Bitcoin Holds Top Spot in December NFT Sales
Bitcoin has continued its reign in the non-fungible token (NFT) market, securing the leading position in December with a staggering $853 million in sales. This comes after Bitcoin claimed the top spot in November as well, solidifying its dominance in the NFT space.
Record-Breaking December NFT Sales
December witnessed a significant surge in NFT sales, with a total of $1.7 billion in transactions. This marked a remarkable 69% increase compared to November's figures. Despite a slight decline of over 35% in the past week, Bitcoin remained at the forefront of NFT sales across different blockchains.
Bitcoin Outperforms Ethereum in NFT Sales
Bitcoin's NFT sales reached an impressive $853 million in December, surpassing Ethereum's sales of $364.79 million. BTC-focused NFT sales were 2.34 times greater than ETH's, highlighting Bitcoin's strong position in the NFT market. Solana secured the third spot with approximately $325.14 million in NFT sales, experiencing a remarkable 312% increase from November's figures. Polygon and Arbitrum followed closely behind in NFT sales.
Notable NFT Transactions in December
December saw several notable NFT transactions, including a digital copy of Vincent Van Gogh's Self-portrait, 1888, which sold for $1.19 million. Ethereum hosted the sale of Frxethredemption Ticket #33, generating $638,433 in sales. Cardano's Deep Vision #05128 fetched $551,750, while BNB's Lockdealnft #91 garnered $329,824. Solana's Boogle #009 completed the list of the top five most expensive NFTs in December, selling for $274,209.
Bitcoin Dominates Top Ten NFT Collections
Out of the top ten NFT collections in terms of sales, seven of them are based on the Bitcoin blockchain. Solana's Tensorians secured the fifth position, while the Mad Lads collection held the eighth spot. Arbitrum's Sentry Node collection took the ninth position. In December, there were a total of 11,290,812 NFT transactions involving 469,389 sellers and 600,744 NFT buyers.
Bitcoin's Sustained Dominance in the NFT Market
As Bitcoin continues to dominate NFT sales in November and December, the crypto community eagerly awaits to see if this trend will be sustained or if it will be a temporary moment of dominance. Only time will tell if Bitcoin can maintain its lead or if other cryptocurrencies will reshape the NFT landscape.
What are your thoughts on the NFT sales in December? Share your opinions in the comments section below.
Frequently Asked Questions
Can I own a gold ETF inside a Roth IRA
Although a 401k plan might not provide this option, you should still consider other options like an Individual Retirement Account (IRA).
An IRA traditional allows both employees and employers to contribute. An Employee Stock Ownership Plan (ESOP) is another way to invest in publicly traded companies.
An ESOP provides tax advantages because employees share ownership of company stock and profits the business generates. The money invested in ESOPs is taxed at a lower rate that if it were owned directly by an employee.
Also available is an Individual Retirement Annuity. An IRA allows you to make regular payments throughout your life and earn income in retirement. Contributions made to IRAs are not taxable.
What proportion of your portfolio should you have in precious metals
To answer this question, we must first understand what precious metals are. Precious Metals are elements that have a very high relative value to other commodities. This makes them extremely valuable for trading and investing. The most traded precious metal is gold.
But, there are other types of precious metals available, including platinum and silver. The price of gold fluctuates, but it generally remains stable during times of economic turmoil. It also remains relatively unaffected by inflation and deflation.
In general, all precious metals have a tendency to go up with the market. They do not always move in the same direction. For instance, gold's price will rise when the economy is weak, while precious metals prices will fall. Investors are more likely to expect lower interest rates making bonds less attractive investments.
However, when an economy is strong, the reverse effect occurs. Investors are more inclined to invest in safe assets, such as Treasury Bonds, and they will not demand precious metals. They are more rare, so they become more expensive and less valuable.
It is important to diversify your portfolio across precious metals in order to maximize your profit from precious metals investments. Additionally, since the prices of precious metals tend to rise and fall together, it's best to invest in several different types of precious metals rather than just focusing on one type.
Should you open a Precious Metal IRA
Before opening an IRA, it is important to understand that precious metals aren't covered by insurance. If you lose money in your investment, nothing can be done to recover it. This includes losing all your investments due to theft, fire, flood, etc.
Investing in physical gold and silver coins is the best way to protect yourself from this type of loss. These items are timeless and have a lifetime value. If you were to offer them for sale today, they would likely fetch you more than you paid when you bought them.
Choose a reputable company with competitive rates and quality products if you are looking to open an IRA. Consider using a third-party custody company to keep your assets safe and allow you to access them at any time.
Do not open an account unless you're ready to retire. Do not forget about the future!
Is physical gold allowed in an IRA.
Gold is money, not just paper currency or coinage. People have been using gold for thousands of years to store their wealth and protect it from economic instability and inflation. Today, investors invest in gold as part a diversified portfolio. This is because gold tends do better in financial turmoil.
Today, many Americans invest in precious metals such as gold and silver rather than stocks and bonds. It's not guaranteed that you'll make any money investing gold, but there are several reasons it might be worthwhile to add gold to retirement funds.
One reason is that gold has historically performed better than other assets during periods of financial panic. The S&P 500 dropped 21 percent in the same time period, while gold prices rose by nearly 100 percent between August 2011-early 2013. Gold was one of the few assets that performed better than stocks during turbulent market conditions.
Gold is one of the few assets that has virtually no counterparty risks. Your shares will still be yours even if your stock portfolio drops. Gold can be worth more than its investment in a company that defaults on its obligations.
Finally, the liquidity that gold provides is unmatched. This means that you can sell gold anytime, regardless of whether or not another buyer is available. The liquidity of gold makes it a good investment. This allows you to profit from short-term fluctuations on the gold market.
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- 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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Fraud Advisory: Precious Metals Fraud
By: Jamie Redman
Title: Bitcoin Dominates NFT Market with $853 Million in December Sales
Sourced From: news.bitcoin.com/bitcoin-reigns-supreme-in-nft-market-with-record-breaking-853-million-in-december-sales/
Published Date: Sat, 30 Dec 2023 15:30:16 +0000