Everything You Need to Know About NFTs in Canada 

NFT Cryptos.
NFT Cryptos. Source: Depositphotos

NFTs might be one of the most exciting investments that people can make at the minute, as they have proven previously to be very profitable and, as such, an excellent choice for those who are interested in getting more involved with owning assets digitally. You often see them referred to within mainstream media because of the fact people are willing to pay an exceptional amount of money for them. Speaking of Canada in particular, a large amount was made and, as such, the Canada Revenue Agency has issued guidance about how you can classify NFTs and what those within the country interested in investing need to know. 


How Much Do NFTs Sell For? 

NFTs are a high-risk, high-reward investment. This is because of the fact, although some NFTs have broken records and sold for millions, there are a lot that aren’t as profitable. As such, it is hard to assign an official figure to how much NFTs sell for, given this varies frequently. It is easy for you to keep on top of what NFTs are doing well by looking up the stats available on marketplaces, such as okx.com. Here, you are going to be able to see what different NFTs have sold for and whether this collection appears to be on a positive or a negative trajectory. 


The World Is Your Marketplace 


One of the benefits that come with NFTs is that they exist on the blockchain and, as such, are completely decentralized. This means that, regardless of where you are based, you can buy from whatever market you so please. This is one of the most beautiful things about crypto in general because it makes it so that an international community of both tech and art lovers can come together. 


If you create an NFT and are not interested in selling it right away, then you don’t have to. You can hold onto your NFT for as long as you would like, in the same way that a lot of people buy physical representations of art, but then store it before they would like to sell it. When you are ready to make your unique transaction, you can do so via the blockchain. 


NFTs in Canada 


NFTs use the same technology that crypto does. Crypto has been used in Canada for a while now, to the point that it can be used as currency for regular items and the government has released tax advice for those who use crypto. Given the technology is similar, this information applies to owners and sellers of NFTs too. Buyers can simply claim what their NFT purchase is as an asset or as a capital investment purchase during the tax season and are then able to follow the guidance which the CRA sets out to provide the proper information. With this government assistance surrounding the likes of crypto and NFTs in Canada, it means that it has never been easier for people to get involved. 

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