Celebrating ‘Plastic Free July’ with Tezos NFTs and art | Opinion

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As a seasoned financial analyst with a background in both traditional finance and blockchain technology, I have closely followed the development of Tezos since its inception in 2017. With my strong interest in art and sustainability, I’ve been particularly intrigued by the growing adoption of Tezos within the art world due to its energy efficiency and low cost.

Over the past few years, since its initial offering in 2017, the Tezos blockchain has gained significant popularity in the art world for its energy efficiency and affordability. Notable artists in the field of AI, such as Refik Anadol – an internationally acclaimed media artist, director, and pioneer in data and machine intelligence aesthetics – have adopted Tezos to carry out transactions between peers and deploy smart contracts. The token representing this platform is known as Tezos (XTZ) and can be traded on various cryptocurrency exchanges.

As a seasoned art enthusiast with a deep appreciation for technology and sustainability, I’m thrilled to share my excitement about Tezos blockchain’s participation in this year’s Ribela Love Nature event. With a background that includes following Art Basel since its inception in 2021 and collaborating with Serpentine Arts Technologies since 2023, I can confidently say that this open-air, eco-conscious techno gathering is not to be missed.

During the month of July, the “Plastic Free July” movement highlights the detrimental effects of plastic pollution on our environment. This initiative, established in Australia back in 2011, aims to raise awareness about the global issue of plastic waste and its harmful consequences for wildlife, nature, and human health. The prestigious campaign is led by the Plastic Free Foundation, an organization dedicated to realizing a world without plastic waste as outlined in their “2023 Impact Report.”

The Plastic Free July initiative played a significant role in the approval of the first global Plastics Treaty at the UNEP assembly in Nairobi, Kenya, in 2022. This groundbreaking agreement was backed by 175 countries. Though the specifics of the treaty are yet to be finalized by UNEP’s Intergovernmental Negotiating Committee on Plastics Pollution, it may come into effect as early as 2025.

During Plastic Free July, I present my artistic exhibitions at two museums to raise awareness about the detrimental impact of plastic pollution on marine life.

  1. Putnam History Museum—Healing Waters by Selva Ozelli
  1. Havre de Grace Maritime Museum—Moody Blue Crabs by Selva Ozelli 

Scaling up Tezos

As an analyst, I’m excited to share that while immersed in the sustainable techno experience, a notable advancement emerged within the Tezos ecosystem: the unveiling of Jstz (pronounced ‘justice’). This smart rollup, fueled by JavaScript, is designed to amplify Tezos’ capabilities and transform it into an interconnected blockchain platform. Furthermore, Jstz will serve as a versatile, OP, cloud-like backend for various applications.

To ensure blockchain technology becomes widely used, it’s essential to enhance its utility by scaling its capabilities. The quickest and most affordable blockchain is ineffective if there are no applications or destinations for users. Developers can create these valuable resources on Jstz, an L2 rollup under development on Tezos. This platform enables JavaScript usage along with its extensive resources such as APIs, proven JS tools, npm ecosystem, and libraries. Jstz’s GitHub repository offers the benefits of web3 while incorporating built-in identity, wallet, and payment functionalities.

NFT tax reporting regulations finalized

Beginning on June 28, 2024, the US Treasury Department and Internal Revenue Service (IRS) released the final regulations for digital asset broker reporting. These rules apply to centralized exchanges and hosted wallet providers, requiring them to report transactions involving digital assets, such as NFTs, in the United States. However, the agencies have postponed issuing related regulations for decentralized finance (DeFi) platforms and non-hosted wallet providers. They are currently reviewing over 44,000 comments on the matter before establishing separate guidelines for these entities later in the year.

Starting from 2025, the new regulations will become enforceable for digital asset transactions. At that point, brokers dealing with tokens must maintain records of their customers’ cost basis. Compliance with this requirement begins in 2026. Additionally, these brokers will need to submit 1099-DA forms, similar to those used by conventional investment firms. Notably, the reporting threshold for NFT sales proceeds is set at $600 per year.

The new regulations clarify reporting duties for NFT platforms, ensuring transparency between artists-taxpayers, the IRS, and themselves. This is crucial in addressing the projected $50 billion crypto tax shortfall and enhancing the acceptance of digital assets as legitimate financial assets. Artists will now be aware of their reporting requirements when engaging with NFT platforms, while the IRS can anticipate corresponding filings on tax returns.

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2024-07-22 16:16