Tax implications of acquiring and holding NFT tokens in the US

Has anyone thought about the tax implications when you purchase an NFT in the US? Like, if you grab a crypto Kitty using ETH. On platforms like https://bitcoin.tax/, you can log that transaction under "spending". But technically, you’re not spending ETH on something like food or drinks; you’re swapping it for an asset that could go up or down in value. I’m curious if this topic has been explored because NFTs have really started gaining momentum this year. Appreciate your thoughts!

I'm not familiar with the bitcoin.tax software, but a digital collectible should probably be treated the same as cryptocurrency -- as property -- for tax purposes. It's not real property so like-kind exchanges don't apply, and they obviously can't be treated as currencies. You would treat the sale of ETH for crypto-kitty as selling ETH for USD, then separately buying the crypto-kitty with USD. It's the same tax treatment as bitcoin-altcoin trading.