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Technology has now made us socio-friendly. We share lots of memes, infographics, artwork, and other digital property. Mostly with our friends and family. It can be either for entertainment or information. Also, it can be to spread awareness on a specific agenda.
However, did it come to your mind? Who’s the creator of these properties? Or where is the actual origin of those digital assets? The solution is NFT.
What is NFT?
An NFT or Non-fungible tokens is, in essence, a collectible digital property. The value is held as cryptocurrency. NFTs are value-conserving investments, similar to art, which is a visual form. But how?
So, NFT stands for a non-fungible token. This is a digital token that’s identical to cryptocurrency. 
It has similar properties to Bitcoin or Ethereum. But unlike Bitcoin, it is not exchangeable. An NFT is specific and is not exchangeable like-for-like (hence, non-fungible).
It has similar properties to Bitcoin or Ethereum. But unlike Bitcoin, it is not exchangeable. An NFT is specific and is not exchangeable like-for-like (hence, non-fungible).Why NFTs are so crucial?
NFTs have become highly popular with crypto customers and companies alike. The reason is that NFTs brought in a revolution to the gaming space. Around $174 million is now spent on NFTs from November 2017.
Thanks to the arrival of blockchain technology. Gamers are now perpetual proprietors. It can be an in-game item and different specific property and make money from them. Players create and monetize objects like casinos and subject parks in digital worlds. This includes things like a Sandbox and Decentraland. Also, there’s the possibility of selling items that are accrued through gameplay. It can be in the form of costumes, or in-game currency.
How Did NFT Suddenly Become so Popular
Several industries use NFTs based on ERC-721. Below are some excellent features that make NFTs popular:
- The entire data of NFT is secure in Blockchain. This means the tokens are not removable. No matter what, you cannot destroy or duplicate it.
- The primary source of cost for NFTs is their scarcity. However, NFT developers can make an endless number of tokens. They’re saved limited purposefully to keep their value.
- NFTs are indivisible. Therefore, unlike Bitcoins NFTs are not available in denominations.
NFTs Characteristics
1. Non-Interoperable
NFTs are considered non-interoperable due to their ERC 721 base. This means that the data saved in them 
are unexchangeable or utilized in any manner.
are unexchangeable or utilized in any manner.2. Rare
NFTs are scarce. Needless to say, this contributes to both the craze and price of NFTs. Therefore, if the quantity goes down from here due to any reason, the prices will shoot way higher.
3. Indestructible
People control NFTs through Blockchain, which provides them with more safety. This also makes them indestructible and un-removable at any cost.
4. Indivisible
You cannot send NFT partially to anyone (unlike different cryptocurrencies). It is because they’re non-fungible and don’t have a described value. For example, one bitcoin will own the same price after the transfer, but an NFT won’t.
Owning crypto assets is becoming more and more popular these days. But the government knows it is challenging to regulate the happenings in this market. They are constantly thinking about multiple ways to make it viable for scrutiny. Even after numerous attempts to bind the traders. The government is coming with a very new approach which is also used in barter exchanges. The Internal Revenue Service is working nonstop to make crypto gains taxable to its core. They are looking for multiple methods to regulate taxability and stop evasion.
They are now making the exchanges responsible for maintaining records of their traders. Once the implementation of form 1099-B is complete. The IRS is looking to dish out records of profits and 
losses. This might emerge as the best possible way to report crypto transactions for IRS. But it has become a severe headache for the exchanges.
losses. This might emerge as the best possible way to report crypto transactions for IRS. But it has become a severe headache for the exchanges.What is Form 1099-B?
The form 1099-B primarily records proceeds from broker & barter exchanges. It is mainly used for recording profits and losses of one financial year. The taxpayer has nothing to fill out, as the platform provides them with all the details. With this new rule, crypto exchanges will have to provide the traders with a filled-out form. Which they will transfer to their individual form 8949. The primary purpose of using 8949 is to calculate total profits and losses. After which, the final information goes to Schedule D under their tax return.
Why is it difficult for Exchanges to maintain this?
Crypto assets such as BTC ease the transfer of holdings. As the occurrence is in abundance quantity. It is hard for exchanges to maintain all the records on a trader’s behalf. The reason is the absence of accurate data with cost centers. This is very is essential for filling 1099-B.
What’s more, they have to do it for every user and every trade that occurs on their exchange.
Who can file 1099-B?
Form 
1099-B is for recording profits and losses from multiple exchangeable commodities. It contains records of gains from stocks, options, securities, and other commodities. Here the broker had to submit this form to the IRS along with a copy to their customers. This includes people dealing in any commodity through their brokerage channel. This form also serves as a profit and loss statement for the taxpayer.
1099-B is for recording profits and losses from multiple exchangeable commodities. It contains records of gains from stocks, options, securities, and other commodities. Here the broker had to submit this form to the IRS along with a copy to their customers. This includes people dealing in any commodity through their brokerage channel. This form also serves as a profit and loss statement for the taxpayer. Let’s say you deal in stocks, and you sold many shared in your previous financial years. Let’s say the total amount was around $15K. In this case, this amount will reflect in the IRS from two different sources. Here, the broker will report this under his 1099-B, and you will report it under your capital gains.
You can easily add the form 1099-B to your tax returns by going to the Federal section’s official website. Under which you have to record it in the Schedule-D section.
Goldman Sachs is looking to offer its customers investments into crypto assets. After the appointment of its new global head in digital assets, Mary Rich. Goldman decides to follow the footsteps of many renowned organizations. The bank reportedly said it would begin this investment in the 2nd quarter. She is the new head of the digital asset class.
Goldman is all set to offer investment plans for investors into bitcoin and other assets. She also mentions that they are looking to invest in all spectrums. This will include derivatives, investment channels, and even physical bitcoins. Although the bank explicitly stated that this is only for wealthy customers. So, customers who are willing to put in extensive investments will get these services. “Goldman is looking to invest into the upcoming internet revolution,” says Rich.
How can clients benefit from this?
CNBC revealed that Goldman Sachs is to offer its Prime customers, digital assets. Mary Rich said 
that they are working closely. They want to provide customers with something better to look forward to. With this client will have a user-friendly ecosystem. Therefore, they will have access to digital assets. With this, customers can quickly get all the information regarding their investments.
that they are working closely. They want to provide customers with something better to look forward to. With this client will have a user-friendly ecosystem. Therefore, they will have access to digital assets. With this, customers can quickly get all the information regarding their investments.How does this affect the global market?
Goldman and Sachs hold some of the most prominent billionaires in the market. Morgan Stanley is also looking to enter the same business. These banks will work with some of the most significant corporate houses in the country. Where they will be able to invest their money into bitcoins and other assets.
Most of these customers know that bitcoin can stake their funds against inflation. This came into consideration after Morgan Stanley revealed their strategy. Morgan Stanley is looking to enter the crypto market in April.
Only the wealthiest can Invest
The banks already know the market of cryptocurrencies is very volatile. Due to which they tried to negotiate these investment plans with their customers. In a statement, Rich said that they had to accept the demands of their clients. After which, the bank decided to regulate this investment scheme.
Goldman 
Sachs’s management team will target those who are ready to invest at least $25 Million. This will help them cut out the masses, and the only customer that has enough money can jump in.
Sachs’s management team will target those who are ready to invest at least $25 Million. This will help them cut out the masses, and the only customer that has enough money can jump in.Rich also mentions that customers are showing great interest in this investment eyeing the growing popularity. Also, it’s one of the best hedging options to fight inflation. She also mentions that many clients feel left out.
What is their Game Plan?
Goldman’s management team is looking to follow Morgan Stanley’s game plan. They will offer customers bitcoin-powered investment funds. Also, customers can invest in many other endeavors. The official also said that clients could also invest in Galaxy bitcoin funds. Here you can buy and sell general holdings quarterly. Whereas its institutional fund can liquidate on a weekly basis.
The American financial market is mainly fueled by debt. And the rising inflation problems are causing too much trouble. Even for an average American citizen. America is facing exponentially rising inflation rates. A recent study found out that out of every 100 people, 70 got affected by inflation.
With the emergence of cryptocurrencies and more people being increasingly aware of them. We can expect more room for Bitcoin to increase its value as the buying pressure gets a massive push due to the fear.
What is the reason behind the fear?
Experts say that the fear is predominantly political. Many workers lost their job and others are struggling with lesser work hours due to Covid. Because of this, their pays decreased, which was the reason for this 
chaos over time.
chaos over time.These people are the most vulnerable and sensitive to the rising inflation rates. Therefore, there’s an impact on the general cost of living. The main reason is their low earnings, which dramatically influenced inflation.
Who gets affected, who doesn’t?
Generation Z will be directly involved. It will not be exempt from investing money into Bitcoin in the coming years.
In a survey, Generation-Z expressed a very high level of fear over the coming economic crash. Big institutions and independent whales won’t be participating in the Bitcoin world.
When it comes to inflation’s natural effect, generation x is the most worried of all groups. It is pretty understandable as the ages commonly range between 35 and 54. They are getting older with not many options in their hands. Hence, the worry about a secure future.
Why Bitcoin?
The central banks worldwide printing more money over time leads to inflation. But Bitcoin only has a limited supply of 21 million coins. This minimal supply acts as a safeguard against inflation.
Bitcoin 
is the flagship cryptocurrency in the market right now. It will continue to be the same for many years to come.
is the flagship cryptocurrency in the market right now. It will continue to be the same for many years to come.Although the prices are volatile than the average stocks, the value of Bitcoin only goes up in the long term.
So seeing this safety of Bitcoin becomes an ideal choice for investment. Even for people who feel pressurized by the steadily rising inflation prices.
What are the possible solutions?
The government can control prices to try and prevent inflation. Stringent monetary policy can help the government. This will reduce the existing money supply to fight against rising inflation. What’s more? The government can also deploy specific country-backed securities and bonds. This will allow citizens to tackle the rising inflation.
In conclusion, whatever the government tries to amend, bitcoin remains the safest bet.