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Looming ‘Gold Mine’ for National Tax Collectors as NFTs Take Off

An explosion in nonfungible token sales this year has tax authorities scrambling to account for high-dollar cryptocurrency and blockchain technology transactions, and to craft rules that work both for national coffers and creators.

“There is huge value at stake,” said Julien Jarrige, a tax policy adviser at the Organization for Economic Cooperation and Development, which is asking countries to consider how to regulate and tax NFTs, and whether those policies should be similar or different from virtual currency.

NFTs are blockchain-backed digital assets that serve as a certificate of authenticity for both tangible goods (like a painting) and intangible …

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