezuela, Iran, Russia, and any country that they say has a history of funding terrorism or violating human rights, essentially saying that every person in these countries are criminals - bu****it! Many in disenfranchised countries use crypto and NFTs to improve their situation, so denying them this right is not only unjust but makes Opensea no better than the countries they are restricting!

There have also been many valuable assets stolen via exploits in Opensea’s platform or plain human negligence. While it must feel like a kick in the teeth to have this happen, the ability for Opensea to freeze assets or remove collections no matter the circumstances is the complete antithesis of what the Web3 community claims to stand for.

If we want a truly decentralized community, we need to start accepting the consequences of our decisions, good or bad. There are a few companies trying to take the throne from Opensea as we speak but do anyone of them truly meet our needs as a community? Which marketplace will prevail as the peoples champ

opinion ✍️

We have some fun news today from the world of entertainment to let you know about. Let's get right into it.

1. The is planning virtual land sales, and an APECoin token to kickstart its metaverse gaming project. According to The Block, who obtained the pitch deck that Yuga Labs has been using to raise money at a $5B valuation, indicates that Yuga Labs is planning on building a gaming-focused metaverse named MetaRPG. According to the deck, there will be a system described as an “in-game app store” that will allow players to create characters using NFTs they own or from scratch.

Yuga will also be selling 200,000 plots of virtual land that will be distributed across two sales in March and August this year, and they plan to raise $178M in each sale, in addition to secondary royalties.

2. TIME Studios, the Emmy Award®-winning television and film production division of TIME, is expanding further on TIME’s NFT initiatives by partnering with The Littles NFT, a project by . The series will be produced through TIME Studios’ Kids & Family division.

3. American Express Files Trademark Applications for Metaverse and NFT Logos

American Express, the world's second-largest payments processor, has filed seven trademark applications linked to virtual services and its iconic Centurion logo, joining financial peers JP Morgan, Visa, and Mastercard in exploring Web3 applications of its IP.

4. Midnight Society, the new AAA game studio founded by , has detailed how it's launching NFTs that grant early access to their upcoming and unnanounced game.

5. BR3AKING: Ukrainian President Volodymyr Zelenskyy has legalized crypto in the country, signing into law a bill on virtual assets.

Former Disney CEO Bob Iger (and his avatar) are entering the metaverse. Iger is investing in and joining the board of , a company seeking to own the virtual avatar market.

“I’ve always been drawn to the intersection between technology and art, and Genies provides unique and compelling opportunities to harness the power of that combination to enable new forms of creativity, expression and communication,” said Iger in a statement.

Are your digital avatars the future of your online identities? Let us know your thoughts below!

Dear Legend make sure to follow
Cause we will give you exact information about nfts, web3.0, coding, twitter, smart contracts, blockchain, metaverse, cryptocurrency and much more. So that please follow us....okay 😊

Former Disney CEO Bob Iger (and his avatar) are entering the metaverse. Iger is investing in and joining the board of , a company seeking to own the virtual avatar market.

“I’ve always been drawn to the intersection between technology and art, and Genies provides unique and compelling opportunities to harness the power of that combination to enable new forms of creativity, expression and communication,” said Iger in a statement.

Are your digital avatars the future of your online identities? Let us know your thoughts below!

Who’s ready for NFTs on Instagram?!

I think the first thing we will see is the Instagram profile pic feature that twitter and YouTube have rolled out. I personally can’t wait because then people can confirm my identity through ownership of NFTs!

Instagram is very creator forward and I think they’ll create a marketplace for people to make virtual goods that will be usable in the Facebook larger metaverse but also be tradeable and such on Instagram.

Imagine minting an NFT on Instagram directly. That’d be nuts. And hopefully easy but I think we’re still far from that. Let’s get that profile pic stuff going first! I need it!

What do you think they’ll do first?
The platform is massive, going to be an interesting roll out. For NFTs in general, this is massive!

💚💚💚💚💚
#2022

SWIPE for the internet’s take❕

The politician, who is also digital transformation minister, drew attention to the fundraiser in response to a tweet by Tesla founder and SpaceX billionaire Elon Musk, who tweeted he “hereby [challenges Vladimir Putin] to single combat”. Mr Federov replied: “We can send him to Jupiter, just in case.”

The donation page appears to be from the Ukrainian government – with the country’s first vice prime minister, Mykhailo Fedorov, sharing the link on Twitter on Monday.

Should they send Putin to Jupiter❔

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1. UNICEF is launching a collection of NFTs to raise money for school internet connections. The NFT drop is the latest effort by the UN agency to support blockchain technology, supporting its Giga initiative to fund internet access for children worldwide.

2. Kickstarter unveiled a plan on Wednesday to build a decentralized protocol for crowdfunding and intends to use the Celo blockchain as a public technology base.

3. Eventually, all museums will build their digital copy in the metaverse, according to Dmitry Ozerkov, the head of the contemporary art department at the State Hermitage Museum. Ozerkov is currently developing the “Celestial Hermitage”, a digital version of the iconic Russian museum, which will be exhibiting NFT art.

What do you think of the latest news from the world of Web3? Sound off below 👇

Dear Legend make sure to follow
Cause we will give you exact information about nfts, web3.0, coding, twitter, smart contracts, blockchain, metaverse, cryptocurrency and much more. So that please follow us....okay 😊

Ripple Reveals Huge Plans For The $40 Billion NFT Market On The XRP Ledger

Ripple is set to strengthen the Non-Fungible Token support of the XRP ledger.Ripple's current NFT promotion efforts for the XRP ledger are already gaining a ton of traction.