FAQ

Frequently Asked Questions

What types of NFTs do you support?

Unsellable supports NFTs on the Ethereum blockchain (ERC-721 + ERC-1155), by far the most popular chain for NFTs, with other blockchains coming soon!

What does it cost to use Unsellable?

Each transaction is subject to a service fee. You’ll pay 0.002 ETH per NFT, plus gas.

Have a ton of NFTs? We have a service fee cap of 0.08 ETH, so you'll never pay Unsellable more than that amount in one transaction, no matter how many NFTs you sell.

Plus, our smart contract optimizes for the lowest platform and gas fees possible by allowing you to harvest multiple collections at once and up to 500 NFTs in a single transaction.

How many NFTs can I sell at once?

You can sell up to 500 NFTs in a single transaction. If you need to sell more than that (you poor soul) it’s no big deal - you can just start a second transaction!

Will this count as a Tax Write-Off?

If you purchased your NFT for more than $0.01, selling it to Unsellable will almost certainly qualify for a Tax Write-Off. You may be able to use that Write-Off to lower your taxes this year; if not, you can always roll it over to lower future tax bills as well. Whether or not that Write-Off lowers your tax bill this year depends on the many other factors that affect your tax burden, such as income, capital gains, and other expenses. Everyone's tax situation is different, and we suggest speaking with a tax professional to understand the best way to optimize your specific tax situation.

How much will I get for my NFT?

You’ll receive 0.000007 ETH (roughly $0.01) for each NFT you sell - the amount of ETH you receive will vary based on the current exchange price USD - ETH, but it is targeted to $0.01. You’ll receive a receipt at the end of your transaction that you can use to show your capital losses to your accountant or enter the loss into the tax software you use.

What will happen to my NFT after you buy it?

Most NFTs that we purchase from Unsellable customers become a part of The Unsellable Collection. The current collection has over 16,000 NFTs, and is being reviewed and curated for exhibit and potential bids from interested parties. The Collection will hold on to almost all NFTs, curating them to exhibit the ultimate artifact of a period in economic history.

The Collection will accept bids on NFTs, and will at times accept those bids when it makes sense to do so. A portion of the proceeds from asset sales will be donated to 501c3s that support arts in education, or that work to offset crypto’s carbon footprint.

Can I buy my NFT back after I sell it?

We can’t guarantee that you will be able to buy your NFT back after selling, because that would prevent your sale from counting as a tax deduction. We do this to ensure that your sale is legitimately a true "arm's length transaction", and to avoid any conflict of interest that would come from providing future economic benefit to the seller.

However, you can at any time bid on any NFT in The Unsellable Collection via OpenSea and we will at times accept those bids. This can be on an NFT you have sold or another NFT you discover and want to purchase.

How do I connect my wallet?

Connecting is easy - just click CONNECT to get started.

After connecting my wallet, I see NFTs listed that I don’t recognize. What’s up with that?

Most of our wallets hold NFTs that we’ve never even seen before. That’s because others can airdrop you NFTs without your request or consent, and you may not even notice because OpenSea and other marketplaces forward unrequested NFTs into a hidden tab. Most likely those are the NFTs you are seeing but not recognizing.

Why are some of my NFTs not showing up after connecting my wallet?

Most likely because they aren’t in our list of supported standards (ERC721 and ERC1155). If you are holding other types of NFTs, they won’t show up here on Unsellable. If you believe something else may be wrong, please contact us and let us know.

Will I still have to pay gas fees if my transaction fails?

Every once in a while, transactions on the Ethereum blockchain (or any blockchain, for that matter) fail. Whether it’s network congestion or temporary outages, sometimes a transaction won’t go through and you’ll need to try again.

Because of how blockchain networks are designed, we have no power to prevent a pending transaction from being rejected. Most times it's as simple as trying again to get a successful transaction. Unfortunately, failed transactions can still cost partial gas fees, and we can’t do anything to change that.

Does this site work on a smartphone/tablet?

Mobile functionality is coming soon! But today, this tool does not currently work on smartphone or tablet. Unsellable’s tax harvesting tool is built for desktop, and we recommend using a Chrome browser.

Disclaimer

The only way to optimize your taxes is to work directly with a Crypto-competent CPA to strategize your individual tax scenario. Unsellable can help you sell your worthless, illiquid NFTs in order to realize the loss officially, but we can’t provide individual tax advice or guarantee results. It’s important to work with a knowledgable CPA, or at minimum use a professional crypto tax accounting software, to analyze your unique, specific tax situation.

We work with the tax professionals at Gordon Law Group. They can help you craft your tax strategy, unlock deductions, and keep your taxes clear and legitimate. Learn more about a 30 minute consultation with an experienced NFT & Crypto tax professional.