Taxation of Non-Fungible Tokens in Germany

Gemeinsam starten wir die Revolution der Creator Economy in Deutschland & Europa

When Max Penk, who works in film production, first proposed NFTs to World Wide Fund for Nature (WWF) Germany, he had one thing clear: to use NFTs for a good cause. That was in March this year. Today, WWF Germany is gearing up for its first NFT drop to raise awareness about endangered species.

However, working closely with Penk, the nature conservation organization has added its own spin to NFTs. Titled “NFAs: Non-Fungible Animals”, the campaign will have 10 artworks by 10 different artists. Each NFT represents an endangered species, with the number limited to the current population of the species.

For instance, there will be 1063 Mountain Gorilla NFTs to represent the 1063 Mountain Gorillas left in the world. Moreover, all the proceeds from the sales will fund various WWF projects to save endangered species and their habitats.

Eric Peters’ Mountain Gorilla NFT for WWF Germany. Credits: WWF

Немецкая футбольная ассоциация (DFB) официально объявила о дебюте национальной футбольной команды в виде невзаимозаменяемых токенов в партнёрстве с крупным провайдером фэнтези-футбольных игр на основе блокчейна Sorare.В рамках официального лицензионного соглашения Ассоциация создаёт цифровые коллекционные карты на блокчейне Ethereum для 18 игроков национальной сборной Германии. Согласно заявлению Sorare, карты будут доступны в игре Sorare Global Fantasy Football к чемпионату Евро-2020 по футболу.Выпуская NFT-карты игроков, в Ассоциации стремятся найти новые источники дохода, а также расширить способы взаимодействия с фанатами, что особенно актуально в связи с ограничения из-за COVID-19.Sorare — это глобальная игра в фэнтези-футбол, основанная в 2018 году, которая включает лицензированные цифровые карты с участием 140 футбольных клубов, включая Ливерпуль, Реал Мадрид, Баварию, Ювентус и Пари Сен-Жермен.На прошлой неделе перед матчем с командой Германии Федерация футбола Франции запустила собственную NFT-серию игроков.

(3 оценок, среднее: 3,67 из 5)

Lil Baby Dragons

11 months ago

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Noohi

a year ago

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Солист группы Rammstein Тилль Линдеманн выставил на продажу анимированные иллюстрации в виде NFT-токенов. Все изображения были сделаны в Эрмитаже в Санкт-Петербурге, а цена самого дорогого лота — 100 тысяч евро. При этом его покупатель получит бонусом ужин с Линдеманном в Москве, и место встречи неслучайно: артист давно признавался в любви к России.

Фронтмен немецкой рок-группы Rammstein Тилль Линдеманн 9 августа на своей странице в инстаграме опубликовал снимок собственного портрета с водяными знаками NFT поверх изображения.

Получи NFTill сейчас! — подписал кадр музыкант.

Тилль Линдеманн продаёт NFT со своим изображением

Позже в шапке профиля артиста в соцсети появилась ссылка на портал художественной библиотеки NFT Frame Art, на котором представлены пять лотов из анимированных изображений Линдеманна.

NFT, или невзаимозаменяемый токен — это своего рода сертификат подлинности цифрового объекта, который получает покупатель. Подделать или воссоздать самостоятельно такой сертификат не получится. Иными словами, люди, которые покупают токены, приобретают не осязаемые произведения искусства, а право владения цифровыми экспонатами.

Продавец может выставить на торги что угодно, даже, как ранее писал Medialeaks, эмоцию любви. Блогерша из Польши продала свои чувства в виде NFT и заработала 18,5 миллиона рублей.

Линдеманн продаёт пять анимированных изображений

Все материалы с Линдеманном были сняты в Государственном Эрмитаже в Санкт-Петербурге. Общая стоимость коллекции превышает 1,2 миллиона евро (106,5 миллиона рублей). При этом цена у произведений цифрового искусства отличается. Самый дешёвый лот оценили в 199 евро (чуть больше 17 тысяч рублей), а самый дорогой — в 100 тысяч евро (8,6 миллиона рублей). Каждый токен представлен в нескольких экземплярах.

Скриншот самого дорогого лота Тилля

Если более дешёвые NFT представляют собой анимации, то главный лот сделали в видеоформате. Это неиспользованный кадр со съёмок клипа на песню Тилля Линдеманна «Любимый город» длительностью всего 13 секунд.

Правда, интересен ролик далеко не своими визуальными отличиями от остальных лотов Тилля. В описании токена сказано, что его могут купить не больше десяти человек, при этом каждый из них получит возможность лично поужинать с Тиллем Линдеманном в Москве и привести с собой одного друга или вторую половинку. Покупка NFT покроет расходы на дорогу, проживание и визы для покупателя и его сопровождающего.

Related Post: NFTs are ‘Stayin’ Alive’ as new minting trends, AI and music-based projects thrive

Europe is also home to some of the largest cryptocurrency exchanges, which are quickly adding support for NFTs. Binance, for example, recently added support for NFTs on its platform and plans to do more in the future. This will help to increase the popularity of NFTs in Europe and worldwide.

There is no doubt that NFTs are here to stay and that their popularity will continue to grow in the years to come.

Also Read: 7 Kinds of Forklifts You Can Rent For Your Next Project

NFTs are becoming more and more popular in Germany. In particular, the use of NFTs for estate planning and asset management is growing rapidly. There are several reasons for this trend.

First, NFTs offer a high degree of security and privacy. They are tamper-proof and can be transferred quickly and easily between parties. This makes them ideal for storing sensitive information or valuable assets.

Finally, NFTs offer a high return on investment. They have the potential to generate significant profits over time, making them an attractive option for investors.

Overall, the popularity of NFTs is growing rapidly in Germany and other parts of Europe. They offer a number of advantages over traditional investment vehicles, making them a desirable choice for many people.

In a pilot program with Bookwire’s Creatokia, the Börsenverein offers NFTs related to the German Nonfiction Prize.

‘Literature and the ‘Metaverse’ Belong Together’

“On May 30,” news messaging from the Börsenverein says, “this year’s award will be presented not only at the Humboldt Forum im Berliner Schloss (Humboldt Forum in the Berlin Palace) but also in virtual space.

In a prepared statement, Bookwire and Creatokia’s co-founding managing director John Ruhrmann is quoted, saying, “At Creatokia, we’re betting on the idea that literature and the ‘metaverse’ belong together. Or, put another way, in reality, literature is already a metaverse in its own right.

“I was an enthusiastic reader of last year’s winning novel, Hegels Welt by Jürgen Kaube.

And at the Börsenverein, the marketing and cultural projects chief Anne-Mette Noack, says, “The German Nonfiction Prize aims to help us better understand the era in which we live.

“The impulses for this are provided not only by the nominated nonfiction books themselves but also by our desire as organizers to explore new forms and technologies.

Here are works listed as being available as NFTs:

Interested readers can review the special editions in a digital showroom now and, from 23 May, can acquire the NFTs through a microsite using tokens or euros. From that date, for a period of one week, until shortly before the announcement of the nonfiction book of the year on May 30, 10 limited special Nonfiction Book Prize editions of each of these titles will be available for purchase.

These digital originals include the ebook of the title with adapted cover, digital signature and jury statement, as well as at least one other item of digital content chosen by the publisher.

More from us on Bookwire is here, more on digital publishing is here, more on identifiers is here, and more on publishing conferences is here.

More from Publishing Perspectives on the coronavirus pandemic and its impact is here.

Porter Anderson

Недавно Эрмитаж направил претензию солисту группы Rammstein. Музейный комплекс обвинил Тилля Линдеманна в незаконном использовании своих экспонатов. Оказалось, что музыкант открыл продажи так называемых NFT-токенов – цифровых изображений. Проблема в том, что они были сделаны как раз-таки в залах Государственного Эрмитажа на фоне шедевров мирового искусства. «Царьград» попытался разобраться, в чём суть вышеупомянутых токенов и почему музей выступил против них.

В России набирают популярность NFT-токены. Чаще всего в своём обиходе этот термин применяют люди, интересующиеся криптовалютой. NFT-токены — своеобразный цифровой сертификат, который подтверждает право на владение виртуальным активом, будь то изображение, ролик или аудио. Технологию NFT применяют в совершенно разных индустриях. Например, художник может создать цифровую картину и продать ее NFT-токен. Тогда покупатель станет полноправным владельцем изображения и сможет распоряжаться им как ему вздумается, но, разумеется, в виртуальных рамках.

Если мы говорим о NFT-токенах, то мы говорим о так называемом праве владельца данного токена на определенный объект. Например, это могут быть картины, музыкальные композиции и все, на что можно получить права владения. Это определенная компьютерная разработка своего рода виртуальный договор, в котором обозначено каким объектом вы владеете и на каких условиях, — объяснил «Царьграду» ведущий аналитик компании 8848 Invest Виктор Першиков.

По его словам, NFT всегда создаются на каком-либо блокчейне, который выступает в роли базы данных, куда записываются все транзакции. Это является гарантом неизменности «виртуального договора», поскольку в любой момент можно проверить оригинальность и историю NFT через блокчейн.

Поэтому разница между привычным нам обычным договором и NFT-токеном в том, что второй по тем или иным причинам не может быть полностью уничтожен, исправлен или изменен. То есть в рамках блокчейн-сети все цифровые транзакции, все операции и аспекты остаются неизменными. Это своеобразная гарантия обозначенных заранее условий.

Как заявил Виктор, есть два основных варианта использования NFT-токенов. Первый и самый банальный – покупая токен на определенный предмет, вы как правило являетесь единоличным его владельцем. Если говорить о картинах, то фактически она не украшает стену вашего дома, но тем не менее вы обладаете на нее правами. Это тоже своего рода коллекционирование. Второй вариант – исключительно спекулятивный. Все мы знаем, что зачастую объекты и предметы, являющиеся чьей-то интеллектуальной собственностью, имеют свойство изменяться в цене. И в том случае, сегодня мы покупаем NFT-токен по привлекательной цене, а завтра перепродаём его подороже. Как правило, такие торги проводятся на NFT-биржах.

— Таким образом, для продавца NFT-токен – отличная возможность заработать, для биржи – получить комиссию за совершение сделки, а для покупателя – способ приобрести что-то желаемое и уникальное, — объяснил Виктор.

Существуют так называемые маркетплейсы, где торгуются NFT. Обычно эти площадки функционируют как знакомый россиянам OZON. Проще говоря, кто-то создаёт свою NFT, затем выкладывает её на торговую площадку и ждёт предложений от потенциальных покупателей.

Известно, что технология NFT была создана в 2017 году. Ей, например, пользовался известный современный художник Banksy. Всего за время существования NFT было продано свыше 5 миллионов токенов.

Однако NFT-технологии – это не только про современность. Например, Эрмитаж планирует в этом году провести выставку NFT-Art. Экспонатами станут как раз-таки произведения искусства, выполненные в формате невзаимозаменяемых токенов. Сотрудничая с крипто-биржей Binance, музей намерен выпустить NFT с работами Винсента Ван Гога, Леонардо да Винчи, Клода Моне и Василия Кандинского. По каждому произведению искусства будет создано два экземпляра NFT: один из которых будет храниться в Эрмитаже, а второй будет представлен на маркетплейсе, говорится в сообщении представителей музея.

Господин Линдеманн лично подписал договор с Эрмитажем, где четко прописано разрешение на использование изображений Эрмитажа и всех подготовленных материалов исключительно в музыкальном клипе, — говорят представители музея.

Музей направил музыканту и его представителям запрос-предостережение как только его представители заметили в сети анонс. Однако сотрудники Эрмитажа ответа от рок-музыканта не получили. Позже токены Тилля были выгружены в сеть. Таким образом, музыкант опередил музей и выставил на продажу «цифровые экспонаты» даже раньше, чем открылась выставка NFT-Art.

Известно, что один NFT-токен музыкант оценил в 100 000 евро. Всего на продажу выставлен тираж из десяти произведений цифрового искусства.

Возмущенные поведением музейщики направили претензию и платформе NFT Frame Art, которая допустила контрафактные токены к продаже. Представители Эрмитажа считают, что платформа даже не удосужилась проверить права музыканта на реализацию цифровых изображений. Позже NFT Frame Art подтвердила получение письма.

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NFT trading and taxation in GermanyHow the taxation of NFTs work and how you don’t run into the risk of evading taxes.After the boom of cryptocurrencies in the last decade, the internet is currently on NFT trading. We have already described what NFTs are and how their ownership rights are structured in a previous article (only in German).

This article is about the tax treatment of Non-Fungible Tokens in Germany.At the outset, it should be noted that there are still no binding lax law requirements when trading NFTs. Only a few initial considerations are made here.Production (Minting) of NFTs and tradingIf you are a manufacturer of a NFT, it depends for taxation purposes whether you manufacture these NFTs on a freelance basis as an artist (for example, NFT characters in the context of NFT computer games) or whether you manufacture and trade commercially. As a freelancer, you have to perform a self-creative activity with a certain level of design in the manufacturing process, § 18 German Income Tax Act.  Commercial production is to be assumed, however, if you e.g., distribute the NFTs in the online trade independently (self-distribution) or instead of only selling, also buy.The boundaries are almost fluid. It always depends on the concrete individual case, but the commercial nature is generally disadvantageous from a tax standpoint. Among other things because trade tax must be paid.Tax-free sale of NFTs – private tradingLike cryptocurrencies, NFTs have so far been classified by the Federal Ministry of Finance as other economic goods within the meaning of Section 23 I 1 No. 2 German Income Tax Act. Accordingly, the sale of NFTs has the character of a private sale transaction.One way to sell NFTs tax-free as a private person would be to use the exemption limit of 600 euros per year, which applies to all gains from private sales transactions (gold, cryptocurrencies, art, etc.). If you are below 600 euros in total at the end of the year with all sales, no taxes are due. If you are just one cent above that, the entire sum of the private disposal transactions must be taxed at your personal income tax rate.A second way to sell NFTs tax-free is to keep the holding period to one year. If you have held the NFT in your Wallet for one year, the sale, in whatever amount, is tax-free. However, be sure to make a note of the purchase date to avoid mistakes.As with all private sales transactions, you can offset losses within the same year, carry losses forward or carry them back if no gains were made in that year.Commerciality, sales tax & money laundering law for NFT tradingIn order to classify trading in NFTs as commercial, the delimitation criteria to securities and foreign exchange trading of the German Federal Fiscal Court could be used. The principles applied, which are also applied by the German Federal Ministry of Finance in a draft letter on the taxation of cryptocurrencies: Entwurf eines BMF-Schreibens: Einzelfragen zur ertragsteuerrechtlichen Behandlung von virtuellen Währungen und von Token.It may be that these principles will soon find corresponding application to NFTs. There are high requirements to be met in terms of commerciality. Acting as a trader or acting in a manner typical of a bank would be necessary. It is not enough simply to have sold a large number of NFTs; rather, there must be concrete indications of commercial activity. These would be the use of a business operation set up in a commercial manner and a short-term and frequent turnover using borrowed capital. In each case, the individual case must be considered.If commerciality has been established, trade tax must be paid. This is normally 7-18%. In addition, commercial NFT traders cannot make tax-free profits, as profits are taxed regardless of the holding period. But losses can be more easily offset.As for sales tax, it may soon apply to trading NFTs. Unlike cryptocurrencies, which are considered a means of payment and are not subject to sales tax, NFTs could be taxed with the sales tax as soon as the trader is considered an entrepreneur in terms of sales tax law and the transaction can be classified as a supply or other service in Germany. However, it is also decisive who buys the NFTs or where the buyer is located. This could still become problematic since the trade with NFTs is mostly carried out via pseudonyms.As a commercial NFT trader, you could fall within the scope of the Money Laundering Act as a goods trader and would have to comply with the due diligence, risk management, and other obligations contained therein. Otherwise, even frivolous violations could result in heavy fines.Do you have more questions regarding German NFT taxes and regulations?Für die deutsche Version dieses Artikels folgen Sie bitte diesem Link:

The information contained in these articles is for general information purposes and does not relate to the specific situation of any individual. It does not constitute legal advice. In a specific individual case, the present content cannot replace individual advice from expert persons.Questions and Answers regarding NFT tax regulations in Germany

References to NFT trading regulations in Germany

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Regulations get stricter

For investors with German residency, investments in tokens are generally interesting from a tax point of view because after the one-year holding period no more taxes are due on the capital gains. This will now be changed. If tokens are not only held but used for further returns, the holding period increases to 10 years. It, therefore, becomes difficult for the individual investor to use the token beyond buying and holding, as the reporting process is enormously time-consuming.

With this new regulation, Germany loses a lot of competitiveness, but it has advantages too. While the investor is waiting for a tax exemption for the actual investment, they can earn additional returns. But now, the Federal Ministry of Finance is intervening and proposing a change: Anyone who wants to earn an additional return with their crypto assets through staking, for example, automatically extends the holding period from one to ten years.

The federal government also wants to regulate the anonymity of cryptocurrencies. In the future, trading platforms such as crypto exchanges will be obliged to collect information from senders and recipients such as names, addresses and account data.

In addition, the Money Laundering Act will also apply to cryptocurrencies in the future. Transactions with cryptocurrencies must then be disclosed from a value of $1,120, or 1,000 euro at the time of writing.

Тилль Линдеманн любит Россию

Скорее всего, продажа рок-звездой NFT, основой которых стали кадры, отснятые в Санкт-Петербурге, и предстоящий ужин покупателей токенов с музыкантом в Москве неслучайны. Линдеманн неоднократно признавался в своей любви к России.

Артист родился в ГДР и видит в этом причину своей тяги ко всему русскому. В школе ему преподавали русскую литературу, но сам он предпочитает тех авторов, которые не входили в программу: Чингиза Айтматова и Михаила Булгакова. А из поэтов музыкант больше всего ценит Владимира Высоцкого.

Сам Тилль тоже пробовал творить на русском и даже записал целую песню «Любимый город», на которую позже в Санкт-Петербурге сняли клип. Советской эстетикой пропитано и музыкальное видео на песню Линдеманна «Я ненавижу детей», после просмотра которого, как ранее писал Medialeaks, некоторые фанаты артиста решили: солист Rammstein почти стал русским.

Soccer opens the door for NFTs

The nonfungible tokens (NFTs) craze exploded in 2021, with museums, auction houses, individual artists and bands taking in record sums with the sale of digital art and certificates in 2021.

Fanzone, a German start-up founded in October 2020 that has already been able to win Porsche as an investor, also got involved in the NFT market in 2021. As an official partner of the German Football Association, it offers trading cards of the German men’s, women’s and under21 national teams.

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On the way to the digital euro

2021 was undoubtedly the year of the central bank digital currencies (CBDC) in Germany. The European Central Bank launched a two-year trial phase to investigate the possible introduction of a digital euro, and Germany has taken a leading role.

The Deutsche Bundesbank, the country’s central bank, led a working group of German financial institutions, companies and fintechs to discuss the use of central bank digital currencies.

Blockchain in the finance industry

Exchanges have been able to expand in the country. Austrian crypto exchange operator Bitpanda opened its new location in Berlin in 2021. Coinbase — which became an officially regulated crypto custodian in Germany in August — is building up its German business at full speed.

Meet the artists behind WWF Germany’s NFTs

While selecting the artists, WWF ensured that there is a mix of both artists already established in the NFT scene as well as emerging artists, says Penk. More importantly, it was a must for the artists to have an interest in animal welfare. Thus, they selected ten artists who have either worked on animal projects before or are “animal lovers.”

Additionally, the artists are offering their works for free. “I think this is a nice double win because on the one hand, you have the artists working for free but every one of the gains of this project goes directly into conservation and preservation of the animals,” Penk adds.

The highlight of the campaign is the internationally acclaimed digital artist, Kode, a.k.a, Bosslogic. As one of the biggest artists in the NFT scene, who has worked with Marvel and DC, Bosslogic joining the campaign is “a win for this project”, says Penk.

Persian Leopard NFT by Bosslogic. Credits: WWF

He is joined by artists like Eric Peters and Lea Fricke, who have previously worked with animal motifs. NFT artist, Etienne Kiefer, meanwhile, has created NFTs to save animals in the past. Freehand Profit, Vinzent Britz, Romulo Kuranyi, Andres Ribon, Rocket&Wink, and Anna Rupprecht complete the diverse list.

When asked to choose a favourite NFT, Penk almost instantaneously picks the Giant Ibis by Berlin-based artist, Vinzent Britz. The NFT features a Giant Ibis in its natural habitat as it slowly fades away.

“I think that’s a super nice idea to transport the concept of the campaign behind it,” he adds.

There are only 290 Giant Ibises in the world. Credits: Vinzent Britz via WWF

Nowak, on the other hand, chooses Amur Tiger by Gary Lockwood, a.k.a Freehand Profit. “I like tigers in general,” he says. “It’s a very interesting piece that’s very detailed and very NFT- like.” Tigers too are an endangered species with only around 3,890 left in the world.

Taking an energy-saving approach

Furthermore, the WWF NFTs can only be bought using stablecoin USDC. As its value is linked to USD, its price is more stable compared to other cryptocurrencies. Moreover, as the currency is on Polygon, the process is again energy efficient.

Where can you buy the WWF Germany NFTs?

WWF Germany’s Genesis NFT collection will drop on its at 2 pm (GMT +1) on November 2, 2021. The campaign page, however, will go live a week before the launch. The price of the NFAs range from 79 to 799 USDC.

“As a buyer, with the first purchase, you’ll give your money to a good cause,” Penk says. “You don’t need to wait till your NFT becomes more valuable or has a bigger value on the secondary market because you have fulfilled something for the project with the first purchase.”

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Why are NFTs becoming beneficial for the people of Germany?

Also Read: Trends in Technology That Will Shape the Next Decade

NFTs Future in Germany

The use of NFTs is increasing in Germany. A recent study by the German Federal Ministry of Finance found that Germans are increasingly using NFTs to make online payments. In particular, there has been a surge in the use of NFTs for making online payments for digital goods and services. This is because NFTs offer a number of advantages over traditional forms of payment, such as faster processing times and lower transaction costs.

Securities law reform to embrace blockchain

In terms of legal challenges, German legislators have increasingly been taking a lead role and 2021 was no exception.

Since June 2021, the Electronic Securities Act (Gesetz über elektronische Wertpapiere) established digital securities and abolished previously legally mandatory documentations of securities.

The Fund Location Act (Fondsstandortgesetz) should also be mentioned as a milestone for the acceptance of digital assets. The act, passed in July 2021, enables special funds like pension and insurers, which are designed specifically for the institutional market, to invest up to 20% of their fund volume in crypto assets. Among large German fund providers, for example, Union Investment has already invested significant capital in Bitcoin (BTC).

Sure, there’s a lot to talk about!

When will EveryNFT start in Germany?

We have already implemented our first beta launch with Bobo Comics. By end of January we will be launching more and more artistic collaborations.

How does the «application process» work?

First of all, we don’t like the term “application” for artists in principle. We definitely don’t want to act as a kind of authority that “lets in” individual artists or excludes others. We do not feel that this is up-to-date and we would even find the implicit assessment to be presumptuous. Above all, NFTs are a new creator economy and should be open to everyone. That is why we understand it more as “getting to know” or “introducing”. For us as the first NFT platform in this form in Germany, however, in the initial phase it is important to work with artists who can think from the perspective of the community when creating the NFTs. As the platform, we do not want to offer any NFTs that could be declared as “money-making”. The topic is still very new in Germany and we want to get as many people as possible excited about the topic in the next few months, which is why we are not only meeting a selected number of artists for the first beta phase work to be able to do justice to the individual drops. For this reason, we have created a form to create the opportunity to present your plan & NFT project. We look forward to getting to know you and will take our time for each submission.

Where are you sitting and who is behind it?

We are based in Berlin, but our team works in different parts of the world. The founders are Fritz Gnad and Cem Tekin.

How does the authentication of the creators work?

Using NFTs to protect endangered species

Animals and NFTs are not much different, says Penk. Interestingly, it was his three cats that helped him nail down the concept of NFTs. Just like how three cats are unique, cannot be copied or replaced, NFTs too are unique and non-fungible, he explains.

“The similarity between animals and NFT was my bridge to understand the technology,” Penk tells “So, it was quite obvious that I thought, ‘what could we do with NFTs and animals, to connect nature and technology?’”

For Penk, who likes to do “good things” whenever he has a chance, the answer came almost immediately. “So, I thought, why not do something for the most limited animals on planet Earth – the nearly extinct animals?” he adds.

Penk then reached out to WWF Germany, for whom taking on the project was a “no-brainer.”

The Giant Ibis, for instance, is the national bird of Cambodia. Yet, there are only 290 left in the world, Nowak adds. On the other hand, the population of the critically endangered Vaquita whales is only 22.

Lea Fricke’s NFT representing Vaquita whales. Credits: WWF

Thus, for WWF Germany, he says, the NFA campaign is a “beautiful way” to drive awareness about how few of some of these animals are left in this world. Furthermore, it is also a means to support the work that WWF is doing.