Increased Activity in NFT Sales
Between October 29 and November 5, 2023, sales of non-fungible tokens (NFTs) experienced a significant increase of 18.30% compared to the previous week, reaching an impressive total of $106.32 million. This surge in NFT sales indicates a growing interest and participation in the NFT market, with both buyers and sellers showing a notable increase of 17.77% and 15.82%, respectively.
Recovery from a Decline
After a period of decline and lackluster performance throughout October, NFT sales have rebounded in the past week. The previous week's sales amounted to $89.87 million, but the current week has witnessed a substantial increase of 18.30%, reaching a total of $106.32 million. Ethereum-based NFTs have been leading the charge, accumulating $60.91 million in sales, marking an 8.55% increase compared to the previous week.
Bitcoin's Strong Performance
Bitcoin has also shown impressive performance in the NFT market, with sales reaching $13.17 million over the week. This represents a significant increase of 154.75% compared to the previous week, indicating a record-breaking achievement in BTC-based NFT sales. Solana and Mythos followed closely, with Solana NFT transactions capturing $8.53 million and Mythos trailing closely behind with sales worth $7.46 million.
Top Blockchains and NFT Collections
Among the top five blockchains for NFT sales in the week, Immutable X secured the fifth position with $5.69 million in NFT sales. The Bored Ape Yacht Club (BAYC) emerged as the top-selling NFT collection of the week, generating $10.79 million in sales. It was closely followed by The Captainz, which amassed $8.54 million. Dmarket recorded sales of $7.39 million, and Bitcoin's BRC20 NFTs achieved $7.3 million in sales. Gods Unchained also experienced a notable increase of over 53%, amounting to $5.42 million in sales, while Bitcoin's BRC20 NFTs made a significant leap of 224.89%.
Among the various transactions, the highest-priced NFT of the week was BAYC #6022, which fetched an impressive $303K. A BRC20 NFT followed closely, achieving a sale price of $56K. Another notable transaction was the sale of "Tigris Position #10505," an Arbitrum NFT, which fetched $39K. Additionally, an asset based on Cardano, Emurgo, reached $32K in sales. Solana's "Mad Lads #5364" rounded out the top five transactions, changing hands at $31K.
While an 18% increase in NFT sales is a positive sign of progress, it is crucial to sustain this trend and achieve consistent gains in the coming weeks to offset the recent slump. The NFT market continues to evolve, and these latest statistics indicate a renewed interest and confidence in the digital asset space.
What are your thoughts on this week's NFT sales? Feel free to share your opinions and insights in the comments section below.
Frequently Asked Questions
Does a gold IRA make money?
Yes, but not as much. It all depends upon how much risk you are willing and able to take. 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. However, if you have all your eggs in one place, you could lose everything.
Diversifying your investments is essential. Inflation is a problem for gold. You want to invest in an asset class that rises along with inflation. Stocks can do this well as they rise when profits are increased. Bonds are also able to do this. They pay interest every year. They're great for economic growth.
But what happens when there isn't any inflation? In deflationary periods stocks and bonds both fall in value. Investors should not put all of their savings in one investment such as a stock mutual fund or bond.
Instead, they should combine different types funds. For example, they could invest in both stocks and bonds. They could also invest in cash or bonds.
This gives them exposure to both sides. Inflation and deflation. They will still experience a return with time.
What are the pros and cons of a gold IRA?
An excellent investment vehicle is a gold IRA. This is for people who wish to diversify but do not have access to traditional banking services. It allows you invest in precious metals like platinum, silver, and gold without any taxes, until they're withdrawn.
However, early withdrawals of funds will incur ordinary income tax. The funds are not located in the country and can be easily seized by creditors if your loan defaults.
A gold IRA is a great option if you want to own gold but not worry about taxes.
What type of IRA are you using to buy precious metals stocks?
Most financial institutions and employers offer an Individual Retirement Account (IRA). This is an investment vehicle that most people can use. An IRA lets you contribute money that will grow tax-deferred to the time it is withdrawn.
An IRA lets you save taxes and pay them off later. This means you can save money and pay taxes later on the money that you have deposited to your retirement account.
An IRA is a great investment because your earnings and contributions are tax-free. You can withdraw funds at any time. Early withdrawals are subject to penalties.
You can also make additional contributions to your IRA after age 50 without penalty. If you decide to withdraw funds from your IRA while you are still working, you'll owe income-taxes and a 10% penalty.
Withdrawals before age 59 1/2 will be subject to a 5% IRS penal. Withdrawals between ages 59 1/2 and 70 1/2 are subject to a 3.4% IRS penalty.
There is a 6.2% penalty for withdrawals over $10,000 per calendar year.
Can I store my gold IRA account at home?
Online brokerage accounts are the best way for you to invest your money. You can access all of the same investment options that you would have if you worked with a traditional broker but don't need to be licensed or qualified. There are no fees to invest.
Many online brokers also offer tools that can help you manage your portfolio. To see the performance and trends of your investments, you can download charts from these brokers.
What precious metals are permitted in an IRA
The most commonly used precious metal in IRA accounts is, of course, gold. Also available as investments are bars and bullion gold coins.
Precious metals can be considered safe investments as they don't lose their value over time. They are also an excellent way to diversify your investment portfolio.
Precious metals are silver, palladium, and platinum. These three metals have similar properties. Each one has its own uses.
For example, platinum is used in making jewelry. To create catalysts, palladium is used. It is used for producing coins.
Think about how much you can afford to purchase your gold, before you make a decision on the precious metal. You might be better off buying gold that costs less per ounce.
You need to decide if you want your investment to remain private. If so, then you should go with palladium.
Palladium is more expensive than gold. But it's also less common. It is likely you will need to pay more.
Their storage fees are another important factor to consider when choosing between sterling and gold. Gold is measured by weight. For larger quantities of gold, you will be charged a higher storage fee.
Silver is measured in volume. Silver is priced by volume. You will pay less to store smaller amounts.
You should follow all IRS rules if you plan to store precious metals in an IRA. This includes keeping records of transactions and reporting them back to the IRS.
How do I Withdraw from an IRA of Precious Metals?
If you have a precious IRA company such Goldco International Inc. account, you may be tempted to withdraw your funds. If you decide to sell your metals this way, they will be much more valuable than if they were inside the account.
This article will help you understand how to withdraw funds from an IRA that holds precious metals.
First, verify that your precious metal IRA allows withdrawals. This option is available from some companies, but not all.
The second step is to determine if selling your metals will allow you tax-deferred gain. Many IRA providers provide this benefit. Some do not, however.
Third, make sure to check with your precious metal IRA provider if there are any fees associated with these steps. You may have to pay an additional fee for the withdrawal.
Fourth, ensure that you keep track your precious metal IRA investment for at least 3 years after selling them. To put it another way, you should wait until January 1st every year to calculate capital gains from your investment portfolio. Next, fill out Form 8949 to determine the amount you gained.
Not only must you file Form 8949 but also have to report to the IRS the sale of precious metals. This will ensure that you pay taxes on any profit earned from your sale.
A trusted attorney or accountant should be consulted before you sell your precious metals. They can help you avoid costly mistakes and ensure you comply with all regulations.
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (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)
How to determine if a Gold IRA works for you
Individual Retirement Account (IRA) is the most popular type. IRAs can be obtained through banks, financial advisors, mutual funds, employers and banks. Individuals are allowed to contribute up to $5,000 each year to IRAs without having to pay tax consequences. You can contribute this amount to any IRA regardless of your age. There are limitations on the amount of money that you can contribute to certain IRAs. For example, you cannot contribute to a Roth IRA unless you're at least 59 1/2 years old. If you're under 50, you must wait until you reach age 70 1/2 before making contributions. Some employees may be eligible to match contributions from their employer.
There are two types: Roth and Traditional IRAs. Traditional IRAs can be used to invest in stocks or bonds, as well other investments. Roth IRAs are only available for after-tax dollars. Roth IRA contributions can be made without tax, but they will still be subject to taxes if you withdraw from it. Some people combine both of these accounts. Each type has its advantages and disadvantages. There are pros and cons to each type of IRA. These are the three main things you need to remember:
Traditional IRA Pros
- Contribution options vary by company
- Employer match possible
- You can save up to $5,000 per person
- Tax-deferred growth until withdrawal
- You may have income restrictions
- The maximum annual contribution limit is $5.500 (or $6.500 if married filing jointly).
- The minimum investment is $1,000
- After you turn 70 1/2, you can begin receiving mandatory distributions
- You must be at the least five years of age to open an IRA
- You cannot transfer assets between IRAs
Roth IRA Pros
- No taxes owed when contributing
- Earnings increase without tax
- There are no minimum distribution requirements
- There are only a few investment options available: stocks, bonds and mutual funds.
- There is no maximum contribution limit
- There are no restrictions on the transfer of assets between IRAs
- Open an IRA if you are 55 years or older
If you are thinking about opening an IRA, it is important to be aware that not all companies offer exactly the same IRAs. For example, you might be able to choose between a Roth IRA (or a traditional one) from some companies. Some companies will allow you to combine both. You should also note that different types of IRAs may have different requirements. Roth IRAs have no minimum investment requirements, while traditional IRAs require a minimum $1,000 investment.
The Bottom Line
When you are choosing an IRA, it is crucial to consider whether you will pay taxes now or in the future. A traditional IRA may be the right choice if you retire within ten years. If you are not able to retire within ten years, a Roth IRA may work better for you. It doesn't matter what, it is a good idea consult a professional to discuss your retirement plans. A professional can help you determine the best option for your situation and keep track of what's going on in the market.
By: Jamie Redman
Title: The Rise of NFT Sales: A Look at the Latest Statistics
Sourced From: news.bitcoin.com/nft-markets-rebound-with-18-rise-to-106m-bitcoin-nfts-take-second-place-under-ethers-lead/
Published Date: Sun, 05 Nov 2023 17:30:56 +0000