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6.4 Extensibility Issues plex or even contradictory terms. Therefore, undertaking due diligence is a necessity before investing serious tokens in NFTs. - Taxable property Issues. IP-related products (including arts, books, do- main names, etc.) are treated as taxable property under the current legal framework. However, NFT-based sales stay out of this scope. Although few countries, such as the U.S. (internal revenue service, IRS), tax cryptocur- rencies as property, most areas worldwide have not yet considered it. This may greatly increase the financial crimes under cover of NFT trading. The governments would love to make the sale of NFTs reliable with tax conse- quences. Specifically, the individual participants should have the tax liability on any capital gains that are related to NFT properties. Also, NFT-for-NFT, NFT-for-IP, and Eth-for-NFT (or vice versa) exchanges should be taxed. Furthermore, for high-profit properties, or collectibles, a higher tax bracket should be applied. Thus, NFT-related trades are suggested to seek more advice from professional tax departments after the profound discussions. The extensibility of NFT schemes is two-fold. The first is to stress whether a system can interact with other ecosystems. The second focuses on whether NFT systems can obtain updates when the current version is left behind. - NFT Interoperability (cross-chain). Existing NFT ecosystems are iso- lated from each other. Users once have selected one type of product can only sell/buy/trade them within the same ecosystem/network. This is due to the reason of its underlying blockchain platform. Interoperability and cross-chain communication are always the handicaps for the wide adoption of DApps. Based on the observations from [120], cross-chain communications can only be implemented with the help of external trusted parties. The decentral- ization property, in this way, has been inevitably lost to some extent. But fortunately, most of the NFT-related projects adopt Ethereum as their un- derlying platform. This indicates that they share a similar data structure and can exchange under the same rules. - Updatable NFTs. Transitional blockchains update their protocols through soft forks (minor modifications that are compatible forwards) and hard forks (significant modifications that may conflict with previous protocols). A for- mal discussion has been provided in [79] stating the difficulties and trade- offs when applying the updates to an existing blockchain. Despite using the generic model, a new version still faces strict requirements such as toler- ating specific adversarial behaviours and staying online during the update process. NFT schemes closely rely on their underlying platforms and keep consistent with them. Although the data are often stored in separate com- ponents (such as the IPFS file system), the most important logic and tokeId are still recorded on-chain. Properly updating the system with improvements will be a necessity. 15PDF Image | NFTs Non-Fungible Tokens Focus
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NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info
IT XR Project Redstone NFT Available for Sale: NFT for high tech turbine design with one part 3D printed counter-rotating energy turbine. Be part of the future with this NFT. Can be bought and sold but only one design NFT exists. Royalties go to the developer (Infinity) to keep enhancing design and applications... More Info
Infinity Turbine IT XR Project Redstone Design: NFT for sale... NFT for high tech turbine design with one part 3D printed counter-rotating energy turbine. Includes all rights to this turbine design, including license for Fluid Handling Block I and II for the turbine assembly and housing. The NFT includes the blueprints (cad/cam), revenue streams, and all future development of the IT XR Project Redstone... More Info
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