{"id":592976,"date":"2023-01-01T08:51:41","date_gmt":"2023-01-01T14:51:41","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/01\/01\/tax-loss-harvesting-platform-unsellable-is-building-the-worlds-largest-collection-of-worthless-nfts\/"},"modified":"2023-01-01T08:51:41","modified_gmt":"2023-01-01T14:51:41","slug":"tax-loss-harvesting-platform-unsellable-is-building-the-worlds-largest-collection-of-worthless-nfts","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/01\/01\/tax-loss-harvesting-platform-unsellable-is-building-the-worlds-largest-collection-of-worthless-nfts\/","title":{"rendered":"Tax-Loss Harvesting Platform Unsellable is Building \u2018The World’s Largest Collection of Worthless NFTs"},"content":{"rendered":"
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After the boom of 2021, the hype that fueled non-fungible token (NFT<\/a>) trading has subsided. Cryptocurrency prices have plummeted from their former highs and mainstream interest in digital collectibles has waned, bringing down NFT prices<\/a>.<\/p>\n<\/div>\n

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But the extended crypto winter has come with a potential silver lining \u2013 tax-loss harvesting<\/a>, where NFT enthusiasts can sell their no longer valuable JPEGs and claim losses to offset their tax bill.<\/p>\n<\/div>\n

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Enter Unsellable<\/a>, a platform launched last month that acquires \u201cworthless\u201d 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.<\/p>\n<\/div>\n

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\u201cThink of us as Web3 junk removal,\u201d it says on the website. At the time of writing, the service has so far purchased over 9,300 NFTs, according to Etherscan<\/a>.<\/p>\n<\/div>\n

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The most valuable NFT in the Unsellable Collection on OpenSea<\/a> so far is Army of the Dead #78<\/a>, a skeleton-themed PFP that sold for over 3.6 wrapped ether (wETH) in January 2022. At the time of sale, when ETH was worth around $3,300, the NFT was valued at about $12,000. Today, as the price of ETH has fallen sharply, that same token is only worth $4,330.<\/p>\n<\/div>\n

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The majority of NFTs purchased by the site are derivative projects \u2013 meaning, collections based on other popular projects that are often made worse. These include Lost Nouns, a derivative of Nouns, Anatomy Science Ape Club, a derivative of BAYC and Baby Goblinz, a play on Goblintown.<\/p>\n<\/div>\n

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The platform also allows users to sell their no-longer-wanted NFTs in bulk. One collector sold dozens of NFTs from the GoopGirls<\/a> collection, along with others, in a single transaction, paying only 0.05 ETH (about $65) plus gas fees.<\/p>\n<\/div>\n

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The platform\u2019s popularity comes as once-profitable traders seek to cut their losses<\/a>. Prices for most NFTs and cryptocurrencies were at their dollar-value peak last December and January, with NFTs being hit especially hard. The boom in prices for NFTs also coincided with a peak in trading volume, meaning most NFTs purchased at the time were at prices higher than current values.<\/p>\n<\/div>\n<\/div>\n

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Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

Read More<\/a>
\n Eli Tan<\/p>\n","protected":false},"excerpt":{"rendered":"

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.After the boom of 2021, the hype that fueled non-fungible token (NFT) trading<\/p>\n","protected":false},"author":1,"featured_media":592977,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23853,100027],"tags":[],"class_list":["post-592976","post","type-post","status-publish","format-standard","has-post-thumbnail","category-harvesting","category-tax-loss"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/592976","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=592976"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/592976\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/592977"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=592976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=592976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=592976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}