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6.3 Governance Consideration Similar to the situations of most cryptocurrencies, NFTs also confront the bar- riers like strict management from the governance. On the other side, how to properly regulate this nascent technology with the corresponding market is also a challenge. We discuss two typical issues from both sides. - Legal pitfalls. NFTs confront legal and policy issues across a wide range of areas [78][87]. Potential concerned areas cover commodities, cross-border transactions, KYC (Know Your Customer) data, etc. It is important to un- derstand the related regulatory scrutiny and litigation before moving into the NFT tracks. In some countries, such as Indian and China, the legal sit- uation is strict for cryptocurrencies, and also for NFT sales. Exchanging, trading, selling, or buying NFTs have to overcome the difficulties of gov- ernance. Legally, users can only trade derivates on authorized exchanges such as stocks and commodities or exchange tokens with someone person-to- person. Several countries, such as Malta and France, are trying to implement suitable laws with the aim to regulate the service of digital assets. Elsewhere, issues are resolved by using existing laws. They require buyers to follow com- 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. 6.4 Extensibility Issues 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. 14PDF Image | Non-Fungible Token (NFT): Overview, Evaluation, Opportunities
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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
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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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