Tezos X Announces Jstz Smart Rollup, Plastic Free July Art Shows to Highlight Plastic Pollution\'s Harm on Marine Animals

Since its initial coin offering in 2017, the Tezos blockchain has become the art world's favorite because of its energy efficiency and low cost.

Plastic Free July is a global campaign that aims to raise awareness about the impact of plastic waste on nature. As part of this campaign, crypto.news highlights some art events and initiatives that are using Tezos blockchain to support the cause.

The Plastic Free July campaign began in Australia in 2011 to highlight the global problem of plastic waste, which poses a serious threat to animals, nature, and human health. The award-winning campaign is a key initiative of the Plastic Free Foundation, which envisions a world without plastic waste, as outlined in the "2023 Impact Report."

The Plastic Free July campaign played a crucial role in the adoption of the world's first Plastic Treaty, which was supported by 175 nations at the United Nations Environment Programme (UNEP) meeting in Nairobi in 2022. The treaty is currently being negotiated by UNEP's Intergovernmental Negotiating Committee on Plastics Pollution and could be implemented as early as 2025.

To highlight the harmful effects of plastic pollution on marine animals, I am curating two art exhibitions at museums during Plastic Free July. Scaling up Tezos

In addition to participating in the sustainable techno event, Tezos X vision also announced a significant development in the Tezos ecosystem: the introduction of Jstz (pronounced ‘justice’), a smart rollup powered by JavaScript that will scale up Tezos and make it an interoperable blockchain platform and an OP blockchain-based, cloud-like backend for all kinds of applications.

Scaling the utility of blockchain is essential for mass adoption. After all, the fastest, most cost-efficient blockchain is useless if people have nothing to do or nowhere to go from there. And they’ll only have those things if someone builds them on Jstz, an L2 rollup being built on Tezos to allow developers to use JavaScript and its vast resources such as JavaScript APIs, battle-tested JS tools, npm ecosystem, and libraries with the best perks of web3, like built-in identity, wallet, and payments Jstz GitHub repository.

NFT tax reporting regulations finalized On June 28, 2024, the US Treasury Department and the US Internal Revenue Service issued final digital asset broker reporting regulations that mandate broker reporting for centralized exchanges and hosted wallet providers, detailing the rules for reporting transactions in digital assets, including NFTs, in the United States. However, it set aside related rules for decentralized finance and unhosted wallets as it continues to review 44,000 comments to the agency. Defi operations and non-hosted wallet providers will have to wait for their own rules later in the year.

The final regulations will apply to transactions beginning in 2025, and they will require digital asset brokers to begin tracking the cost basis of their customers’ tokens in 2026. They will also be required to file 1099-DA forms like their traditional investment firm cousins, with a $600 annual threshold on NFT proceeds before they need to be reported.

The final regulations provide NFT platforms with clear guidance on their reporting obligations, while also creating transparency for both artist taxpayers and the IRS in terms of tax filing and compliance. It is also an essential step in closing the estimated $50 billion crypto tax gap and will further legitimize digital assets. Artists will now know what to report for activity conducted with a digital asset broker NFT platform, and the IRS will know what to look for on tax returns.

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