NFTs have found their Use Case https://x.com/unsellablenfts/status/1733463252464775452?s=46&t=RtbvMjSZB-E4IMCIlJrlWA
If you record it as a loss, it has to be sold, or burnt. For all those full-retard millennials buying safe-moon, safe-mars, safe-shit coins, if you can't sell it due to de-listing, you can send it to a non-existent address to burn. Otherwise, it's tax evasion to write your foolish decisions off.
Good to know the nuances. Those folks are paying $0.01 for worthless NFTs and collecting $2.25 service fee to process the transaction. You also have to pay gas. I'm liking the idea of sending to a burn address as a better option. Their twitter has a Sept '22 start and as of now they purchased 20k illiquid NFTs. ~$44.8k net https://www.unsellablenfts.com/ I'm not as excited about it as I was at 4am.. and also a retard when it came to the NFT bullrun. The thesis of digital antiquities is currently proven wrong. Even though there were some excellent pieces that did qualify as 'Fine Art' https://www.elitetrader.com/et/threads/nfts-boom-bust-or-bust-on-a-pedestal.351168/#post-5223419 I still appreciate Pak but even his work was not immune to crypto winter.
Or sell it to another person for a loss. Document it with paperwork and a bank deposit slip. Just don't sell "same minting" NFT, to each other. That would obviously NOT be an arm's length transfer. But different NFT's is probably OK because the argument could be made, you lost confidence in one but not another.
This thread is even more hilarious when you think back to some of the NFT threads just a few years ago - where so many folks here were calling others idiots for not going all in on these things.
2021 Why Bored Ape Avatars Are Taking Over Twitter N.F.T. clubs are all the rage among cryptocurrency enthusiasts. Are they a get-rich-quick scheme or the future of culture? https://www.newyorker.com/culture/infinite-scroll/why-bored-ape-avatars-are-taking-over-twitter
Not to repeat myself here for the 100th time but. I did warn that THIS WILL NOT END WELL. Again, so many did not want to listen. As a person who works in the appraisal-related business, I can tell you that 99.99% of stuff marketed to 'go up' in value only because it's marketed as a collector's item, rarely, ever, does. I can not tell you how many times I get people bringing in old coins that are next to worthless. Or those special-edition Olympic Collectors cups that people ordered on TV for high prices in the 80s because... it's sold as a collector's set. Will be high value! $$$$ It said so on TV! They are WORTHLESS. You can't even give that away today. I have to tell people if I buy it, I have to throw it right out into the trash in the back. They were that bad of an 'investment'. You might as well have used them for some utility value during those decades. Most the vintage books we get to look at, are maybe a few bucks tops, and that's ONLY if in really good edition. And I mean top condition actually. The rest are just garbage, we can't sell them. Ironically, we get people still trying to pawn off their old & used VHS tapes of Disney movies, thinking it's time to cash in after paying exorbitant sums of money on them in the 90s. Next to worthless! And I really mean it, they are like 99 cents at some thrift shops if you really want something like that. Now, if you are lucky enough to have a FIRST EDITION Great Gatsby and it STILL has the original jacket and is in great condition, we can appraise that around the 100K mark... And there are some very good reasons for that... As for a Pet Rock image, I can't even read a story with that. NFTs are here to stay, but as with the .com bust, only a fringe few really are worth the investment. Hold on to the Audibles, Netflix, and Amazons, etc.