Exploring the Seven-Week Downtrend of Non-Fungible Token Sales

The sales of non-fungible tokens (NFTs) have continued to slide for the seventh consecutive week. This pattern has overseen total NFT transactions declining to $66.11 million in the last week, marking an 11.65% dip from the previous week's figures.

The Wider Cryptocurrency Market Contrasts NFT Trends

Despite an overall uplift in the broader cryptocurrency market, NFT sales have failed to exhibit the same positive pattern. The downturn persisted for seven weeks, with sales volumes of NFTs indicating a continuous decline.

A Silver Lining in NFT Sales Decline

Even with the week’s sales dropping 11.65% lower than the previous one, a glimmer of hope remains. The number of NFT purchasers and sellers experienced a significant increase, with a 17.77% rise in buyers and a 15.82% rise in sellers. According to data from cryptoslam.io, the Ethereum platform led NFT sales, contributing $38.10 million to the week's turnover.

Ethereum-based NFTs Dominating the Market

Interestingly, 57.63% of all NFTs sold during the week were Ethereum-based, underlining the platform's dominance. Nevertheless, the sales figures of ETH-based NFTs experienced a minor drop of 0.84% this week. Among the ensuing ranks, transactions of Mythos NFTs managed to secure second place, accumulating a commendable $8.79 million — up by 12.29% from the last week.

NFT Sales Making Waves in the Crypto World

Following closely, Solana completed the top three, with accrued sales of $6.86 million, showing a weekly rise of 8.87%. Leading the pack in current NFT sales, the Dmarket collection associated with Mythos stood victorious at $8.72 million, showing a 12.32% boost. The Bored Ape Yacht Club (BAYC) kept up the pace at $4.13 million, marking a bumper rise of 25.18%.

Other Noteworthy NFT Players

In the meantime, Polygon's Draftkings landed the third spot, fetching sales of $3.28 million. Though this represented a decline of 18.24%, Sorare's subsequent $2.87 million sales — up by 3.87%, kept spirits high. Cryptopunks also held their own, collecting $2.79 million, which signified an impressive 61.41% leap from the previous week.

Exceptional NFT Sales of the Week

Within the week, Cryptopunk #2367 made remarkable sales, accumulating a cool $143,062 in just 72 hours. BNB's Starcraft Planets #1498 was auctioned for $32,880 within a day, and Bitcoin's Ordinal Maxibiz managed to command a price tag of $30,646 on Magic Eden a few days ago.

Decline in Floor Prices of Superior NFT Collectibles

Significantly, the floor prices of blue-chip NFT collectibles witnessed a notable drop. Cryptopunks prices have reduced to 45 ether, whereas BAYC's NFTs saw a stark fall to 26.30 ether, according to nftpricefloor.com. This slump mirrors the broader downward trends observed in the valuation of blue-chip digital collectibles market.

Frequently Asked Questions

What is the tax on gold in an IRA

The tax on the sale of gold is based on its fair market value when sold. Gold is not subject to tax when it's purchased. It is not income. If you decide to make a sale of it, you'll be entitled to a taxable loss if the value goes up.

Gold can be used as collateral for loans. Lenders will seek the highest return on your assets when you borrow against them. Selling gold is usually the best option. There's no guarantee that the lender will do this. They may just keep it. Or they might decide to resell it themselves. Either way, you lose potential profit.

In order to avoid losing your money, only lend against your precious metal if you plan to use it to secure other collateral. Otherwise, it's better to leave it alone.

How much should your IRA include precious metals

You should remember that precious metals are not only for the wealthy. It doesn't matter how rich you are to invest in precious metals. In fact, there are many ways to make money from gold and silver investments without spending much money.

You may consider buying physical coins such as bullion bars or rounds. You could also buy shares in companies that produce precious metals. You might also want to use an IRA rollover program offered through your retirement plan provider.

You will still reap the benefits of owning precious metals, regardless of which option you choose. They offer the potential for long-term, sustainable growth even though they aren’t stocks.

And, unlike traditional investments, their prices tend to rise over time. You'll probably make more money if your investment is sold down the line than traditional investments.

What are the fees for an IRA that holds gold?

An Individual Retirement Account (IRA) fee is $6 per month. This includes account maintenance and any investment costs.

If you want to diversify, you may be required to pay extra fees. These fees vary depending on what type of IRA you choose. Some companies offer free check accounts, but charge monthly fee for IRA accounts.

Most providers also charge an annual management fee. These fees range from 0% to 1%. The average rate is.25% annually. These rates are often waived if a broker like TD Ameritrade is used.

Is physical gold allowed in an IRA.

Gold is money, not just paper currency or coinage. It is an asset that people have used over thousands of years as money, and a way to protect wealth from inflation and economic uncertainties. Investors today use gold to diversify their portfolios because gold is more resilient to financial turmoil.

Many Americans are now more inclined to invest in precious metals like gold and silver than stocks or bonds. It is possible to make money by investing in gold. However, it doesn't guarantee that you'll make a lot of money.

One reason is that gold has historically performed better than other assets during periods of financial panic. Between August 2011 and early 2013 gold prices soared nearly 100 percent, while the S&P 500 plunged 21 percent. During these turbulent market times, gold was among few assets that outperformed the stocks.

One of the best things about investing in gold is its virtually zero counterparty risk. If your stock portfolio goes down, you still own your shares. But if you own gold, its value will increase even if the company you invested in defaults on its debt.

Finally, the liquidity that gold provides is unmatched. This means that, unlike most other investments, you can sell your gold anytime without worrying about finding another buyer. It makes sense to buy small quantities of gold, as it is more liquid than other investments. This allows one to take advantage short-term fluctuations within the gold price.

Is gold a good investment IRA?

Any person looking to save money is well-served by gold. It's also a great way to diversify your portfolio. But there is more to gold than meets the eye.

It's been used as a form of payment throughout history. It is often called “the oldest currency in the world.”

But gold is mined from the earth, unlike paper currencies that governments create. It is very valuable, as it is rare and hard to create.

Gold prices fluctuate based on demand and supply. When the economy is strong, people tend to spend more money, which means fewer people mine gold. This results in gold prices rising.

On the flipside, people may save cash rather than spend it when the economy slows. This results in more gold being produced, which drives down its value.

This is why gold investment makes sense for both individuals and businesses. If you invest in gold, you'll benefit whenever the economy grows.

In addition to earning interest on your investments, this will allow you to grow your wealth. If gold's value falls, you don't have to lose any of your investments.

What precious metal should I invest in?

This question is dependent on the amount of risk you are willing and able to accept as well as the type of return you desire. Although gold has been considered a safe investment, it is not always the most lucrative. Gold may not be right for you if you want quick profits. If patience and time are your priorities, silver is the best investment.

If you don’t desire to become rich quickly, gold may be your best option. Silver might be a better investment option if steady returns are desired over a long period of time.

Statistics

You can only purchase gold bars at least 99.5% purity. (forbes.com)
Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.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)
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)

External Links

How To

The best place to buy silver or gold online

To buy gold, you must first understand how it works. Gold is a precious metallic similar to Platinum. It's very rare, and it is often used as money for its durability and resistance. It's hard to use, so most people prefer buying jewelry made out of it to actual bars of gold.

There are two types of gold coins available today – one type is legal tender, while the other is called bullion. Legal tender coins can be used for circulation within a country. These coins usually come in denominations such $1, $5 and $10.

Bullion coins can only be used as investment currency. They increase in value due to inflation.

They are not exchangeable in any currency exchange system. For example, a person who buys $100 worth or gold gets 100 grams. This gold has a $100 price. The buyer receives 1 gram of gold for every dollar spent.

When you are looking to purchase gold, the next thing to know is where to get it. If you want to purchase gold directly from a dealer, then a few options are available. You can start by visiting your local coin shop. Another option is to go through a reputable site like eBay. You can also look into buying gold online from private sellers.

Private sellers are individuals who offer gold for sale, either at wholesale prices or retail prices. When selling gold through private sellers, you pay a commission fee of 10% to 15% per transaction. Private sellers will typically get you less than a coin shop, eBay or other online retailers. This is a great option for gold investing because you have more control over the item’s price.

Another way to buy gold is by investing in physical gold. Physical gold is much easier to store than paper certificates, but you still have to worry about storing it safely. To ensure that your physical gold remains safe, you need to secure it in an impenetrable container such as a vault or safety deposit box.

A bank or pawnshop can help you buy gold. A bank can provide you with a loan to cover the amount you wish to invest in gold. The pawnshop is a small business that allows customers to borrow money to buy items. Banks tend to charge higher interest rates, while pawnshops are typically lower.

The final option is to ask someone to buy your gold! Selling gold can also be done easily. It is easy to sell gold by contacting a company like GoldMoney.com. You can create a simple account immediately and begin receiving payments.

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By: Jamie Redman
Title: Exploring the Seven-Week Downtrend of Non-Fungible Token Sales
Sourced From: news.bitcoin.com/nfts-cant-catch-a-break-as-protracted-drop-in-sales-continues/
Published Date: Sun, 08 Oct 2023 18:30:32 +0000