Another important consideration when dealing with NFTs is the Tax Laws that apply and how taxation for NFTs work. Currently, tax laws applicable to NFTs may vary from country to country, depending on how they are legally classified. Nonetheless, it appears that in most cases, NFTs are subject to the same tax laws as fungible cryptocurrencies. This means that profits earned through the trading of NFTs are subject to the capital gains tax.
If this is the case, there are a couple of taxable events to pay attention to.
