Harvest Losses from Dead NFTs to Reduce Your Taxes

Graveyard DAO is a members-only service. Start by purchasing a membership NFT, then sell your NFTs to the Graveyard for 3 Szabo each. As long as you’re a member, you can sell as many NFTs as you want to the DAO to harvest your losses for a tax deduction. Once you’ve harvested your dead NFTs you are free to re-sell your membership to someone else who needs to harvest losses, or keep your membership and help manage the Graveyard’s collection of potentially un-dead NFTs.

Minting a membership NFT costs 0.25 ETH. 10,000 NFTs will be available, 8,000 were minted by the initial contributors, who worked through the holidays to push this out by year end and were used for things like paying external counsel to file the incorporation documents. We thought this was the best way to keep this maximally decentralized from Day 1, as opposed to directing the mint proceeds to the team, like many projects have done over the past year.  If the mint is sold out, you should be able to find some on the secondary market (Visit OpenSea). The limited number of memberships is meant to make it easier for you to re-sell your membership to friends who need to harvest losses.

This was a bad year for crypto. Many of us have big unrealized losses. To realize losses on NFTs and reduce your tax bill, you have to be able to sell your collection for a verifiable price. Graveyard will buy your dead NFTs with ETH so it’s easy to show your accountant and the government that the sale is genuine. By harvesting capital losses, most taxpayers in the US could offset their tax bill by about $350 for every $1,000 they lost.

Graveyard DAO would like to encourage broad based membership of the DAO to facilitate maximal decentralization, so while we understand some people are down bad this year and just want to take advantage of it and move on, the DAO would like to introduce some friction in transferring membership.

The smart contracts controlled by the DAO are not geographically limited. You should consult the tax laws of your home jurisdiction to determine how much you will benefit from selling your NFTs to the DAO.

The contract supports any ERC721 or ERC 1155.

For now, the contracts only support Ethereum Mainnet. The DAO is hoping to support more chains in the 2023 tax year.

The Graveyard DAO NFT owners will control the treasury. This includes all ETH proceeds from public mint sale AND any NFTs that are sent to the contract. Graveyard DAO has been specifically set up to be as decentralized as possible from Day 1.

Headover to the discord where the DAO is self organizing.