MELBOURNE, Australia, Aug. 18, 2022 /PRNewswire/ -- Crypto tax software, Koinly is embracing the popularity of Non-Fungible Tokens (NFTs) after their incredible rise to prominence within the crypto space in 2021.
The Financial Times and Chainalysis estimate that as of 2022, over 300,000 people now own an NFT. Many are in the dark about their tax obligations with such a large influx of new participants into the crypto and NFT spaces.
Koinly already has one of the most comprehensive platforms available to crypto investors to help with their NFT taxes and recently announced additional NFT support on their platform.
From adding Solana NFTs through to supporting ERC-1155 tokens and NFTs, Koinly has been busy adding functionality over the past few months.
Danny Talwar, the Australian Head of Tax at crypto tax platform, Koinly, said of the new integrations, "Koinly users will now be able to find more of their NFTs automatically, without having to add them or spend hours scouring through their wallets manually or on the Koinly platform."
"One of the biggest challenges for those invested in the crypto space is understanding their tax obligations for NFTs. Many crypto investors might not even realise the taxable events associated with buying and selling NFTs. Koinly's new NFT integrations help take the hassle out of doing crypto taxes," he said.
Solana was propelled into the top 10 cryptocurrencies by market capitalisation in 2021, with dozens of NFT projects gaining traction across 2021 and 2022.
Koinly now supports Solana NFTs, allowing users to connect and sync their Solana-based wallets to quickly and easily see all their SOL NFTs in one place.
Koinly is also announcing ERC-1155 support, one of the most requested features over the past few months. ERC-1155 tokens differ from ERC-721 NFTs and are used predominantly in Game-Fi and Play-To-Earn protocols.
How can I do my NFT taxes easily?
Crypto taxes can be complicated and confusing, even before throwing NFTs into the mix.
Koinly is a crypto tax platform that helps simplify the process for users. All users need to do is import their crypto transactions, connect their wallets and exchanges, and let Koinly do the rest. Koinly calculates users' capital gains, losses, income and expenses in an ATO-compliant tax report.
Koinly supports NFTs across most blockchains and is always adding support for more platforms.
"The ATO allows the use of tax software tools to help calculate and prepare your crypto taxes. This ensures you pay the correct amount of tax and helps you keep good records for the ATO - should they ever request them," Danny Talwar stated.
About Koinly: Koinly calculates your crypto taxes for you, catering to investors and traders at all levels. Whether it's Crypto, DeFi or NFTs, the platform helps you save valuable time by reconciling your holdings to generate an ATO-compliant tax report in under 20 minutes.
Sign up today and see how much you owe!