The White House formally backed the last-minute amendment to the infrastructure deal in a late Thursday statement “to clarify the measure to reduce tax evasion in the cryptocurrency market.”
The statement by White House deputy press secretary Andrew Bates says that “the Administration believes this provision will strengthen tax compliance in this emerging area of finance and ensure that high income taxpayers are contributing what they owe under the law.” He continued:
“We are grateful to Chairman Wyden for his leadership in pushing the Senate to address this issue, however we believe that the alternative amendment put forward by Senators Warner, Portman, and Sinema strikes the right balance and makes an important step forward in promoting tax compliance.”
The crypto community is pushing back against amendments to the crypto provisions of the White House’s infrastructure plan — which seeks to raise $28 billion for infrastructure funding through expanded taxation on crypto transactions and impose new reporting requirements for crypto “brokers.”
On Friday, senators Mark Warner and Rob Portman proposed a “last-minute amendment” to the infrastructure deal to exclude proof-of-mining and sellers of hardware and software wallets from the bill. However, the amendment’s wording suggests crypto developers and proof-of-stake validators would still be subject to expanded reporting and taxation that some have described as “unworkable.”
Christie’s upscale building located in New York City’s Rockefeller Center, Midtown Manhattan. The organizers were exhibiting a 3D frame, which allows a hologram of oneself to be remotely projected elsewhere, and discussing how animated interactive collectible cards will change over time based on the real-life performance of the displayed athletes. Galaxy Digital CEO Mike Novogratz, Canadian artist Mad Dog Jones, head of global marketing at TikTok Nick Tran, co-creator of CryptoPunks Matt Hall, co-founder of Tezos Kathleen Breitman and president of TIME Keith Grossman — all movers and shakers in the art and tech space gathered (some of them virtually) at Christie’s fourth annual Art+Tech Summit to discuss the future of nonfungible tokens (NFTs).
The interest in nonfungible tokens is not so new at Christie’s. In fact, the auction house’s first Art+Tech Summit, held in London back in 2018, was dedicated to blockchain technology, and the organizers gave away 300 NFTs created by Robbie Barrat. Surprisingly, only 12 people claimed their free NFTs. All the remaining tokens are probably lost forever, hence the SuperRare team calling them “Lost Robbies.” While no NFTs were given away at the summit this time, the audience in 2021 seemed much more prepared — likely because Christie’s bold moves in the
NFT space this year were hard to miss. The auction house has reportedly made a total of around $93.2 million in NFT sales, including $69 million with the Beeple sale in March, $17 million with CryptoPunks and $3.3 million with Andy Warhol in May, and $2.16 million with FEWOCiOUS in June. Moreover, Christie’s curated, online-only “Trespassing” auction made $2.5 million in July, after it released its financial figures. According to the numbers in the report, NFT sales represented close to 42% of the total online sales at Christie’s.
Since 2017, dozens of projects have created games that use blockchain and nonfungible token (NFT) technology. The overall vision is inspiring and has attracted a solid base of fans and investors in equal measure. However, the industry is still in its infancy, and we have a long way to go until it achieves mainstream adoption.
There are various hurdles on the path to this promised land. Some of the primary barriers are that NFT games have relied too heavily on their money-making traits as the selling point and lag behind traditional games when it comes to engaging game mechanics. But it isn’t going to stay this way.
The current state of NFT gaming
To understand NFT gaming, we must first understand NFTs. NFTs represent digital items that are indivisible, scarce and unique. They have been almost inescapable in the news lately, as various artists and celebrities have been issuing and selling them as rare collectibles. While this does tap into one of the inherent use cases for this technology, it’s just the beginning.
Video games have the potential to take NFTs and make them a major cornerstone of their economy, which could give quite a bit of power back to the players, as in-game purchases will genuinely be “owned.” As NFTs, these items can be resold on secondary markets, loaned out, be transferred outside of the game and essentially become a tangible investment. Developers can get even more creative. For example, items can be fractionalized, pooled into an index fund, exist across multiple games, evolve each time they are traded, and more.
This Daily Dose was brought to you by Cointelegraph.