Weekly NFT Sales Reach $311 Million With Bitcoin Leading, Ethereum and Polygon See Impressive Growth
In the past week, the non-fungible token (NFT) market recorded sales of $311.31 million. Although this represents a slight increase of only 0.05% compared to the previous week, NFT sales on the Bitcoin blockchain have consistently outperformed other blockchain networks since November 2023. However, it is worth noting that NFT sales on the Bitcoin blockchain have declined by 19.12% compared to the previous week.
Data from cryptoslam.io for the past seven days reveals that NFT sales reached $311.31 million. However, there was a significant decrease in market participation, with the number of NFT buyers falling by 69.40% and the number of sellers declining by 68.09% during the same period.
Sales of NFTs on the Bitcoin blockchain amounted to $107.16 million, accounting for 34.42% of the total sales across 21 different blockchain networks. However, sales of Bitcoin-based NFTs experienced a decline of over 19% compared to the previous week.
NFT sales on the Ethereum blockchain saw a growth of 18.29%, reaching approximately $84,622,852. Polygon NFTs witnessed an even more substantial increase, surging 81.33% to $44.67 million, securing the third spot in sales among blockchain networks.
On the other hand, Solana NFT sales saw a downturn, declining by 19.47% from the previous week, with total sales amounting to $41.48 million. Avalanche NFTs, on the other hand, saw a 46.83% increase, and Flow-based NFTs jumped by 25.65%.
The top-selling NFT collection in terms of total sales over the past seven days was the Uncategorized Ordinals, which generated $22.68 million, albeit experiencing a 53.70% decrease from the previous week.
The second-highest in digital collectible sales was the Gas Hero Common Hero NFTs from Polygon, achieving $18.82 million in sales, marking a significant 261% increase. Sales of Gas Hero items and weapon NFTs also saw notable activity this week.
Meanwhile, Bored Ape Yacht Club (BAYC) NFTs experienced a substantial 170% surge in sales compared to the previous week. The highest-priced NFT sale of the past week originated from the BNB chain, with the "Lock Deal" collectible fetching $452K just seven days ago.
Following closely, the "Token Vesting Plans" NFT from Polygon was purchased for $299K. Ranking third in the list of expensive NFTs was "Cryptopunks #8,639" from the Ethereum blockchain, which changed hands for $240K a day earlier. Additionally, other significant NFT sales this week came from networks including Arbitrum, Bitcoin, and Cardano.
What are your thoughts on this week's NFT statistics? Share your opinions and insights on this subject in the comments section below.
Frequently Asked Questions
What is the Performance of Gold as an Investment?
The supply and demand for gold affect the price of gold. Interest rates also have an impact on the price of gold.
Due to their limited supply, gold prices fluctuate. Additionally, physical gold can be volatile because it must be stored somewhere.
What precious metals do you have that you can invest in for your retirement?
Silver and gold are two of the most valuable precious metals. Both are easy to sell and can be bought easily. You should add them to your portfolio if you are looking to diversify.
Gold: Gold is one the oldest forms currency known to man. It's stable and safe. Because of this, it's considered a good way to preserve wealth during times of uncertainty.
Silver: The popularity of silver has always been a concern for investors. This is a great choice for people who want to avoid volatility. Silver, unlike gold, tends not to go down but up.
Platinium: Platinum is another form of precious metal that's becoming increasingly popular. Like gold and silver, it's very durable and resistant to corrosion. It is however more expensive than its counterparts.
Rhodium: Rhodium can be used in catalytic convertors. It is also used for jewelry making. It is also very affordable in comparison to other types.
Palladium: Palladium has a similarity to platinum but is more rare. It's also more accessible. For these reasons, it's become a favorite among investors looking to add precious metals to their portfolios.
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. While gold is considered a safe investment option, it can also be a risky choice. For example, if your goal is to make quick money, gold may not suit you. If you have time and patience, you should consider investing in silver instead.
If you don’t desire to become rich quickly, gold may be your best option. Silver may be a better option for investors who want long-term steady returns.
Statistics
- 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)
- 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 take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
irs.gov
investopedia.com
law.cornell.edu
- 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement plans
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- How do you keep your IRA Gold at Home? It's not legal – WSJ
How To
Gold IRAs are a growing trend
Investors seek diversification and protection against inflation by using gold IRAs.
The gold IRA allows owners to invest in physical gold bullion and bars. This IRA can be used to grow your wealth tax-free and is an alternative option to stocks and bonds.
An investor can use a gold IRA to manage their assets and not worry about market volatility. The gold IRA can be used to protect against inflation or other potential problems.
Investors also benefit from physical gold's unique properties, such as durability and portability.
A gold IRA provides many additional benefits. One is the ability for heirs to quickly transfer ownership of gold. Another is the fact that gold is not considered a currency or a commodities by the IRS.
This is why the gold IRA has become increasingly popular with investors looking to provide financial security during times of financial uncertainty.
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By: Jamie Redman
Title: $311 Million in NFT Sales Amidst Fluctuating Blockchain and Collection Performances
Sourced From: news.bitcoin.com/311-million-in-nft-sales-amidst-fluctuating-blockchain-and-collection-performances/
Published Date: Sat, 13 Jan 2024 18:30:26 +0000
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