Recap, crypto tax calculation service, has revealed the arrival of its new NFT Gallery, providing investors with a single showcasing platform powered with AI driven appraisals and tax tracking functionality.
Fully integrated with Recap’s powerful tax reporting Dashboard, the gallery brings true valuations and taxable events to NFT collections for the very first time and provides users with a complete picture of their crypto wealth status.
Partnering with trusted NFT valuation engine experts, Upshot, users are able to to see projected gains, losses and industry-leading AI-informed appraisals. By unlocking accurate NFT valuations, investors are not only able to determine the best time to buy or sell their assets, but they can also trust that they are getting an accurate view of their crypto net worth, including their NFTs, if they chose to liquidate.
Supporting over 67,000 types of NFT, users can view all non-fungible token assets in one place, for any supported wallet – supporting even the biggest collectors, with infinite scrolling capacity for thousands of NFTs and a live view for both static and video NFTs.
The first of its kind within the UK, Recap’s new NFT Gallery presents valuation figures as both pound sterling and native currencies, giving investors a greater insight into their asset wealth while accounting for disparities across the currencies.
Speaking about the gallery launch, Daniel Howitt, CEO and co-founder of Recap said:
“For NFT investors with multiple digital tokens, keeping track of assets across different platforms can prove difficult. On top of this, valuing NFTs has always been a little questionable, with current metrics relying on the latest floor prices to calculate a value.
“At Recap, we’ve simplified the process – delivering the UKs first tax engine supported NFT Gallery that centralises a portfolio and produces automated tax calculations and reports. It also harnesses Upshot’s powerful advanced machine learning algorithm to provide highly accurate valuations, taking into account order books, traits and NFT sales histories, as well as social and lending data to provide state-of-the-art price predictions for better informed investments.”
Speaking about the partnership, Nick Emmons, CEO of Upshot said:
“We are thrilled to be integrating our best-in-class NFT appraisals with Recap. This collaboration demonstrates our shared commitment to simplifying complex financial processes for crypto users.
“By combining our NFT valuation framework with Recap’s powerful tax reporting dashboard, we help empower individuals to make more informed and confident decisions around their digital assets in a rapidly-evolving, emerging market. This partnership is also a testament to Upshot’s commitment to building solutions that help create more liquid markets at the frontier of new financial markets.”
With privacy and security at its core, Recap is on a mission to make crypto taxes simple. Assisted by automated portfolio tracking and HMRC compliant tax exports removing barriers, investors are free to manage their assets without the headaches of understanding the complexities around taxation.
Daniel added:
“For NFT investors, it’s easy to disconnect your taxes and your digital artwork portfolio, seeing NFTs as an entirely separate financial entity, however, NFTs are treated much the same way as other assets in the UK. Recap bridges this gap, allowing investors and accountants to manage both assets and tax affairs in unison.
“Cryptoasset taxation remains fiddly – but, in the not-too-distant future the UK government will be honing in on non-compliant investors and those not paying their taxes, implementing new legislation to bring financial structure to the crypto world. Our services take the weight off investors’ shoulders, making paying taxes on crypto assets and NFTs far easier and less painful than ever before.
“This is the first time NFTs have been combined with tax planning, offering investors a new insight into optimising their tax position, and most importantly, helping people spot the opportunities to maximise their investment and cut their losses before the end of the tax year. Taking the guesswork out of taxes, our NFT gallery unlocks smarter investing.”
For more information about Recap and to explore the new dashboard, visit www.recap.io/.