A new service offers a way to offset losses from NFTs during a grim crypto winter that saw demand for digital collectibles vanish
. In January pop star Justin Bieber paid $1.29m for a “Bored Ape” NFT, a graphic of a, well, bored ape. Everyone from Michael Jordan to former first lady Melania Trump was in on the game.
“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,” the service says on its website. Launched a month ago, Unsellable now has 5,000 NFTs, and founder Skyler Hallgren expects that to grow to 15,000 by the end of the month. “They are an interesting artefact of a period of time in the market,” he said. But he expects the NFTs are “likely to continue to be worthless”.
“For some folks, the amount they paid for NFTs is quite high and were buying them for a penny so the write-off they can take is quite high.”
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