Income Tax: Earning new SAND tokens - for example, by earning SAND by renting land or selling NFTs - may be viewed as additional income and subject to Income Tax based on the fair market value of your SAND tokens in your fiat currency at the time you received them.Īs well as this, there are tax implications for your Sandbox NFTs.Capital Gains Tax: Selling, swapping, or spending crypto including SAND tokens is a disposal of an asset, and any gain is subject to Capital Gains Tax.But for a general overview, two taxes may apply to your SAND transactions:
Instead, you (or your accountant) will need to interpret the existing guidance from your tax office (you can find this in our crypto tax guides) and apply it to your SAND transactions. It should come as no surprise that tax offices haven't released guidance on the potential tax implications of metaverses like The Sandbox - but that doesn't mean there aren't any.
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