What made CryptoKitties so special was that it was the first successful attempt to monetize blockchain, with each unique collectable “card” in the form of a NFT. Within weeks, one of these virtual cats sold for the equivalent of more than US$117,000 and the game was later spun off to form its own company, raising US$12m of investment.
In late 2018, a new internet game called CryptoKitties, which enabled players to collect and “breed” virtual cats, was launched. In a suite of articles, we will be considering the direct and indirect tax and legal implications of NFTs, looking at the way that business use of NFTs is starting to evolve. Multiple opportunities for tax and law functions to innovate and unlock long-term value are embedded at the heart of new developments like non-fungible tokens (NFTs). There are exciting and dramatic changes everywhere in the world, and tax and law are no exception.
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