For the overwhelming majority of NFTs, the brutal bear market of the last two years wasn’t just a phase: Some 90-95% of NFT collections will never return to pre-bear market valuations, DappRadar Head of Research Pedro Herrera recently told Decrypt.

For many NFT owners, then, the question of what to do with millions of now “worthless” JPEGs is looming large. One potential solution: embracing those losses head-on, and using them to save on taxes. 

Unsellable, a startup founded last year that buys illiquid NFTs off weary holders at a penny apiece in order to allow those owners to take tax write-offs, claims that it has already helped customers declare a combined $4.2 million worth of realized losses.

Skyler Hallgren, Unsellable’s co-founder, thinks that sum is just the tip of the iceberg for a sector that’s collapsed by well over 90% in trading volume and activity since barely two years ago.

“There’s this massive amount—potentially a billion dollars—in locked up, unrealized losses downstream from the NFT bubble of 2021,” Hallgren told Decr

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Author: Sander Lutz

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