If you paid more than $0.01 for your NFT when you bought it, you almost likely qualify for a tax write-off

What happens if an NFT you purchase later on depreciates in value? Unsellable provides a brand-new service that purchases low-value NFTs for use as tax deductions.

Solutions for NFT Owners' Taxes

NFT purchases are still fraught with uncertainty despite their growing popularity and attention. Many people have made investments in NFTs without fully comprehending the technology's tax ramifications. Fortunately, NFT Plazas offers a comprehensive overview on NFTs and taxes for individuals who want to learn more.

The Unsellable initiative seeks to address the issue of low value NFTs by offering a tax alternative that not everyone may have considered. For any NFTs it purchases, the corporation will provide a receipt, which sellers can submit as evidence of their losses for tax write-offs.

The NFTs are purchased by the corporation, which is owned by Skyler Hallgren and Zach Miller, for a small portion of what was originally paid. The Unsellable website states:

The Ethereum blockchain (ERC-721 + ERC-1155), by far the most popular chain for NFTs, is supported by Unsellable, and other blockchains will follow soon.

"If you paid more than $0.01 for your NFT when you bought it, you almost likely qualify for a tax write-off when you sell it to Unsellable. That write-off might help you reduce your taxes.

Finally, the value of investments can change at any time because we live in an unpredictable environment. As a remedy, Unsellable now provides NFTs tax write-offs to owners of depreciating digital assets.