The Rise of Blockchain Technology Gambling: Two US States Passed NFT-Related Tax Laws

Trusted Online Casinos » The Rise of Blockchain Technology Gambling: Two US States Passed NFT-Related Tax Laws

Washington and Pennsylvania have become the first US states to subject non-fungible tokens (NFTs) to taxation. This move is expected to set a precedent for other states, who will likely follow suit to cash in on the rise of blockchain technology gambling. NFTs are digital assets that are unique and cannot be replicated. They are often used in gaming and online casinos and can be traded on decentralized exchanges.

Impact of Blockchain Technology

The potential of blockchain technology is often compared to the early days of the internet. And while it remains to be seen how disruptive this new technology will be, there’s no doubt that it has the potential to revolutionize several industries. One such industry is online gambling.

According to NonFungible.com 2021 figures, NFT transactions worldwide almost reach $17 million, but some believed that it reached as much as $25 million. For centuries, gambling has been plagued by problems of trust and transparency. With blockchain technology, however, these issues could be a thing of the past as regulators are continuously working on laws to regulate transactions related to this technology and make it a source of revenue.

Pennsylvania and Washington lead the way in the US by taxing NFT sales. According to Amelia K. Brankov, a New York-based lawyer, the growing prices in recent years attracts officials’ interest. She added that there is more work to finish but Washington starts with a tax rate of 6.5%.

Because every transaction is recorded on a public ledger, both casinos and players can have confidence that everything is above board. What’s more, because blockchain payments are instantaneous, players would no longer have to wait days or even weeks to receive their winnings.

Of course, blockchain technology is still in its infancy, and it will take some time for it to be adopted by the online gambling industry. But when it is, it could well transform the sector for good.

Growing NFT-related Online Casino Games

The number of crypto casinos in the United States has been growing rapidly in recent years. A CryptoCasino is a type of online casino that allows players to gamble using cryptocurrencies such as Bitcoin and Ethereum. Cryptocurrencies are digital assets that can be used as a form of payment, and they are often volatile, which makes them attractive to casino owners.

Because cryptocurrencies are digital and decentralized, they are very difficult to counterfeit. This makes it nearly impossible for someone to cheat the system by creating false coins or tokens. In addition, crypto casinos can be operated from anywhere in the world, without the need for a physical location. This makes it much easier and cheaper to set up a casino, and also allows players to access the casino from anywhere in the world.

The increased recognition of NFTs is a great step in the right direction as crypto and these digital tokens find their place within regulated gambling spaces. The one clear thing we know about taxation on this new technology-based currency, which has been gaining momentum for its use at US online casinos where players can win them by playing games like blackjack or slots; users don’t need to worry because it’s still unclear what will happen yet.

Recommended Casinos
4.0 rating
Sign Up Bonus
$1000 + $20
100% Deposit Match + $20 Free
Receive $20 FREE Bonus just for signing up
4.0 rating
Welcome Bonus
$1000
100% First Deposit Match
Claim a 100% match on your first deposit up to $1000
888
3.8 rating
Welcome Bonus
$500 + $20
100% Deposit Match + $20 Free Credit
Get $500 on first deposit + $20 free credit
3.8 rating
Welcome Bonus
$500 + $50
200% Deposit Match + $50 FREE
Claim up to 200% match and get also $50 free bonus
4.5 rating
Welcome Bonus
$250
100% First Deposit Match
Claim a 100% match on your first deposit up to $250