Tokens and NFTs earned in blockchain games are income at fair market value when you gain control of them, and selling them later is a capital transaction.
In-game earnings from gameplay are generally ordinary income; some players treat them as hobby income and others, at scale, as a business. Buying game assets with crypto is a disposal of the crypto.
Game economies produce thousands of small receipts, and the values at receipt are the basis for everything after. NFTs.
IRS crypto audits and letters, unreported years, theft loss opinions, and returns that survive an audit.
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Definitions are general information, not legal advice, and may not reflect the most recent changes in law.
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