{"id":11350,"date":"2022-06-05T06:53:10","date_gmt":"2022-06-05T06:53:10","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/global-web3-metaverse-and-tax-initiatives-continue-in-the-face-of-a-market-meltdown\/"},"modified":"2022-06-05T06:53:12","modified_gmt":"2022-06-05T06:53:12","slug":"global-web3-metaverse-and-tax-initiatives-continue-in-the-face-of-a-market-meltdown","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/global-web3-metaverse-and-tax-initiatives-continue-in-the-face-of-a-market-meltdown\/","title":{"rendered":"Global Web3 metaverse and tax initiatives continue in the face of a market meltdown"},"content":{"rendered":"
In her monthly Expert Take column, Selva Ozelli, an international tax attorney and CPA, covers the intersection between emerging technologies and sustainability, and provides the latest developments around taxes, AML\/CFT regulations and legal issues affecting crypto and blockchain.<\/em><\/p>\n In 2021, nonfungible tokens became the biggest disrupter in art, with artists minting, exhibiting and auctioning them and investors buying, selling and trading them. But by May 2022, NFT sales had dropped 92% from the market peak. According to data aggregator Layoffs.fyi, more than 17,000 technology laborers lost their jobs in May. The recent downturn is similar to 2018, when leading cryptocurrencies like Bitcoin (BTC) and Ether (ETH) fell by 80% or more.<\/p>\n Related: <\/em><\/strong>2021 ends with a question: Are NFTs here to stay?<\/em><\/strong><\/p>\n Immune to the digital asset market\u2019s manic depressive volatility, Web3 developers, institutional investors, and regulators preparing to tax metaverse profits are calmly continuing with business as usual across the world.<\/p>\n