Weak Signal Wednesday 002: Celebrity Crypto Endorsements & NFT Taxes
An On-going Record of Emerging Trends
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Sorry for the Delay…NOT
I’m constantly apologizing for my delay in sending emails, even though I think the constant rush to quickly reply is unsustainable and annoying. Turns out, I’m not the only one! Joe Pinkser at the Atlantic tackled the cost of a society where we all feel pressured and obligated to be constantly available.
Joe writes that we should stop apologizing and start normalizing the idea that people shouldn’t feel the need to be glued to their devices. I was fascinated to read that historically, people have been apologizing for delays in telegrams and letters, well before instant messaging came into play. The rise of constant connectivity has simply made the acceptable response window way smaller.
A welcome and needed shift in my opinion, especially within the context of asynchronous communication and remote work, we should all stop forcing each other to be available all the time.
NFTs: Celebrity Endorsement and Taxes
When you think of Crypto Influencers do you picture Matt Damon and Reese Witherspoon? Celebrities have entered the crypto space and are in full evangelist mode. Matt Damon is the new spokesperson for Crypto.com and Reese has been tweeting so much about NFTs even the Velveeta Cheese official twitter account got tired of it.
Yes, there is emerging potential, but also a high degree of volatility. I’m curious to see how mainstream celebrity endorsements will impact consumer attitudes about crypto. Pay attention to the narrative in Damon’s commercial: investing in crypto is pioneering bravery en par with landing on the moon.
I’m not saying don’t explore and invest, just be very clear about the risks. I don’t want to see people lose their life savings. Especially considering scammers have already stolen $14 billion in 2021 alone.
Understanding the risks is also important from a tax implication perspective. This Bloomberg article caught my eye as it detailed new regulations that the IRS is considering. Apparently, NFTs might be taxed as high as 37%, leaving many people scrambling to make sure they are filing their taxes correctly. The IRS estimates NFT investors owe BILLIONS in taxes, and they are setting up all sorts of task forces to crack down on evasions. I’m curious with how artists, investors, and creators respond.
Rahaf Harfoush is a Digital Anthropologist and New York Times Best-Selling Author. She is the Executive Director of the Red Thread Institute of Digital Culture. Rahaf is a Visiting Policy Fellow at the Oxford Internet Institute and a member of France’s National Digital Council. Learn more about her work here.