Introduction
The launch of Taproot Wizards' Quantum Cats non-fungible token (NFT) series has led to a surge in secondary market activity, with significant trading volume and a remarkable increase in the collection's minimum value. Initially priced at 0.1 bitcoin each, the lowest value of Quantum Cats NFTs now stands at around 0.303 bitcoin or $13,062 per NFT.
Quantum Cats Floor Values Reach New Heights
Within just 48 hours of the launch, Quantum Cats NFTs faced some setbacks. However, they managed to generate over $12 million in initial sales and are now commanding prices well above their initial cost of 0.1 BTC. According to Magic Eden, a total of 257.6658 BTC, equivalent to $11.1 million, has been transacted for Quantum Cats on the secondary market.
In addition, the Ordinals series on the Okx Bitcoin inscriptions trading platform has recorded 245.3061 BTC or $10.57 million in transactions since its debut. Magic Eden lists the minimum value of the Quantum Cats collection at 0.303 BTC or $13,062, while Okx shows a minimum of 0.338 BTC or $14,571 per collectible. This indicates that the lowest value of the NFTs has surged to more than three times the original sale price since their initial listing.
Market Availability and Holders
Currently, out of the 3,333 NFTs in the Quantum Cats collection, 533 are available on Magic Eden, while only 28, or 0.84%, can be found on Okx's inscriptions marketplace. With 2,720 distinct holders, this collection ranks as the leading NFT series on both Okx and Magic Eden as of 9:00 a.m. Eastern Time on Wednesday.
Competition and Comparison
In terms of sales, Bitcoin-centric NFTs closely follow Ethereum, with a total of $64,615,064 in sales over the previous week, compared to Ethereum's $100,712,013. However, Quantum Cats face strong competition from established Bitcoin inscription series like Bitcoin Punks and Ordinal Maxi Biz. Notably, just five days ago, Bitcoin Punk #60 was sold for $169,266, making it the most expensive Ordinal inscription sold in the last week.
Conclusion
The Quantum Cats NFT collection has experienced a significant surge in value on secondary markets, with a remarkable increase in the minimum price per NFT. As the leading NFT series on Okx and Magic Eden, Quantum Cats face competition from established Bitcoin inscription series. The rise in value of these NFTs showcases the growing popularity and demand for unique digital assets in the cryptocurrency market.
What are your thoughts on the rise in value of the Quantum Cats NFTs on secondary markets? Share your opinions in the comments section below.
Frequently Asked Questions
Can I buy Gold with my Self-Directed IRA?
Your self-directed IRA can be used to purchase gold, but first you need to open an account with a brokerage firm such as TD Ameritrade. Transfer funds from an existing retirement account are also possible.
The IRS allows individuals to contribute as high as $5,500 ($6,500 if they are married and jointly) to a traditional IRA. Individuals can contribute as much as $1,000 per year ($2,000 if married filing jointly) to a Roth IRA.
If you do decide that you want to invest, it is a good idea to buy physical bullion and not in futures. Futures contracts are financial instruments based on the price of gold. They allow you to speculate on future prices without owning the metal itself. Physical bullion, however, is real gold and silver bars that you can hold in your hand.
Who holds the gold in a gold IRA?
An individual who has gold is considered to be a “form of money” by the IRS and subject to taxation.
This tax-free status is only available to those who have owned at least $10,000 of gold and have kept it for at minimum five years.
Gold can be used to protect against inflation and price volatility. However, it is not a good idea to own gold if you don’t intend to use it.
If you plan to sell the gold one day, you will need to report its worth. This will affect how much capital gains tax you owe on cash you have invested.
You should consult a financial planner or accountant to see what options are available to you.
What are the pros and disadvantages of a gold IRA
An Individual Retirement Account (IRA), unlike regular savings accounts, doesn’t require you to pay tax on interest earned. An IRA is a great way to save money and not have to pay taxes on the interest you earn. However, there are disadvantages to this type investment.
For example, if you withdraw too much from your IRA once, you could lose all your accumulated funds. You might also not be able to withdraw from your IRA until the IRS deems you to be 59 1/2. You will likely have to pay a penalty fee if you withdraw funds from an IRA.
Another problem is the cost of managing your IRA. Most banks charge 0.5% to 2.0% per annum. Other providers charge monthly management fees ranging from $10 to $50.
If you prefer your money to be kept out of a bank, then you will need insurance. A majority of insurance companies require that you possess a minimum amount gold to be eligible for a claim. Some insurers may require you to have insurance that covers losses up $500,000.
If you choose to go with a gold IRA, you’ll need to determine how much gold you want to use. Some providers limit the amount of gold that you are allowed to own. Others allow you to pick your weight.
Also, you will need to decide if you want to buy physical gold futures contracts or physical gold. Physical gold is more expensive than gold futures contracts. However, futures contracts give you flexibility when buying gold. They allow you to set up a contract with a specific expiration date.
It is also important to choose the type of insurance coverage that you need. The standard policy doesn’t provide theft protection or loss due fire, flood, or earthquake. It does include coverage for damage due to natural disasters. You might consider purchasing additional coverage if your area is at high risk.
Additional to your insurance, you will need to consider how much it costs to store your gold. Storage costs are not covered by insurance. For safekeeping, banks typically charge $25-40 per month.
A qualified custodian is required to help you open a Gold IRA. A custodian helps you keep track of your investments, and ensures compliance with federal regulations. Custodians are not allowed to sell your assets. Instead, they must keep your assets for as long you request.
After you’ve determined which type of IRA is best for you, fill out the paperwork indicating your goals. You should also include information about your desired investments, such as stocks or bonds, mutual funds, real estate, and mutual funds. You should also specify how much you want to invest each month.
After completing the forms, send them along with a check or a small deposit to your chosen provider. After reviewing your application, the company will send you a confirmation mail.
When opening a gold IRA, you should consider using a financial planner. Financial planners are experts in investing and will help you decide which type of IRA works best for your situation. They can also help you lower your expenses by finding cheaper alternatives to purchasing insurance.
How much should your IRA include precious metals
The most important thing you should know when investing in precious metals is that they are not just for wealthy people. They don’t require you to be wealthy to invest in them. There are many ways that you can make money with gold and silver investments, even if you don’t have much money.
You might consider purchasing physical coins, such as bullion bars and rounds. Stocks in companies that produce precious materials could be purchased. Your retirement plan provider may offer an IRA rollingover program.
No matter what your preference, precious metals will still be of benefit to you. Even though they aren’t stocks, they still offer the possibility of long-term growth.
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 associated with an IRA for gold?
The Individual Retirement Account (IRA), fee is $6 per monthly. This fee includes account maintenance fees as well as any investment costs related to your selected investments.
If you wish to diversify your portfolio, you may need to pay additional fees. These fees will vary depending upon the type of IRA chosen. Some companies offer free checking, but charge monthly fees for IRAs.
Many providers also charge annual management fees. These fees vary from 0% to 11%. The average rate per year is.25%. These rates can be waived if the broker is TD Ameritrade.
How does gold perform as an investment?
The supply and the demand for gold determine how much gold is worth. Interest rates can also affect the gold price.
Because of their limited supply, gold prices can fluctuate. There is also a risk in owning gold, as you must store it somewhere.
Statistics
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- (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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- If you take distributions before hitting 59.5, you’ll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
irs.gov
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1991 – WSJ
- Are you interested in keeping gold in your IRA at-home? It’s not legal – WSJ
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China’s Evergrande Crisis – Forbes Advisor
