The recent sale of Taproot Wizards' Quantum Cats non-fungible tokens (NFTs) has proven to be a success, gathering a total of 268.3 bitcoins, equivalent to $11.3 million based on current market value. This achievement is particularly impressive considering the initial technical difficulties that caused delays in the sale. Despite these obstacles, the sale has already seen 2,681 Quantum Cat NFTs being purchased.
Quantum Cats NFT Mint Gains Over 268 Bitcoin Prior to Public Sale
The Taproot Wizards' Quantum Cats NFT sale was previously covered by Bitcoin.com News, highlighting the technical challenges that led to a postponed sale. On February 5, 2023, the sale finally commenced, and a significant number of these unique collectibles were already sold before the general public had the opportunity to participate.
Initially, access to the collection was limited to whitelisted individuals for a specific period. After this duration, the sale was opened to the wider public. Prior to the end of the whitelist period, the project's X account made an announcement stating that 2,600 cats had already been created. The official whitelist mint concluded at 5 p.m. Eastern Time (ET) on Monday, followed by a one-hour delay before the public mint started. To date, a total of 2,680 Quantum Cats have been minted.
Each Quantum Cat was priced at 0.1 BTC, resulting in a collection that had already secured 268.3 BTC, equivalent to $11.3 million, by the end of the whitelist period. Currently, there are slightly over 300 cats still available for purchase by the general public, excluding U.S. residents. According to the Quantum Cats sale terms, Taproot Wizard inscriptions are not permitted to be purchased by individuals residing within U.S. territories.
Following the sale, it remains to be seen whether the value of the Quantum Cats NFTs will increase, maintain their initial price, or potentially decrease below the 0.1 BTC benchmark on secondary markets. This sale comes at a time of heightened interest in unique collectibles within the NFT realm, with Bitcoin now ranking as the second-largest platform for NFT sales, boasting a total sales volume of $2.25 billion to date.
What are your thoughts on the Taproot Wizards' Quantum Cats NFT sale? Feel free to share your opinions in the comments section below.
Frequently Asked Questions
Are gold- and silver-IRAs a good idea.
If you are looking for an easy way to invest in both gold and silver at once, then this could be an excellent option for you. However, there are many other options available as well. Contact us anytime if you have questions about these types investment options. We're always glad to help!
Can a gold IRA make you money?
Yes, but not as often as you think. It depends on how much you're willing to risk. It's possible to retire with $1 million if your retirement age is reached if you are able to put aside $10,000 per year for 20 consecutive years. If you try to put all your eggs into one basket, you will lose everything.
Diversify your investments. When there is inflation, gold does well. It is important to invest in assets that increase with inflation. Stocks can do this well as they rise when profits are increased. This is also true of bonds. They pay interest each year. They're very useful during periods of economic growth.
But what happens if there's no inflation? Stocks fall more and bonds lose value during deflationary times. This is why investors should avoid putting all their savings into one investment, such as a bond or stock mutual fund.
Instead, they should combine different types funds. They could invest both in stocks and bonds, for instance. They could also invest in cash or bonds.
This gives them exposure to both sides. They can see both the inflation and the deflation sides of the coin. They will still see a return in time.
How much do gold IRA fees cost?
The average annual fee to open an individual retirement account (IRA), is $1,000. There are many types to choose from, such as Roth, SEP, SIMPLE, traditional and Roth IRAs. Each type comes with its own set rules and requirements. For example, you may have to pay taxes on any earnings from your investments if they're not tax-deferred. The amount of time you intend to keep the money must be considered. If you plan to keep your money longer, you can save more money by opening a Traditional IRA instead of a Roth IRA.
You can contribute up to $5500 per year to a traditional IRA (or $6500 if you are 50 or older). The Roth IRA allows unlimited contributions each year. The difference is simple. With a traditional IRA you can withdraw the money when you retire and pay no taxes. A Roth IRA will entail taxes for any withdrawals.
Which type of IRA is the best?
The most important thing when choosing an IRA for you is to find one that fits within your goals and lifestyle. It is important to consider whether you want tax-deferred, maximized growth of your contributions, reduced taxes now and paid penalties later, or just avoid taxes.
The Roth option can be a smart choice if your retirement savings are limited and you don't have any other investments. It's also worth considering if your plan is to work after the age of 59 1/2.
Traditional IRAs might be more beneficial if you are looking to retire early. You'll likely owe income taxes. But if you're going to work well past age 65, the Roth IRA might make more sense since it allows you to withdraw some or all of your earnings without paying taxes.
What precious metals may I allow in my IRA?
The most commonly used precious metal in IRA accounts is, of course, gold. Investments in gold bullion coins or bars can be made as well.
Precious metals are considered safe investments because they don't lose value over time. Precious metals are also great for diversifying an investment portfolio.
Precious metals include silver, platinum, and palladium. These three metals are similar in their properties. Each one has its own uses.
Platinum is used to make jewelry, for example. Palladium is used to create catalysts. For producing coins, silver is used.
When deciding which precious metal to choose, consider how much you expect to spend on your gold. You may be better buying gold that is less expensive per ounce.
You should also think about whether you want to keep your investment private. If you do, you should choose palladium.
Palladium is more valuable than gold. However, it is also rarer. You'll probably have to pay more.
The storage fees of gold and silver are also important factors to consider when making a decision between them. The weight of gold is what you store. You will pay more if you store larger amounts.
Silver is stored according to its volume. You'll be charged less for smaller amounts.
All IRS rules concerning gold and silver should be followed if your precious metals are stored in an IRA. You must keep track of all transactions and report them to the IRS.
Statistics
- Silver must be 99.9% pure • (forbes.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that 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)
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
- Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
External Links
forbes.com
kitco.com
en.wikipedia.org
wsj.com
How To
How to Buy Gold for Your Gold IRA
Precious metal is used to describe precious metals such as gold, silver (excluding helium), palladium, palladium or osmium), ruthenium, rose, rhenium, ruthenium and others. It is any element that has atomic numbers between 79 and 110 (excluding Helium), and which is valued because of its beauty and rarity. Gold and silver are the most popular precious metals. Precious metals can be used to make money, jewelry, industrial products, and art objects.
Gold prices fluctuate daily because of supply and demande. Investors are looking for safe havens away from unstable countries and precious metals has seen a large demand over the past decade. This has resulted in a substantial rise in the prices. However, the increasing cost of production has made some people concerned about investing in precious metals.
Because it is rare and long-lasting, gold makes a great investment. Like many investments, gold doesn't lose value. Gold can be bought and sold without tax. There are two ways you can invest in gold. You can either purchase gold bars and coins or invest in futures gold contracts.
You can instantly have liquidity with physical gold bars and coins. They're easy to trade and store. However, they are not very inflation-proof. For protection against rising prices, gold bullion is a good option. Bullion is physical gold that comes in different sizes and shapes. Some billions come in one-ounce pieces, while others come in larger sizes like kilo bars. Bullion is usually stored in vaults protected from theft and fire.
Gold futures can be a great way to buy shares rather than actual gold. Futures allow you to speculate on how the price of gold might change. Buying gold futures exposes you to gold's price without owning the physical commodity itself.
For instance, if I wanted speculation on whether gold prices would go up or lower, I could buy a contract for gold. My position at the expiration of the contract will be either “long-term” or “short-term.” A long contract indicates that I believe the price for gold will rise. Therefore, I'm willing give money to someone now in exchange of the promise that I will get more money after the contract ends. A shorter contract will mean that I expect the price to fall. I'm willing and able to take the money now, in return for the promise that I will make less money later.
When the contract expires, I'll receive the amount of gold specified in the contract plus interest. That way, I've gained exposure to the price of the gold without actually having to hold the gold myself.
Precious metals can be a great investment because they are very hard to counterfeit. Paper currencies can be easily faked by printing new bills. Precious metals are not easy to counterfeit. This is why precious metals have always held their value well over time.
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By: Jamie Redman
Title: Taproot Wizards’ Quantum Cats NFTs Achieve $11.3M in Bitcoin Despite Technical Hurdles
Sourced From: news.bitcoin.com/taproot-wizards-quantum-cats-nfts-leap-past-technical-glitches-to-amass-11-3m-in-bitcoin/
Published Date: Mon, 05 Feb 2024 23:30:18 +0000
