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

Unsellable is a platform that has been launched to help NFT enthusiasts offset their tax bills by acquiring "worthless" NFTs at a minimal cost. The platform purchases these NFTs for the cost of gas plus a few dollars, providing instant liquidity for NFT investors looking to capture their losses. It acts as a way to sell unsellable NFTs quickly and easily.

Since its launch, Unsellable has purchased over 9,300 NFTs, with the majority being derivative projects based on popular collections. Examples include Lost Nouns, Anatomy Science Ape Club, and Baby Goblinz, which are often considered to be of lower quality compared to their original counterparts.

The platform also offers the option for users to sell their unwanted NFTs in bulk. One collector, for instance, sold multiple NFTs from the GoopGirls collection and other NFTs in a single transaction, paying a minimal fee of 0.05 ETH plus gas fees.

The popularity of platforms like Unsellable reflects the current market conditions, where many traders are looking to cut their losses. NFT and cryptocurrency prices reached their peak in December 2021 and January 2022, and since then, prices have significantly declined. This decline has affected the value of NFTs, leading investors to seek ways to offset their tax bills through tax-loss harvesting.

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