Dive Brief:

• Starbucks this week teased plans to enter the web3 space with the launch of a collection of non-fungible tokens (NFTs) later this year, the company announced during its quarterly earnings call on May 3. Those who buy the digital collectibles will gain access to exclusive content and other experiences, though it’s unclear exactly what types of perks will be available.
• The company noted it will establish Starbucks’ NFT community on an “environmentally sustainable” web3 platform — a move that, though light on details, aligns with the chain’s existing sustainability commitments.
• Executives on the call explained how NFTs could help Starbucks extend the brand’s concept of the “third place,” a previously announced phrase that signifies a welcoming place between home and work where people can feel a sense of community over coffee.

Dive Insight:

While NFTs are one of the buzziest tech terms of the year, Starbucks’ announcement arrived the same day as a Wall Street Journal report detailed how the NFT market was “flatlining.”

The coffee chain’s foray into digital tokens appears to lay the groundwork for a broader web3 space, using the NFTs to double as access passes to special perks and experiences that align with Starbucks’ efforts to build a community around coffee.

“To achieve this, we will broaden our framework of what it means for people to be a member of the Starbucks community, adding new concepts such as ownership and community-based membership models that we see developing in the web3 space,” Chief Marketing Officer Brady Brewer told investors on the call.

Starbucks’ NFT entry complements the chain’s current app-based digital ecosystem and builds on its early-adopter approach to mobile technology. Its mobile payments system — the second most used form of mobile payment in the U.S. behind Apple Pay — helped to pioneer the idea of using a phone to order and pay for purchases before the tech was mainstream.

Executives appear to be looking at the company’s history of incorporating mobile tech into its business strategy with Starbucks’ rollout of NFTs. The company alluded to a broader “Starbucks Digital Community Web3 platform” possibly tied to in-store mobile payments, suggesting it plans to build out its platform to additionally offer more than mere digital tokens.

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‘Eye of the Beholder’ Podcast #18 – Marking the Future.

 

NfinityMark co-founder Kirsten Hinder recently guested on Barnebys’ podcast Eye of the Beholder. She and Pontus Silfverstolpe unpacked some of the less-known benefits of NFT and Blockchain technologies. Listen to learn why, in an increasingly digital everyday, securing the authorship, ownership and provenance of our physical assets should be top of mind for Creators, Dealers and Collectors alike.

 

Listen to the full podcast episode HERE. 

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Non-fungible tokens (NFTs) are creating an emerging market for artists and collectors to sell their unique “signed” digital assets in a manner that also makes unsigned copies available to the public. Sellers and purchasers of NFTs should ensure that they understand the copyright implications of the transaction. This article is part of a series exploring the evolving IP landscape in the internet, digital media and e-commerce industries.

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The Covid-19 pandemic hit artist Cam Rackam's business hard, so he pivoted to creating digital art and ended up making six-figures from NFTs that sold out in just over half an hour.

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Getty ImagesNEW ORLEANS — Sidewalk Side Studio, in collaboration with Scale Workspace and Gilded, is presenting an NFT gallery show. On display from March 26 through June 25, NFT=ART will feature more than 30 original NFT works by Frenchy, Regina Scully, Jerin Beasley, Tito Rodriguez, Andi Allen, Monica Rose Kelly, Cheria Scaffidi, Lindsey Roussel, Anne Lipscomb, Rachael Noto, Lindsay Gustafson,…

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What led to the blockbuster NFT deal and why the Punks creators said they weren’t “well suited” to support the project.

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Last week, I met with a gallerist who recalled that “nobody was interested in documenting artworks in the 80’s – it was almost a dirty thing for gallerists to do”.

 

I imagined the process of collecting to have resembled a form of immaculate conception, whereby artworks appeared from a break in the clouds and no one questioned where they came from or why – They just ‘were’ due to some kind of divine intervention.

 

Surprisingly, this narrative hasn’t really changed in 30 years. Today, the majority of artworks sold are done so on a handshake that is, at best, chased by an electronic bill of sale. And, it’s not uncommon that collectors spend large sums purchasing works on the second-hand market that lack documentation in the form of either a certificate of authenticity or complete record of provenance.

 

That the Art World is built on a foundation of trust is a good thing in theory, but can be flawed in practice. We need only to look at statistics that estimate up to 50% of the artworks circulating in today’s art market to be either forged or mis-attributed to understand the magnitude of this problem.

 

Ensuring that artworks entering today’s market are properly verified is a collective responsibility, with clear benefits for artists, gallerists, collectors and institutions. It’s not about trust (or lack there of) but a respect for the provenance of artworks, their creators and the emotional and financial investments made by the collectors and institutions who acquire them. It’s simply nice to know what you are buying.

 

Authentication can be done at great expense by a room full of experts 200 years after an artist has died, or artworks can be verified at source, before they are released into the wild. This is one cornerstone of our business – To secure artworks with a digital record that protects authorship, ownership and provenance.  

 

If you are interested in learning more, feel free to contact us to discuss how Nfinitymark can support and sustain your gallery, business or artistic practice.

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Sapio Analytics, an artificial intelligence-based government support organization has joined hands with WazirX NFT marketplace to launch digital collectibles of rare artwork from ancient India. The company claims that this would be the first when ancient Indian artwork would to be converted into a non-fungible token (NFT).

Ancient Artworks of India will now be available for ownership through data-driven government advisory firm Sapio Analytics. This collaboration will feature rare artworks from the ancient times of India.

These works have been photographed and digitally restored by many people, including Indian documentary filmmaker, Benoy K Behl, and selected items are now on offer via NFT. The drop will be made on 7 January 2022.

The introductory NFT is artwork from 5th century CE, that shows the meaning of divinity with the power to elevate the consciousness of those who engage with the art. The artwork belongs to Pitalkhora Buddhist Caves and was photographed by world-renowned filmmaker and art historian Benoy K Behl in 1992.

Commenting on the drop, Vishakha Singh, vice-president, WazirX NFT Marketplace, said, “What makes this drop additionally special is the fact that a firm that works so closely with the government is now recognizing the potential NFTs hold and how blockchain can be used as a source of communication and connection with the new generation.”

“The first artwork being launched on WazirX NFT platform is one of the greatest creations by humans ever. We are still offering it at a nominal price to its bidders because we believe that this launch shall initiate a revolution in the world of art, creating a new market for Indian artists who focus on the power of emotions in their artworks, as represented by these ancient works,” said Manav Kumar, tech research analyst, Sapio Analytics.

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Opinions expressed by Entrepreneur contributors are their own.

NFTs, or non-fungible tokens, are still a relatively new phenomenon. One could make the argument that they originated with the 2017 Cryptokitties project, but they didn’t grab the world’s attention until early 2021 when artist Mike “Beeple” Winkelmann sold an NFT through British auction house Christie’s for $69 million.

Since then, interest in them has spread like wildfire, with NFTs being scooped up left and right. If you’re going to dive into the NFT scene, it’s important to understand how they’re taxed. Being such a new financial phenomenon, it’s not surprising that many don’t fully understand the tax laws regarding NFTs, especially when those laws can be fairly ambiguous.

Related: Here’s What to Keep in Mind When Creating and Selling an NFT

We can’t give you information that’s specific to your situation. For that reason, we strongly recommend that, if you’ve bought, sold or traded NFTs, you hire the services of a professional. What we can do, however, is give you some general information to keep in mind when dealing with NFTs.

Regard NFTs as collectibles

When dealing with cryptocurrencies, investors are subject to a specific set of tax rules. You’ll encounter similar rules when buying and selling NFTs, but there are some differences, so don’t get yourself into trouble by treating NFTs like crypto. Unlike cryptocurrencies, which are taxed like stocks, the IRS likely classifies NFTs as collectibles, which are taxed at a different rate.

Unfortunately, NFTs present a very new concept to the tax world, and how they’re classified for tax purposes is a matter of rigorous debate. Several professionals agree, however, that they fall under the umbrella of collectibles, along with things like gems, coins, antiques and works of art. Experts argue that, while current tax law doesn’t elaborate too deeply on what constitutes a collectible, an NFT would be regarded as a work of art.

An NFT being a collectible means that it will be taxed at a certain rate. That rate is higher than what cryptocurrencies are taxed at, so if you make the mistake of treating an NFT exchange like a crypto exchange, you’re going to owe more than you expected.

The maximum long-term capital gains tax rate for crypto, like stocks and other property, is 20% for the highest tax bracket. The long-term rate for NFTs is 28%, again for the highest bracket. The short-term capital gain rate for NFTs, short-term meaning you held the asset for less than 12 months, is 37%.

Track everything

When you do anything with an NFT, whether you’re buying, selling, or trading, it’s up to you to manually record all of the details. Unlike other monetary transactions, including those made with cryptocurrency, there’s very little recorded when NFTs switch virtual hands. These dealings are not tracked like traditional purchases.

Similarly, there’s no easy way to see the value of an NFT. It is again up to you to appraise and record NFT values as they happen so that you have all of that information available when it comes time to file.

Related: How NFTs Are Set to Disrupt the Music Industry

It’s been repeated ad nauseam in this article, but NFTs are a new development, so the laws are still working themselves out. The safest thing to do in the meantime is to keep detailed records and enlist the help of a tax professional.

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