Minting
Also known as: mint, NFT minting
Creating a new token or NFT on a blockchain; the income and cost consequences depend on whether you mint as a hobby or a business.
Definition
Minting is the act of creating a new token or NFT on-chain. Minting your own NFTs to sell can generate revenue income, with associated gas and platform costs deductible against that income. Minting (buying) a newly issued NFT from a project is effectively an acquisition, with the cost plus gas forming base cost. The treatment hinges on whether you are acting as a creator/business or an investor.
Example
An artist mints and sells NFTs as a business; the sale proceeds are revenue, and minting gas fees are costs against that income.
Jurisdiction notes
- South Africa: Minting NFTs as a creator/business tends to be revenue; minting (buying) as an investor sets base cost — intention decides.