Platforms for NFT tax-loss harvesting see end-of-year bump

The NFT market has endured a down year as digital collectibles prices broadly failed to recapture previous highs, and changed hands less often than in the past.

Though NFTs have begun to show greater signs of life in the past few weeks, weekly NFT trades have been parked between 100,000 and 150,000 since May after regularly topping 500,000 in early 2022, according to data from Dune Analytics.

Amid the downturn, a slate of platforms have begun to offer tax-loss harvesting services for NFT holders. These sites charge a small fee to purchase NFTs that have lost their value and are difficult to sell. This allows collectors to take financial losses and reduce their overall capital gains tax…

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