NFTs present a new challenge for taxation authorities, as while they also reside on the blockchain, they are not currencies.
People still sell them for profits, however, as the business model for most NFTs rely on holders selling their supplies.
Since exploding onto the scene last year, they have created a market worth approximately $40 billion (£29.6 billion) and fertile ground for fraudsters.
Many people investing in the assets have found themselves scammed with little recourse to recoup their coded jpegs or gifs.
source: express.co.uk