As the current focus is on regulating cryptocurrencies, the taxation and regulation of NFTs will come in the future. 

But, here is what the situation currently looks like:

• NFT Tax
  • The IRS has not yet issued specific guidance on how NFTs should be taxed. However, the agency has said that it intends to treat NFTs as collectibles, which means that they would be subject to capital gains taxes.
  • For NFT creators, the IRS has said that profits from the sale of NFTs would be considered ordinary income, not capital gains. This means that they would be taxed at the creator's regular income tax rate.
  • The buyer of an NFT may also have to pay taxes, depending on how they purchase the NFT. If the NFT is purchased using cryptocurrency, the buyer may have to pay capital gains taxes on the appreciation of the cryptocurrency between the time it was purchased and the time it was used to purchase the NFT.
• NFT Regulation
  • There is currently no specific regulation of NFTs in the United States. However, the Securities and Exchange Commission (SEC) has said that it is considering whether NFTs could be considered securities. If the SEC decides that NFTs are securities, they would be subject to the same regulations as other securities, such as the requirement to register with the SEC before being offered to the public.
  • Other countries are also considering how to regulate NFTs. For example, China has banned the sale of NFTs, while South Korea has imposed a 20% tax on NFT transactions.

It is important to note that the tax and regulatory landscape for NFTs is still evolving. As the NFT market continues to grow, it is likely that the IRS and other regulators will issue more guidance on how NFTs should be treated.

I hope this helps!