News Explorer — Some ‘Worthless’ NFTs Still Have Value—As Tax Writeoffs

Generated by AI, curated by humans

Dec 29, 7:16 pm

Decrypt

Some ‘Worthless’ NFTs Still Have Value—As Tax Writeoffs

According to DappRadar Head of Research Pedro Herrera, 90-95% of NFT collections will never regain their pre-bear market valuations. To address this issue, startup Unsellable buys illiquid NFTs for a penny each, allowing owners to take tax write-offs. The company claims to have helped customers declare $4.2 million worth of realized losses and aims to create the world's largest collection of NFTs.

According to DappRadar Head of Research Pedro Herrera, 90-95% of NFT collections will never regain their pre-bear market valuations. To address this issue, startup Unsellable buys illiquid NFTs for a penny each, allowing owners to take tax write-offs. The company claims to have helped customers declare $4.2 million worth of realized losses and aims to create the world's largest collection of NFTs.

Latest

Apr 10, 5:36 pm

Decrypt

Bitget Offers SpaceX Exposure Ahead of Planned $1.75 Trillion IPO

Bitget introduced IPO Prime featuring preSPAX, a token linked to SpaceX's future public market performance, offering ret... Read Summary

Apr 10, 5:25 pm

www.artnews.com

Elon Musk Robot Dog From NFT Artist Beeple Is Walking Around San Francisco

Regular Animals, Beeple's robotic dogs, made an appearance in San Francisco, with one resembling Elon Musk. The Node Fou... Read Summary

Apr 10, 4:33 pm

Decrypt

Exodus Introduces "Exodus Pay" for Crypto Payments in Select States

Exodus, a publicly traded crypto wallet provider, introduced "Exodus Pay" to enable everyday payments within its self-cu... Read Summary

Apr 10, 4:34 pm

Decrypt

Zcash Is Soaring Again as Myriad Traders Predict $420 Price Ahead

Zcash (ZEC) has surged nearly 62% in the last week, with odds of reaching $420 in April now at 60%. The recent rise is p... Read Summary

Apr 10, 3:39 pm

Decrypt

World Liberty Financial's WLFI Token Plummets Amid Controversy Over DeFi Loan, Token Unlocks

World Liberty Financial's governance token, WLFI, faced a 14% drop to $0.08, with its market cap decreasing by $427 mill... Read Summary

Apr 10, 3:30 pm

Decrypt

BitTensor TAO Token Dives as Departing AI Builder Alleges 'Decentralization Theater'

Tensions between BitTensor's founder and Covenant AI have caused TAO to plummet 18.5% in 24 hours. Covenant AI accused J... Read Summary

Apr 10, 12:48 pm

Coindesk

Crypto Exchange Binance Offers UAE Staff Relocation Options Amid Iran War

Binance has offered its UAE staff the option to relocate to various Asian cities due to regional tensions, allowing flex... Read Summary

Apr 10, 9:19 am

Coindesk

Hong Kong Licenses HSBC and Standard Chartered-Led Group to Issue Stablecoins

Hong Kong granted stablecoin issuer licenses to HSBC and Anchorpoint Financial, led by Standard Chartered. The HKMA appr... Read Summary

Apr 10, 8:58 am

Coindesk

Japan's Draft Amendment Would Classify Cryptocurrencies As Financial Products

Japan's cabinet has approved a draft amendment to classify cryptocurrencies as financial products under the Financial In... Read Summary

Apr 10, 8:58 am

Coindesk

Bitcoin Treasury Firm Nakamoto Weighs Reverse Stock Split With Price Below $1

Nakamoto, a Bitcoin treasury firm, plans a reverse stock split to boost its share price on Nasdaq, aiming to comply with... Read Summary

Apr 10, 6:24 am

Coindesk

Is XRP Better Protected Against Quantum Computing Than Bitcoin?

Quantum computing's potential threat to blockchain security has sparked discussions, with XRP Ledger being considered be... Read Summary

Apr 10, 2:35 am

Coindesk

OKX Ventures, HashKey Capital Invest in CAEX to Meet Vietnam's Regulated Crypto Trading Requirements

OKX Ventures and HashKey Capital are investing in Vietnam Prosperity Crypto Asset Exchange (CAEX) to meet the minimum ca... Read Summary

Apr 10, 12:01 am

Decrypt

Coinbase, Binance, US Secret Service, and UK's NCA Froze $12 Million in Stolen Crypto Funds

Coinbase, Binance, the U.S. Secret Service, and the U.K.'s NCA collaborated to freeze $12 million in stolen crypto funds... Read Summary

Apr 9, 6:36 pm

Coindesk

Kalshi Makes Up 89% of US Prediction Market, Says Bank of America

Bank of America's report highlights the growth of prediction markets in the U.S., with Kalshi leading in volume increase... Read Summary

Apr 9, 5:05 pm

Coindesk

Crypto Firms Can Now Access Treasury's Cybersecurity Info to Bolster Defense Against Attacks

The U.S. Department of the Treasury is offering cybersecurity information sharing to crypto businesses to enhance their... Read Summary