The reason why NFT artwork is worth millions isn't just for a speculative market so another chump will buy it from you at a higher price, but it also has another value. Like all artwork it is used for tax avoidance. The high price of NFTs allows a wealthy elite to squirrel away millions to accrue value without being taxed. They are more handy than a real piece of artwork or some expensive property in London because a digital image isn't vulnerable to physical damage or maintenance costs. It's obvious why this shit is exploding.

  • Grownbravy [they/them]
    ·
    3 years ago

    an interesting video that touches on the tax laws on physical artworks changing so they jump to the next thing....

    https://www.youtube.com/watch?v=VtxQL55Y8cM