02/01/2023 Tax-Loss Harvesting Platform Unsellable is Building ‘The World's Largest Collection of Worthless NFTs

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.

EnterUnsellable, 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 toEtherscan.

The most valuable NFT in theUnsellable Collection on OpenSeaso far isArmy of the Dead #78, 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.

The majority of NFTs purchased by the site are derivative projects – 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.

The platform also allows users to sell their no-longer-wanted NFTs in bulk. One collector sold dozens of NFTs from theGoopGirlscollection, along with others, in a single transaction, paying only 0.05 ETH (about $65) plus gas fees.

The platform’s popularity comes as once-profitable tradersseek to cut their losses. 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.

Arts

https://www.coindesk.com/web3/2022/12/31/tax-loss-harvesting-platform-unsellable-is-building-the-worlds-largest-collection-of-worthless-nfts/?outputType=amp

Interesting NFTs
Alien
There are infinite worlds in the Universe with infinite sentient beings inhabiting them. Master autonomously updates once a day at 12am with one of 366 original artworks, showcasing some of the rarest beings, their cities, transport, technology and nature.
Forms of Love
The ever changing piece, that took you to understand the 10 forms of love. attach string to each of it,connect and try to understand it. how do you perceive it? it's up to you, it's part of me but also part of you at the same time. just don't use logic too much, we never live there anyway from the start.
The River Plate Machine
Digital illustration for the cover of These Football Times magazine in its issue dedicated to the Argentine football team "Club Atlético River Plate". Original from 2020. For this cover I have created a complex machine that links all the generations and legends of the club with its great shield and emblem crowning the center as the heart of the fantasy machinery. Full of details and ornaments this is a highly detailed work. An authentic trip to the history of River through the imagination and the colors of the club. The most significant titles of the club are also included, such as the Libertadores Cup, the famous Intercontinental and the new Super Liga and the Argentine Cup in its newest cup design. If you see a hen, don't be surprised, it is the nickname that its fans give themselves, and they like it. ----- https://javierarres.com/about.html
Punk #59
Inscription #584
#60092
By OthersideDeployer