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NFTs – Supported platform
NFTs – Supported platform

How to add your NFTs on Waltio if the platform is supported (like Opensea)

Updated over a week ago

Hi there 👋

The taxation of NFTs is complex. As such, there is a legal limbo and Waltio will not engage in technical development until the taxation has been clearly defined.

For practical purposes, Waltio reads them as cryptocurrencies. The valuation of digital assets is therefore done on the date of entry (the date of purchase). As a reminder, if NFTs perceived as digital assets, are exchanged for other cryptocurrencies, then this does not constitute a taxable event in our tool.

💡 To learn more, you can read our blog post about it.

The profession of tax advisor being regulated and reserved to tax lawyers having the exclusivity of the activity, to answer your questions, we can recommend you 2 tax lawyers: Maître Alexandre Lourimi (contact@orwl.fr) or Maître Axel Sabban (axel.sabban@revo-avocats.com).

This article allows taking into account the NFTs when the used string has been added on Waltio. If the channel used is not supported by Waltio, here is how to proceed.

Example


In your case, let's say you bought a NFT at 0.5 ETH on Open Sea via your ETH Wallet, then exchanged that same NFT for 1 ETH, 3 days later.

What we suggest doing in Waltio when purchasing the NFT

Step 1: Label the transaction with a warning

In our example, Waltio captures the withdrawal of 0.5 ETH corresponding to the purchase of the NFT. It appears with a warning of “Withdrawal to be labeled” (our tool does not detect a corresponding deposit).

This withdrawal should therefore be labeled with the “Other Withdrawal” label.

💡 You can add a “Description” to customize the “Transaction Detail” to help you with your accounting.

Step 2: Manually create a repository of the NFT name and value

We recommend creating a repository with quantity 1 and the name and token ID of your NFT, in our example it will be a repository of 1 Bored Ape #2345

This NFT was bought 0.5 ETH, or 800 EUR at that time. So you have to enter 800 EUR in the price of the Bored Ape token #2345.

Summary of the 2 transactions:

There you go, your NFT is well valued in your portfolio 😊

⚠️ All transactions must be performed on the same “Platform”, Ethereum Wallet in our example.


What we suggest doing in Waltio when purchasing the NFT

When selling the NFT, Waltio will automatically capture the 1 ETH deposit associated with the sale.

All you have to do is delete the 1 Bored Ape #2345 deposit that you created in order to remove the NFT from your wallet.


💡 You can add a “Description” to customize the “Transaction Detail” to help you with your accounting.


Here is the final result after the sale:

If you have any other questions, do not hesitate to contact us via the chat just at the bottom right of your screen! 💬

The Waltio team

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