How to add NFT or IDO transactions or LM/LP Token Values/Prices

Andreas Z

Modified on: Thu, 28 Sep, 2023 at 9:51 AM

Example: You buy 4 Loot Crates for 1 ETH. Out of those Loot Crates Packages you get 10 NFTs.

Now you have 2 ways how you can add those transactions into CoinTracking:

1. Either you split the 1 ETH into 10 "Trade" transactions à 0,1 ETH for 1 NFT.

2. Or you add the 1 ETH as "Spend" transaction and receiving the 10 NFTs as "Income (non taxable)"

2a) If you get more then one NFT or you pay one NFT and get back two different ones you need to add them like this:

spend/expense: nft1

income (non taxable): nft2

income (non taxable) nft3

If you pay additional e.g. ETH you need to add them as "other fee" or "spend/expense" as an additional transaction.

One of both options you can apply as well if you took part in an IDO.

Note:

If there are NFTs or Liquidity Mining Token tokens which do not show a current price you can add it manually. You can use our NFT Center here and add the current price of your NFTs here beforehand. On both pages the steps to take are described there.

We source our coin value from coinmarketcap.com and worldcoinindex.com then it is weighted by volume of transactions in the exchanges as described here Fiat, coin and commodities price sources, individual exchange price, change Fiat account Currency.

We are adding new coins automatically once they are listed on an exchange (usually within 1-3 days).

Please note: We do not add new coins on request. They will be added automatically once there are trades on a known exchange.

You can check the coin trend page if a coin is already listed with CoinTracking. If the NFT was imported/added with an already used ticker please change the ticker into a non used ticker: Missing Coin or different ticker symbol

The NFT and Liquidity Mining Token buys and sells have to be added manually in most cases. The ticker length is technically limited to 8 characters within CoinTracking. Therefor please use a unique ticker with maximum 8 characters and mandatory N- ticker starting within the trade and add the long name and/or the unique NFT ID into the trade group and/or the comment field.

And if you would change/swap e.g. the NFT for ETH then please copy the asset value of the ETH into the asset value field of the NFT (buy value/sell).

With the new import method of NFTs it could happen that they are imported like this if you get more unique NFTs within one trade.

In this case you have 3 options to adjust your transactions manually:

1. You could either manually change the in this case 4 NFT "deposit" transactions into "income (non taxable)" transactions and change the trade into one "spend" transaction with the amount you paid for all NFTs in total.

2. Or you divide the amount you paid by the NFT amount (in this case 150 MATIC by 4) and delete the trade itself and adjust the start date of your API job to avoid re-import: How to avoid or unwanted transactions/re-imports or SCAM token via API jobs?

3. When you convert [NFT A + NFTB + NFT C] into one NFT D it is not possible to have only one transaction. It would have to be NFT A trade into NFT D with adjusted asset value/cost base and a "Expense (non taxable)" for NFT B and C

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