Recent years have seen a huge gain in the popularity of the NFT culture, rising alongside cryptocurrencies like Bitcoin. An NFT can be anything, there is no limit, and the IRS wants the different tokens to be valued as what they represent. There is a kind of loophole so to speak with this. If the token represents a gem or art, for example, it has the same value as an actual gem or art piece. But an NFT can also be virtual, like land or a character, which means they cannot be seen as an NFT collectible. The IRS is now going through the analysis they made trying to develop guidelines on how to deal with the different kinds of tokens. American taxpayers should pay attention to this since the deadline is April 18th this year.