[NEWS] Monex Crypto Bank to offer purchase service for non-performing NFTs

Monex Crypto Bank Co., Ltd. announced on the 8th that it has begun offering a service to buy NFTs and NFT contracts that have become non-performing assets and are difficult to buy or sell.

This is a groundbreaking service that buys non-performing assets such as NFTs and NFT contracts and helps businesses improve their finances.

Businesses can generate accounting losses on sale by selling non-performing NFTs and NFT contracts, which can help them save on taxes. In addition, since it is an off-chain transaction other than sending tokens, rather than an on-chain transaction on the NFT marketplace OpenSea, there is almost no impact on the market.

Buys NFTs that cannot be bought or sold on the market

The main service is the "NFT buying service." It will buy NFTs that have been created or purchased but are almost impossible to buy or sell on the market for a flat rate of 1 yen. As evidence required for recording sales losses, even if a "purchase certificate" is issued for 1 yen, the difference between the purchase price and the sale price can be recorded as a sales loss, which can also lead to tax savings.

Next, the "NFT contract buying service." We will only purchase NFT contracts with sufficient remaining NFTs that can be minted. In addition to contracts, we will also purchase assets related to the NFT business, such as illustrations, landing pages, and IP. The remaining amount of NFTs that can be minted is the difference between the totalSupply and totalMinted of the NFT contract.

For example, if the totalSupply of an NFT contract is set to 10,000 and the totalMinted is 2,000, 8,000 will be the "remaining amount of NFTs that can be minted." However, the actual amount of remaining NFTs that is sufficient depends on the contents of the NFT collection. You can apply on the dedicated page.

Annual crash rate of NFT trading price is minus 57%

Due to the NFT boom, many businesses are acquiring NFTs or launching NFT projects. On the other hand, there are many businesses that are considering withdrawing from the NFT business due to the deterioration of the cryptocurrency (virtual currency) market. However, NFTs have low liquidity compared to financial products such as stocks and bonds, and in many cases, sellers are not found and NFTs become bad debts.

NFTs that have become bad debts can be kept on the balance sheet in the hope that they may be sold someday, but the current market conditions are not necessarily good.

According to Nansen's NFT price index "Nansen NFT-500," the annual crash rate of NFT trading prices (floor prices) as of the 31st of last month was minus 57%, and holding bad debts of NFTs can often have a negative impact on the creditworthiness of the balance sheet.

In addition, unlike stock trading, recording sales losses does not serve as a tax saving measure. In reality, the current situation is that there is no choice but to dispose of them as soon as possible.

About Monex Crypto Bank

Monex Crypto Bank Co., Ltd. was established in December 2017. It provides research, study, planning, development and consulting on crypto assets and blockchain services.

A subsidiary of the Monex Group, it offers services such as the "MCB web3 Newsletter" and "MCB Research" to communicate the latest trends and research on blockchain and crypto assets, the NFT project "OASIS," and the news app "Cheeese" where you can earn Bitcoin.

Source:Announcement
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