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Top related persons:
Justin Bieber - 1 Stephen Curry - 1 Madonna - 1 It's - 1 Bieber - 1 Curry - 1 DappRadar's - 1 Warren Buffett - 1
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Labs - 1 ETH - 1 Los Angeles Times - 1

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3 mentions found


☆ Justin Bieber's Bored Ape NFT was valued at $1.3 million in 2022—now it's only worth around $60,000
  + stars: | 2023-07-07 | by ( Cheyenne Devon | ) www.cnbc.com   time to read: +3 min
But today, prices for Bored Ape Yacht Club NFTs, one of the most popular collections, has crashed to a two-year low. Take one Bored Ape NFT owned by Justin Bieber, for example: It has declined in value by about 95% over the past year and a half. In January 2022, the Grammy award-winning music artist entered the world of NFTs by allegedly dropping 500 ETH (around $1.3 million at the time) on Bored Ape #3001, an NFT belonging to Yuga Labs' Bored Ape Yacht Club (BAYC) collection. But as of July 2023, Bieber's Bored Ape is only worth around $59,000, according to Bitcoinist. Basketball star Stephen Curry purchased Bored Ape #7990 for 55 ETH (nearly $180,000 at the time) on Aug. 28, 2021.
Persons: Justin Bieber, Stephen Curry, Madonna, It's, Bieber, Curry, DappRadar's, Warren Buffett Organizations: Labs, ETH, Los Angeles Times Locations: That's
☆ The IRS may tax certain NFTs at a higher rate in the future — here’s what to know
  + stars: | 2023-04-07 | by ( Cheyenne Devon | ) www.cnbc.com   time to read: +3 min
Currently, the IRS treats NFTs and cryptocurrency as property for federal income tax purposes, according to the agency's website. However, net profits earned from selling a collectible are subject to a higher tax rate of 28%. So, if the IRS decides to treat NFTs as collectibles for tax purposes, sellers may be faced with a higher tax bill. The NFT market started the year off with a sizable surge in trading volume, according to NFT and DeFi tracking company DappRadar's latest report. That's up from trading volume of $1.9 billion on 18 million sales in the fourth quarter of 2022.
☆ As NFT trading surges, a 'golden key' prize from Yuga Labs' limited-time game sold for $1.6 million
  + stars: | 2023-03-03 | by ( Cheyenne Devon | ) www.cnbc.com   time to read: +2 min
A non-fungible token (NFT) collector just dropped more than $1 million on a virtual "golden key." Adam Weitsman, CEO of Upstate Shredding – Weitsman Recycling, purchased Yuga Labs' "Golden Key Sewer Pass" for 1,000 ETH, which was valued at about $1.6 million at the time of sale on Feb. 27, 2023. Jackson won the one-of-one, digital "golden key" after receiving the highest score on "Dookey Dash," Yuga Labs' web-based NFT game. Jackson also said that royalties would be paid in full to Yuga Labs. This seven-figure sale comes amid a surge in NFT trading and sales in early 2023, according to DappRadar's latest industry report.
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