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NFTs do have a use value (hexbear.net)

submitted 3 years ago* (last edited 3 years ago) by [email protected] to c/[email protected]

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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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[–] [email protected] 1 points 3 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