Since its launch in 2017, the Tezos blockchain has gained popularity in the art community due to its energy efficiency and low costs. Esteemed AI artists like Refik Anadol use Tezos for peer-to-peer transactions and smart contracts. The Tezos token (XTZ) is available on various crypto exchanges.

Tezos and Environmental Initiatives

Tezos has been involved in significant art events such as Art Basel since 2021 and has collaborated with Serpentine Arts Technologies since 2023. This year, Tezos is part of Ribela Love Nature, a sustainable techno event featuring over 100 artworks from more than 30 visual artists, including over 20 NFT artworks for sale, alongside live music performances.

Plastic Free July is a global campaign that began in Australia in 2011 to highlight the environmental impact of plastic waste. Organized by the Plastic Free Foundation, this initiative has led to significant milestones, including the world’s first Plastic Treaty, supported by 175 nations at the United Nations Environment Programme (UNEP) meeting in Nairobi in 2022. The Treaty aims to be implemented by 2025.

Selva Ozelli’s Art Exhibitions

Artist Selva Ozelli is contributing to Plastic Free July by hosting exhibitions at two museums to raise awareness about plastic pollution’s impact on marine life:

• Putnam History Museum: Featuring the “Healing Waters” and “Healing Hudson” series.
• Havre de Grace Maritime Museum: Showcasing the “Moody Blue Crabs” series.

Tezos X vision has announced the launch of Jstz (pronounced ‘justice’), a smart rollup powered by JavaScript. This development will enhance the Tezos blockchain’s scalability and interoperability, making it a versatile platform for various applications.

New NFT Tax Reporting Regulations

On June 28, 2024, the US Treasury Department and the IRS issued final regulations for digital asset broker reporting, including NFTs. These rules, effective in 2025, require brokers to track the cost basis of customers’ tokens starting in 2026 and file 1099-DA forms for transactions exceeding $600 annually. This move aims to close the estimated $50 billion crypto tax gap and provide clarity for artists and the IRS.

Tezos continues to be at the forefront of integrating blockchain technology with art, contributing to environmental awareness and adapting to new regulatory frameworks. Through initiatives like Plastic Free July and the introduction of Jstz, Tezos is paving the way for a more sustainable and transparent future in the digital art world.