Unsellable, a Tax-loss Harvesting Platform, is Creating the World’s Largest Collection of Worthless NFT

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Last Updated on January 2, 2023 by Bitfinsider

Unsellable, a platform that acquired “worthless” NFTs for the price of petrol plus a few dollars last month. The service provides rapid liquidity for otherwise unsellable NFTs, as the name implies, allowing NFT investors to quickly recoup their losses.

“Think of us as Web3 garbage cleaning,” the website states. According to Etherscan, the service had acquired over 9,300 NFTs as of the time of writing.

Army of the Dead #78, a skeleton-themed PFP that sold for over 3.6 wrapped ether (wETH) in January 2022, is the most valuable NFT in the Unsellable Collection on OpenSea thus far. When the NFT was sold, ETH was worth roughly $3,300, while the NFT was worth around $12,000. Today, with the price of ETH having plummeted, that same token is only worth $4,330.

The site purchases the bulk of NFTs as derivative projects, which are collections based on other popular projects that are frequently made worse. These include Lost Nouns, a Nouns derivative, Anatomy Science Ape Club, a BAYC derivative, and Baby Goblinz, a Goblintown parody.

Users may also sell their unwanted NFTs in bulk on the site. One collector sold dozens of NFTs from the GoopGirls collection in a single transaction for 0.05 ETH (about $65) plus gas expenses.
The platform’s popularity is growing as formerly profitable traders attempt to reduce their losses. Prices for most NFTs and cryptocurrencies peaked in dollars late December and January, with NFTs particularly badly impacted. The surge in NFT prices corresponded with a peak in trading activity, implying that the majority of NFTs acquired at the time were at prices higher than current values.

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