After the boom of 2021, the hype that fueled non-fungible token (NFT) trading has subsided. Cryptocurrency prices have plummeted from their former highs and mainstream interest in digital collectibles has waned, bringing down NFT prices.
But the extended crypto winter has come with a potential silver lining – tax-loss harvesting, where NFT enthusiasts can sell their no longer valuable JPEGs and claim losses to offset their tax bill.
Enter Unsellable, a platform launched last month that acquires “worthless” NFTs for the cost of gas plus a few bucks. The site functions as instant liquidity for otherwise, as the name suggests, unsellable NFTs, providing a quick way for NFT investors to capture their losses.
“Think of us as Web3 junk removal,” it says on the website. At the time of writing, the service has so far purchased over 9,300 NFTs, according to Etherscan.
Source: Tax-Loss Harvesting Platform Unsellable is Building ‘The World’s Largest Collection of Worthless NFTs