If you bought an NFT for $1,000 and it’s now worthless, you still have to find someone willing to buy it before you can claim it as a loss on your taxes. A project called « Unsellable » has emerged to fill that need—buying worthless NFTs for $0.01 (for a small fee) so that people can claim the losses.
« This tool really helped me unload those embarrassing early NFT Hype investments. Should shave about $1000 off my tax bill », a supposed user writes in a testimonial blurb on the site (although the testimonials appear to be faked).
Perhaps someone has finally found a viable crypto business model after all.