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NFT – Unsupported platform
NFT – Unsupported platform

How to add your NFTs on Waltio if the platform is not supported

Updated over a week ago

Hi there 👋

Here is a tutorial to add your NFTs from platforms not supported by Waltio (example: Sorare, Stepn).

The taxation of NTFs is complex. The tax regime for capital gains on digital assets (Article 150 V.H. bis of the General Tax Code) should not define NFTs as digital assets. Thus, there is a legal blur.

For practical purposes, Waltio reads them as cryptocurrencies. The valuation of digital assets is therefore done on the date of entry (the date of purchase). As a reminder, if NFTs perceived as digital assets, are exchanged for other cryptocurrencies, then this does not constitute a taxable event in our tool.

💡 To learn more, you can read our blog post about it.

The profession of tax advisor being regulated and reserved to tax lawyers having the exclusivity of the activity, to answer your questions, we can recommend you 2 tax lawyers: Maître Alexandre Lourimi (contact@orwl.fr) or Maître Axel Sabban (axel.sabban@revo-avocats.com).
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Example

In your case, let's say you bought a NFT with 0.5 ETH on Sorare, then you exchanged this same NFT for 1 ETH still on Sorare to finally withdraw your ETH from the platform.

What we suggest to do in Waltio.

In this case, we recommend creating 3 transactions on Waltio (which cannot be read and added automatically because unfortunately we will not support Sorare or any NFTs platform this year).

Step 1: Label the transaction with a warning

As in our example, we would already have the withdrawal of 0.5 ETH within your transactions as we support the Ethereum chain, then this withdrawal of 0.5 ETH would be a transaction that Waltio will indicate after analysis with a warning of “Withdrawal to be labeled” (our tool does not detect a corresponding deposit). This withdrawal should therefore be labeled with the “Other withdrawal” label.
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💡 You can add a “Description” to customize the “Transaction Detail” to help you with your accounting.

Step 2: Create a consolidation repository manually

Then create a first deposit transaction of 0.5 ETH and indicate “SORARE” in the “Platform” box.

⚠️ All transactions must be performed on the same “Platform”.

Step 3: Manually create an earnings transaction

Create a “Deposit” type transaction of 0.5 ETH labeled as “Gain”.
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Step 4: Manually create a withdrawal transaction

Create a last transaction of type “Withdrawal” with an amount of 1 ETH.


If you have any other questions, do not hesitate to contact us via the chat just at the bottom right of your screen! 💬

The Waltio team

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