Unsellable NFTs Launched To Help Investors Harvest Their Losses

The non-fungible token (NFTs) are increasingly becoming less marketable as the industry keeps experiencing winter. Things are getting too bad in the space to the point that collectors are now selling them as tax write-offs.

More NFT holders are looking to sell their digital collectibles even if they are sold at a far lower price than they were bought. Now, some tax experts are recommending the harvest of losses made by “worthless NFTs.”

NFTs At A Loss Can Offset Gains In Other Investments

Tax write-offs can be created when they sell at a loss, which can reduce the annual income tax bills. Harvesting of tax laws has become a major strategy for many investors as the stock and crypto market declines.

Additionally, selling the NFTs at a loss can offset gains made in other investments. It’s a strategy that experienced investors have deployed this year to prevent them from accumulating excessive taxable gains.

To enable the sale of unsellable NFTs, a new website has been launched. The website claims to enable those with NFTs that have depreciated to sell them and offset their tax. It stated that the harvesting of the tax loss will become an issue when NFTs are added.

Although every class of investment has both gainers and losers, many NFTs invested are now either undervalued or completely worthless. That’s one of the disadvantages of investments in NFTs. Several NFT projects are also seeing a dip in activities in recent weeks because of the generally quiet nature of the market.

NFT Holders Urged To Take Advantage Of The Opportunity

At the time Bitcoin was experiencing a massive dip in June 2022, NFTs were also having their market slump, selling for 25% less. This trend has continued even as the year is about to wind down. These chains of events have made investors and observers tie crypto’s fate to NFTs. It means that the growth of non-fungible tokens could be directly linked to how the crypto market is faring.

Some people have given up on the possibility of gaining back the worth of their NFT investments, especially for those tokens that are termed “worthless” or “unsellable”.

But on its Twitter page, Unsellable NFTs is giving investors hope of making their tokens useful by helping them harvest their losses. “If you have worthless NFTs in your wallet, we want to buy them so you can harvest the losses!”, the platform tweeted. NFT holders are urged to take advantage of this opportunity.