Unsellable NFTs, a platform dedicated to the sale of unmarketable NFTs, has been launched. The nonfungible token (NFT) market is in such a bind that collectors now offer their items for sale as tax write-offs.
We created https://t.co/yICyJgKKFU to help victims of rugged projects recoup some of the losses via Tax Loss Harvesting. #UnsellableNFTs #Web3 #NFTs https://t.co/XszYzQ86H1
— UNSELLABLE NFTs (@unsellablenfts) November 28, 2022
NFT holders are selling their digital collectibles at an unprecedented rate. Some tax professionals currently advice recovering losses from worthless NFTs because tax write-offs from lost sales can reduce annual income tax obligations. Tax-loss harvesting has emerged as a critical strategy as the cryptocurrency and stock markets have fallen this year.
If anyone is holding worthless NFTs, I highly recommend harvesting the losses before the end of the year.
You also might want to check out @unsellablenfts, which is an awesome app that launched last week and makes ditching your worthless NFTs super easy!
— Crypto Tax Girl (@CryptoTaxGirl) November 29, 2022
Intentional loss-making sales can offset gains from other investments. Smart investors use this method throughout the year to avoid accruing too many taxable gains.
Unsellable NFTs tweeted:
“If you are sitting on worthless, illiquid NFTs, sell them to us and write-off your losses!”
The platform was created to provide liquidity for NFTs that couldn’t be sold elsewhere. The platform acquires the tokens for pennies and issues a legal receipt for tax purposes.
According to Beincrypto, it is retaining every token to create “The Unsellable Collection,” which will serve as the ultimate artifact of the early Web3 era.
The Unsellable Collection, which has 38 items, is also available on OpenSea. The most valuable one, “Impermanent Digital #3238,” is offered for 0.299 ETH (about $354), indicating that it is not completely useless.
The platform levies a 0.0032 ETH transaction fee plus gas. It offers 0.0000064 ETH, or around $0.01, for every NFT that it purchases. The tax receipt, which can generate significant savings, is the product itself.
Unsellable NFTs added saying:
“If you have worthless NFTs in your wallet, we want to buy them so you can harvest the losses!”
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