Unsellable is here to clean up web3 (and your wallet) while helping you write off your losses on NFT projects gone bust.
Don’t get us wrong… we (Co-Founders Skyler Hallgren, David Sawyer, and Zach Miller) are true believers in NFTs.
The underlying technology is changing the way we interact with each other forever. NFTs are disrupting the art world, changing the way we prove ownership, reforming the financial system, unlocking creativity through crowdsourcing, and creating trustless peer-to-peer contracts in ways that haven’t been possible until now.
Most people automatically imagine NFTs as just silly, expensive cartoon jpegs. Sometimes, that’s truly all they are… and we’ve invested in our fair share of now-broken NFT projects to know.
As investors, we are always looking for strategies to optimize our personal tax situations. Every financial planner worth their salt will take advantage of tax-loss harvesting to make an investment portfolio as efficient as possible. Every year, we sit down to make our tax loss harvesting moves at the end of the year.
While harvesting our tax losses from stocks in December of 2021, we realized that our NFTs presented a problem. While every investment class has its losers, many of the NFTs we invested in were not only down big; they were now totally worthless… illiquid… unsellable.
Basically, we had plenty of losses, but no way to realize them on paper in order to harvest them and save on taxes.
We built Unsellable precisely so we could offer instant liquidity for NFT tax loss harvesting, and so everyone could liquidate their unsellable NFTs and finally harvest the losses.
While quality NFT projects are still strong, there are hundreds of thousands of NFT projects that have been abandoned and / or lost all value and liquidity. That means millions of NFTs that hold unrealized losses; or better said, hundreds of millions in potential tax savings lost each year for lack of liquidity.
What happens to the unsellable NFTs we buy while creating savings for you? We are curating the world's largest collection of (worthless) NFTs - The Unsellable Collection. Everyday the collection grows larger, with each of your contributions adding another sad cartoon giraffe or despondent primate on a sailboat, until it eventually becomes the ultimate artifact of the early days of web3.
So here’s to the next phase of innovation and utility for NFTs! In the meantime, we’ll be here cleaning up the trash from abandoned hype and helping you save money.