What is Cryptocurrancy and NFTs?
States are just starting to issue sales tax guidance on cryptocurrency and non-fungible tokens (NFTs). To overly simplify it, cryptocurrency is digital currency that is recorded on a digital ledger (aka the blockchain). Popular cryptocurrencies are Bitcoin, Ethereum, and Tether. A non-fungible token (NFT) is a unique identifier that records an asset on the blockchain. NFTs usually reference digital files such as photos, videos, and audio. Both cryptocurrencies and NFTs can be ...Continue Reading →