Unsellable acquires “worthless” NFTs for the cost of gas plus a few bucks so that NFT enthusiasts can claim losses to offset their tax bill. elitanjourno reports
, a skeleton-themed PFP that sold for over 3.6 wrapped ether 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 theThe platform’s popularity comes as once-profitable traders. 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.