NFTs (NBA TopShot & Animal Avatars) - Jupiter is Live

Discussion in 'The Mainboard' started by Lipp, Feb 18, 2021.

  1. letan

    letan Just looking for the gator board
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  2. soulfly

    soulfly Well-Known Member
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    I have no idea how any of this works, but I signed up for updates months ago and this still has my interest.
     
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  3. ANTWONE

    ANTWONE Hello
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    Because they’re idiots

    I guess theoretically the current ones get renumbered once that supply is burned though
     
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  4. Andy Reocho

    Andy Reocho Please don't get lost in the sauce
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    Yea I'm not sure what the timeline is, but I'm looking forward to it
     
  5. letan

    letan Just looking for the gator board
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    Chicken derby beta testing is open if anyone else signed up for it
     
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  6. ohhaithur

    ohhaithur e-Batman
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    It looks....ok. Very basic but idk if that's better. It's not zed that's for sure
     
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  7. letan

    letan Just looking for the gator board
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    agreed. I like the simpler aesthetic since we’re racing chickens as opposed to horses but I hope they make some additional updates. And maybe it was bc I was watching a race from my phone but it seemed real slow and the chickens were mostly off the screen until the end. They need to change that
     
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  8. ohhaithur

    ohhaithur e-Batman
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    Same on computer. You can't ever see the special talents and there is no point in watching until 20m left
     
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  9. Andy Reocho

    Andy Reocho Please don't get lost in the sauce
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    Had some life stuff come up and needed some cash, so I ended up selling one of my two chickens. Got .44eth for it. Still have one more chicken that I can race with.
     
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  10. ohhaithur

    ohhaithur e-Batman
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    Just make sure you don't overexert yourself on liquidating considering the potential taxes

    If you're planning on filing your crypto that is
     
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  11. Andy Reocho

    Andy Reocho Please don't get lost in the sauce
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    I left a lot my account/on coinbase and only took out the little I needed.
     
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  12. ohhaithur

    ohhaithur e-Batman
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    Smart. I figured as much. I just wanted to be safe because it was just top of mind since I started working on my NFT taxes this week
     
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  13. Andy Reocho

    Andy Reocho Please don't get lost in the sauce
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    Appreciate that. Luckily I’m not rolling in cash or crypto that if I was to not report it, I don’t think anyone would come knocking.
     
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  14. letan

    letan Just looking for the gator board
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    ohhaithur how are your zed horses doing btw?
     
  15. ohhaithur

    ohhaithur e-Batman
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    I've unfortunately been out of Zed for a while. I have Scoot still but haven't raced her since July. I kept looking for buyers and the market kind of collapsed. No idea what to do but I fucked it up

    Once they changed breeding it was all downhill
     
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  16. Lip

    Lip Spartan Dawg
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    How’d you decide to file?
     
  17. letan

    letan Just looking for the gator board
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    :(
     
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  18. Andy Reocho

    Andy Reocho Please don't get lost in the sauce
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    I’m contemplating selling all of my Top Shot moments and just keeping the unopened packs on my account.
     
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  19. Harrison Beck

    Harrison Beck Rut Roh maximalist
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    Start racing again. The tourneys are pretty fun.
     
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  20. ohhaithur

    ohhaithur e-Batman
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    Letter of the law.

    Buy ETH
    Buy NFT - taxable event
    Sell NFT - taxable event
    Sell ETH - taxable event

    Basically tracking ETH at each price and paying capital gains where appropriate

    Going to be losing about 35%-40% of my profits but I can't afford to fuck around with the IRS
     
  21. ohhaithur

    ohhaithur e-Batman
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    I stopped for a while to preserve Scoot's value once they changed breeding and removed odds...seems like it was the wrong choice. I have another horse, I'll see.

    I unfortunately don't have the time to commit to win enough at this point, but I'll take a look
     
  22. letan

    letan Just looking for the gator board
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    for the selling of the eth taxable event how are you calculating that? Based on the original eth purchase price or based on the difference in eth from when the nft was converted to eth and when it was sold?

    For simplicity’s sake I’ll use the below values

    original purchase - eth 1000
    eth from nft sale - 1500
    selling eth - 1450

    so would you mark a gain of 450 or a loss of 50?
     
  23. ohhaithur

    ohhaithur e-Batman
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    My tax guy is super sharp I think and this is how he said it would go: You would have one capital gain of $500 and a separate loss of $50.

    Now here's the benefit. We are rarely keeping NFTs for years but we could hold ETH for a year. So a reasonable one in my case:

    Buy $500 in ETH
    Eth goes up to $1000
    Buy $1000 in chickens using that ETH - $500 in short-term capital gains
    Sell chickens for $10,000 - $9000 in short-term capital gains
    Hold ETH for a year, it goes to $15,000, sell for USD - $5000 in long-term capital gains
     
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  24. ohhaithur

    ohhaithur e-Batman
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    Granted, I wish I could just say "I bought $5000 in ETH in 2020, now I'm withdrawing $30,000 in 2021 after playing with NFTs. This is all $25,000 in long-term gains"
     
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  25. Tug

    Tug Well-Known Member
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    It’s each independent transaction
     
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  26. letan

    letan Just looking for the gator board
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    I haven’t sold any NFTs outside of top shot but fuck if that isn’t gonna be a pain in the ass when I do
     
  27. ohhaithur

    ohhaithur e-Batman
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    TopShot seems like the easiest one. I just literally netted it all out because it's all USD
     
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  28. Lip

    Lip Spartan Dawg
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    You really think you’re going to get audited?
     
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  29. Houndster

    Houndster $25 Standard Unit
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    You can download your TopShot activity as a CSV file. May take a little digging to grab your basis of each moment.
     
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  30. ohhaithur

    ohhaithur e-Batman
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    Yes.

    See: the gambling thread
     
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  31. letan

    letan Just looking for the gator board
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    totally agree there
     
  32. Andy Reocho

    Andy Reocho Please don't get lost in the sauce
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    Someone’s enjoying their post collegiate athletics life.
     
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  33. ohhaithur

    ohhaithur e-Batman
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    You have no idea...lol
     
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  34. Lip

    Lip Spartan Dawg
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    What page? I don’t see anything relevant.
     
  35. ohhaithur

    ohhaithur e-Batman
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    I meant the whole thread. I have a system that is essentially begging for an audit, but it's profitable for me so I keep going for it. But I'm not going to break any rules
     
  36. Lip

    Lip Spartan Dawg
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    Gotcha. My experience with the IRS is that if they think you fucked something up they send you a letter saying you owe $XXX and if you don’t pay it by Y date then they will pursue further action. They don’t have the resources to go after everyone so there is plenty of time before you’d actually get in “legal trouble.”
     
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  37. ohhaithur

    ohhaithur e-Batman
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    I'm not too worried about legal trouble, I just don't want to ruffle any feathers on something this important. To be safe I spent the money to hire a gambling specialist tax attorney so I don't expect any problems.
     
  38. Baseballman86

    Baseballman86 Well-Known Member
    Alabama Crimson TideAtlanta BravesAtlanta Falcons

    Free Jupiter claim is open now for anybody that minted a planet DAO. Open through 12/2 I think
     
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  39. ANTWONE

    ANTWONE Hello
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  40. Baseballman86

    Baseballman86 Well-Known Member
    Alabama Crimson TideAtlanta BravesAtlanta Falcons

    Fresh Threads packs dropping now on Topshot
     
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  41. Corky Bucek

    Corky Bucek Placeholder for a Custom Title
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    So I bought a Wayne Gretzky DK mystery container at the launch a few weeks ago and opened it today. I am pleased to have found a Sapphire Most Career Points #9/120. Last sale was for $1600
     
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  42. letan

    letan Just looking for the gator board
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    got trash.
    2x Terrance Mann
    Al Horford, at least he’s a former gator
    Spencer Dinwiddie 5474
     
  43. DollarBillHokie

    DollarBillHokie Usher is the worst
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    Just got an email that it is just sitting there. 30k leftover packs. Is topshot done?
     
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  44. Tug

    Tug Well-Known Member
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    It’s been done. There was second life when they didn’t over mint WNBA but they threw out the goodwill obtained there by making ridiculous fandom challenges. They gave a lot of people $100 free dapper but the last few drops being over produced junk is not helping.
     
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  45. Baseballman86

    Baseballman86 Well-Known Member
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    I don't think it's done, but the introduction of +60,000 mint packs is the end of guaranteed +EV base packs it seems. Rare and legendary packs could still be worth it. If you follow the physical sports card world at all, you could argue say it's in a similar spot. Tons of overproduced, readily available junk not worth much, but the rare stuff and "hits" still pull a ton.
     
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  46. letan

    letan Just looking for the gator board
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    i just bought two more packs stupidly. got more trash
     
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  47. Sanjuro

    Sanjuro Don’t be high when you are buying or selling stock
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    This is how they wanted common packs to be: readily available. They’ve got to get the users up and this is how you do it. They are still worth the pack price Min ($9) due to trade tickets.
     
  48. Sanjuro

    Sanjuro Don’t be high when you are buying or selling stock
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    Just got the email that NFL All Day closed beta starts soon.

    It’s almost closed beta SZN! We want to prime you with the deets in case you’re one of the select few granted access. Plus, if you’re not selected initially, you’ll have additional chances to be granted access if you’re on the waitlist!



    NOTE: Those selected to participate in closed beta will be chosen based on a variety of factors in their Dapper activity, not solely on total spend.

    [​IMG]
    Closed Beta #GOALS
    • Testing the product. In order to craft the best possible experience we need you there and testing out our product.
    • Feedback. Our goal is quality and to improve every week. Help us make it happen!
    • Ripping. Packs. There’s nothingquite like ripping a pack!
    [​IMG]
    Heads-up: being part of the closed beta means you get first access to packs, but not exclusive access to packs. No more than 50% of the packs that will ultimately become available from the weeks corresponding with closed beta will be released during closed beta. All content released in closed beta will have reserves that are made available in an open beta period to the general public.



    All Moments from the weeks before closed beta begins will be distributed during open beta as well.

    [​IMG]
    We’re excited to take this journey with you as we build the future of NFL fandom, and grow the community surrounding it. Stay tuned for more details….and don't forget to share your referral link with your friends.
     
  49. Baseballman86

    Baseballman86 Well-Known Member
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    I got the same email. That doesn't mean we got selected right, just on the wait list?
     
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