The Metaverse and NFTs: business and earning opportunities - Euroconference News

The Metaverse and NFTs: business and earning opportunities – Euroconference News

Since, very recently, the founding father of Facebook, Mark Zuckerberg, decided to rename his company “Half“, the term “metaverse”Began to run like never before and to be talked about with always greater frequency and insistencea, even if for most of the audiences it still represents a nebulous and abstruse concept.

With the term “metaverse“Refers to one shared virtual collective spaceevolved and improved heir of what we could pretentiously define the “ancestorscrypto-assets and blockchainthe result of a convergence and fusion between real and digital world within which, by operating through a virtual alter-ego, it is possible to close shops having effects in physical reality.

Wanting to trivialize the concept expressed above, it is possible to state that “exploiting”This new digital alternative space, the metaversean investor, through his own avatarcan participate in a virtual shop, for example, when purchasing a work of art or a real brand and, if concluded positively, bring the virtually acquired good and / or advantage into the real world.

The main purpose of this medium is to create a reality mirroring the “purified” physical onehowever, from any limit, uncertainty and risk characterizing earthly transience, thus allowing investors to work, interact and negotiate in a perfect dimension which acts as trait d’union between real and virtual.

It is evident how the prospects for development and earnings for a business born in the real world through the use and potential offered by such a virtual instrument, still actually in its embryonic stage, may be so large that it seems difficult to imagine and predictablebut, nevertheless, very attractive for companies.

The parallel universe described above bases its cryptographic and operational nature on the blockchain, shared and immutable technological paradigm to which the Bitcoin protocol, smart contracts, tokens, cryptocurrencies and, most recently in order of appearance, the Non-Fungible Token, so-called NFT, whose diffusion is assuming exponential speed and scope; they are cryptographic tokensi.e. alpha-numeric codes, incorporating rights in digital or physical assetswhich boast among their peculiarities the uniqueness and non-modifiability of the digital certificate of authenticity incorporated in them, the non fungibility and the ability to be able to circulate without a third party having to carry out any intermediation activity.

From this feature of non-replicability, non-modifiability and non-substitutability for the holder-investor there is a guarantee of exclusivity, non-divisibility and digital protection, elements under which NFTs are “temporarilyfiscally assimilated to works of artrather than rare collectible items, niche or refuge goods, but for which, it should be emphasized, the current national legal and fiscal system it has not provided for any discipline ad hocas well as the financial administration has not published any specific clarification.

To be fair, it should be noted that the unpreparedness and lack of reactivity shown by the domestic legislator regarding the new issue it does not appear to be a purely Italic peculiarity but it seems to unite all countries to some extent; the only positive counter-current note must, on the other hand, be recognized at United Kingdom where the HMRC, with the publication of the Manual CRYPTO22600 “Cryptoassets for individuals: Capital Gain Tax: determining the location of exchange tokens”Tried to provide some indication about the tax treatment to be applied specifically to NFTs: in particular, it has been clarified that, in the event that the “virtual product” has a physical asset such as gold as underlying, it is advisable to use a “look through“And locate the” digital right “where the aforementioned asset is physically locatedwhile, if the virtual product does not “stand” on any good, the most appropriate criterion seems to be that of residence of the beneficiary.

In both cases, however, the tax regime applied based on the location is accompanied by any monitoring obligations.

It follows that, as far as the panorama is concerned domesticthe metaversethe new products of the digital world and the temporary and desired legislative vacuumconstitute a undoubtedly positive and favorable combination of potential and opportunities for all those companiesand, more generally, for the investors who wish to build lawfully relevant business, thus guaranteeing important earnings.

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