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submitted 2 years ago* (last edited 2 years ago) by Metalorg@hexbear.net to c/technology@hexbear.net

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.

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[-] Grownbravy@hexbear.net 1 points 2 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

this post was submitted on 16 Nov 2021
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