Weekly NFT Sales Reach $311 Million With Bitcoin Leading, Ethereum and Polygon See Impressive Growth
In the past week, the non-fungible token (NFT) market witnessed sales totaling $311.31 million, representing a slight uptick of just 0.05% from the previous week. While this may seem unremarkable, it's important to note that Bitcoin NFT sales have consistently outperformed other blockchain networks since November 2023. However, it is worth mentioning that NFT sales on the Bitcoin blockchain have seen a decrease of 19.12% compared to the previous week.
Data from cryptoslam.io over the past seven days shows that NFT sales reached $311.31 million. However, there was a significant decrease in market participation, with the number of NFT buyers falling by 69.40% and the number of sellers declining by 68.09% during the same period.
Sales of NFTs from the Bitcoin blockchain accounted for $107.16 million, making up 34.42% of the overall sales across 21 distinct blockchain networks. Despite this, sales of Bitcoin-based NFTs experienced a decline of over 19% compared to the previous week.
NFT sales on the Ethereum blockchain, on the other hand, experienced a growth of 18.29%, reaching approximately $84,622,852. Polygon NFTs witnessed an even more substantial increase, surging by 81.33% to $44.67 million, securing the third spot in sales among blockchain networks.
Solana NFT sales saw a downturn, declining by 19.47% from the previous week, with total sales amounting to $41.48 million. Avalanche NFTs, on the other hand, saw a 46.83% increase, and Flow-based NFTs jumped by 25.65%.
The leading NFT collection in terms of total sales over the past seven days was Uncategorized Ordinals, which garnered $22.68 million, although this was a 53.70% decrease from the previous week.
The second-highest in digital collectible sales was the Gas Hero Common Hero NFTs from Polygon, achieving $18.82 million in sales, marking a significant 261% increase. Sales of Gas Hero items and weapon NFTs also saw notable activity this week.
Meanwhile, Bored Ape Yacht Club (BAYC) NFTs enjoyed a substantial 170% surge in sales compared to the previous week. The highest-priced NFT sale from the past week originated from the BNB chain, with the "Lock Deal" collectible commanding $452K just seven days ago.
Following closely, the "Token Vesting Plans" NFT from Polygon was purchased for $299K. Ranking third in the list of expensive NFTs was "Cryptopunks #8,639" from the Ethereum blockchain, which changed hands for $240K a day earlier. Additionally, other significant NFT sales this week came from networks including Arbitrum, Bitcoin, and Cardano.
What are your thoughts on this week's NFT statistics? Feel free to share your opinions and insights about this subject in the comments section below.
Frequently Asked Questions
How is gold taxed within an IRA?
The fair market price of gold when it is sold determines the tax due on its sale. Gold is not subject to tax when it’s purchased. It isn’t considered income. If you sell it later you will have a taxable profit if the price goes down.
As collateral for loans, gold is possible. Lenders seek to get the best return when you borrow against your assets. This usually involves selling your gold. This is not always possible. They might just hold onto it. They might decide to sell it. The bottom line is that you could lose potential profit in any case.
So to avoid losing money, you should only lend against your gold if you plan to use it as collateral. If you don’t plan to use it as collateral, it is better to let it be.
How does gold perform as an investment?
The supply and demand for gold affect the price of gold. It is also affected by interest rates.
Due to their limited supply, gold prices fluctuate. In addition, there is a risk associated with owning physical gold because you have to store it somewhere.
Can the government seize your gold?
The government cannot take your gold because you own it. You worked hard to earn it. It is yours. But, this rule is not universal. Your gold could be taken away if your crime was fraud against federal government. Also, if you owe taxes to the IRS, you can lose your precious metals. However, even if you don’t pay your taxes, your gold can be kept as property of the United States Government.
What are the pros & cons of a Gold IRA?
An Individual Retirement account (IRA) is a better option than regular savings accounts in that interest earned is exempted from tax. This makes an IRA a great choice for people who are looking to save money but don’t want to pay any tax on the interest earned. This type of investment has its downsides.
To give an example, if your IRA is withdrawn too often, you can lose all your accumulated funds. The IRS may prevent you from taking out your IRA funds until you reach 59 1/2. You will likely have to pay a penalty fee if you withdraw funds from an IRA.
You will also need to pay fees for managing your IRA. Most banks charge 0.5% to 2.0% per annum. Other providers may charge monthly management fees, ranging between $10 and $50.
You can purchase insurance if you want to keep your money out of a bank. Insurance companies will usually require that you have at least $500,000. It is possible that you will be required to purchase insurance that covers losses of up to $500,000.
If you choose to have a gold IRA you will need to establish how much gold to use. Some providers limit how many ounces you can keep. Others let you pick your weight.
It’s also important to decide whether or not to buy gold futures contracts. Gold futures contracts are more expensive than physical gold. Futures contracts allow you to buy gold with more flexibility. They enable you to establish a contract with an expiration date.
Also, you will need to decide on the type of insurance coverage you would like. The standard policy does not include theft protection or loss caused by fire, flood, earthquake. It does provide coverage for damage from natural disasters, however. If you live near a high-risk region, you might want to consider additional coverage.
Additional to your insurance, you will need to consider how much it costs to store your gold. Insurance doesn’t cover storage costs. Additionally, safekeeping is usually charged by banks at around $25-$40 per monthly.
Before you can open a gold IRA you need to contact a qualified Custodian. A custodian maintains track of all your investments and ensures you are in compliance with federal regulations. Custodians aren’t allowed to sell your assets. Instead, they must retain them for as long and as you require.
Once you’ve decided which type of IRA best suits your needs, you’ll need to fill out paperwork specifying your goals. You should also include information about your desired investments, such as stocks or bonds, mutual funds, real estate, and mutual funds. It is also important to specify how much money you will invest each month.
After filling out the forms, you’ll need to send them to your chosen provider along with a check for a small deposit. After reviewing your application, the company will send you a confirmation mail.
You should consult a financial planner before opening a Gold IRA. A financial planner can help you decide the type of IRA that is right for your needs. You can also reduce your insurance costs by working with them to find lower-cost alternatives.
How much gold can you keep in your portfolio
The amount of capital required will affect the amount you make. Start small with $5k-10k. You could then rent out desks and office space as your business grows. So you don’t have all the hassle of paying rent. You only pay one month.
Also, you need to think about the type of business that you are going to run. My company is a website creator. We charge our clients about $1000-2000 per monthly depending on what they order. You should also consider the expected income from each client when you do this type of thing.
You won’t get a monthly paycheck if you work freelance. This is because freelancers are paid. Therefore, you might only get paid one time every six months.
You must first decide what kind and amount of income you are looking to generate before you can calculate how much gold will be needed.
I suggest starting with $1k-2k gold and building from there.
What are the benefits of a gold IRA
A gold IRA has many benefits. It’s an investment vehicle that lets you diversify your portfolio. You control how much money goes into each account and when it’s withdrawn.
You can also rollover funds from other retirement accounts to a gold IRA. This makes for an easy transition if you decide to retire early.
The best thing about investing in gold IRAs is that you don’t need any special skills. They’re readily available at almost all banks and brokerage firms. You don’t have to worry about penalties or fees when withdrawing money.
But there are downsides. The volatility of gold has been a hallmark of its history. It is important to understand why you are investing in gold. Are you seeking safety or growth? Is it for insurance purposes or a long-term strategy? Only once you know, that will you be able to make an informed decision.
If you plan to keep your gold IRA indefinitely, you’ll probably want to consider buying more than one ounce of gold. A single ounce will not be sufficient to meet all your requirements. You may need several ounces, depending on what you intend to do with your precious gold.
A small amount is sufficient if you plan to sell your gold. You can even get by with less than one ounce. These funds won’t allow you to purchase anything else.
Is buying gold a good way to save money for retirement?
Buying gold as an investment may not seem very appealing at first glance, but when you consider how much people spend on average on gold per year worldwide, it becomes worth considering.
Physical bullion bars are the most popular way to invest in gold. But there are many other options for investing in gold. The best thing to do is research all options thoroughly and then make an informed decision based on what you want from your investments.
If you don’t have the funds to invest in safe places, such as a safe deposit box or mining equipment companies, buying shares of these companies might be a better investment. If you are looking for cash flow from your investment, buying gold stocks will work well.
You also can put your money into exchange-traded funds (ETFs), which essentially give you exposure to the price of gold by holding gold-related securities instead of actual gold. These ETFs often include stocks of gold miners, precious metals refiners, and commodity trading companies.
Statistics
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item’s value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- If you take distributions before hitting 59.5, you’ll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
wsj.com
- Saddam Hussein’s Invasion Helped Uncage a Bear In 1990 – WSJ
- You want to keep gold in your IRA at home? It’s not legal – WSJ
