Hello friends,
I know, I know, this week's newsletter was supposed to be a "how to migrate to Arweave in 90 seconds" tutorial.
Life is hectic.
Balancing everything—family, work, and creating content—is challenging. With only 24 hours in a day, it's tough.
But I'm doing my best to bring you amazing tutorials and tools (Let me know if you wanna be a beta tester).
For now, enjoy this newsletter; it will save you a lot of headaches.
In 2021, @beeple made headlines with a $69M (~ETH42,000) NFT sale.
Then he cashed out.
Some felt confused or scammed:
but he had to do it...
No matter where you live:
selling something = owing taxes to the gov (like VAT or capital gains)
And be careful, because this can shatter your dreams.
One of my friends made $350,000 in 2021 from a big project, and kept everything in crypto.
The guy is a true degen 👑
Still, he later consulted an accountant.
The news was devastating:
He owed $200,000 but didn't have the money. What happened ?
Well, after selling his project, ETH plummeted BIG TIME.
He sold for $350k but now only had ~$100k !
In some countries, taxes are based on the value at the time of selling.
So, if you sell for a million and ETH crashes to zero, you still owe taxes on that million.
How crazy is that? Beeple's $69M sale could've been a disaster.
Sure, ETH went up, but would you have bet $69,000,000 on that?
Let's say he owes half to the gov, and ETH drops 50%, he's broke.
The headlines would have been different:
He sold for $69M but goes bankrupt ?!
If you think "well if it fluctuates but not that much right?"
Look again 👇
I'm not telling you to always withdraw your sales (even though I do).
This isn’t financial advice, of course your situation depends on local law.
But if the government takes 30%, plan for it. maybe withdraw 30% or use stablecoins to reduce risk.
Tools like 0xSplits can help you automate this. (let me know in the comments if you want a tutorial on how to use Splits for taxes)
I kept my bookmarks for my faithful subscribers only (thank you for the support <3)
The winner of last week's contest is @NFTmaki, who wins a "The Price is Almost Right" NFT (worth $170):
See you next week ✌
Nahiko
If you enjoyed this marketing idea, please tap the Share button below ❤️ Thank you!
I share 1 new thing I learned in the NFT space, every week ✨ Don’t miss the next one:
Nahiko
537
