Bitcoin Retains Top Position in NFT Sales
In November, Bitcoin emerged as the leader in monthly non-fungible token (NFT) sales, and it has continued to maintain its dominance in December, racking up an impressive $853 million in sales.
Rise in NFT Sales: Bitcoin Leads the Way
Despite a recent decline of over 35% in NFT sales compared to the previous week, December saw a groundbreaking $1.7 billion in NFT transactions. This represents a significant increase of more than 69% compared to November. Bitcoin has remained at the forefront of NFT sales across different blockchains, with BTC-based NFT sales witnessing a remarkable surge of 127.63% compared to November, according to statistics from cryptoslam.io.
Bitcoin vs. Ethereum: NFT Sales Comparison
In December, Bitcoin generated $853 million in NFT sales, while Ethereum recorded a total of $364.79 million. Bitcoin's NFT sales outpaced Ethereum's by 2.34 times, reaffirming its leading position. Solana secured the third spot with approximately $325.14 million in NFT sales, experiencing a remarkable 312% increase from November. Polygon and Arbitrum also emerged as prominent blockchains in NFT sales following the top three.
Highlights of December's Top NFT Transactions
The highest-valued NFT transaction in December involved a digital copy of Vincent Van Gogh's Self-portrait, 1888, which sold for $1.19 million. Ethereum hosted the sale of Frxethredemption Ticket #33, fetching $638,433. Additionally, Cardano's Deep Vision #05128 was sold for $551,750, and BNB's Lockdealnft #91 garnered $329,824. Solana's Boogle #009 completed the list of December's five most expensive NFTs, selling for $274,209.
Bitcoin Dominates NFT Collections
Out of the top ten NFT collections in terms of sales, seven of them are based on the Bitcoin blockchain. Solana's Tensorians claimed the fifth position, while the Mad Lads collection secured the eighth spot. Arbitrum's Sentry Node collection took the ninth position in December. Throughout the month, there were 11,290,812 NFT transactions involving 469,389 sellers and 600,744 NFT buyers.
The Future of Bitcoin in the NFT Market
As Bitcoin continues to dominate NFT sales in November and December, the crypto community eagerly awaits to see if this trend will be sustainable or if it is just a temporary moment of dominance in the NFT world. Only time will tell if Bitcoin can maintain its lead or if the landscape of NFT sales in the blockchain world will undergo significant changes.
What are your thoughts on the NFT sales in December? Share your opinions in the comments section below.
Frequently Asked Questions
How does a gold IRA account work?
Individuals who want to invest with precious metals may use the Gold Ira accounts, which are tax-free.
You can purchase gold bullion coins in physical form at any moment. You don't have to wait until retirement to start investing in gold.
An IRA lets you keep your gold for life. Your gold holdings will not be subject to tax when you are gone.
Your gold is passed to your heirs without capital gains tax. Because your gold doesn't belong to the estate, it's not necessary to include it on your final estate plan.
You'll first have to set up an individual retirement account (IRA) to open a gold IRA. Once you've completed this step, an IRA administrator will be appointed to your account. This company acts as a mediator between you, the IRS.
Your gold IRA custodian will handle the paperwork and submit the necessary forms to the IRS. This includes filing annual returns.
After you have created your gold IRA, the only thing you need to do is purchase gold bullion. Minimum deposit required is $1,000 You'll get a higher rate of interest if you deposit more.
Taxes will apply to gold that you take out of an IRA. You'll have to pay income taxes and a 10% penalty if you withdraw the entire amount.
If you only take out a very small percentage of your income, you may not need to pay tax. However, there are exceptions. You'll owe federal income tax and a 20% penalty if you take out more than 30% of your total IRA assets.
It is best to not take out more than 50% annually of your total IRA assets. A violation of this rule can lead to severe financial consequences.
How much should your IRA include precious metals
When investing in precious metals, the most important thing to know is that they aren't 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 could also consider buying physical coins like bullion bars, rounds or bullion bars. It is possible to also purchase shares in companies that make precious metals. You might also want to use an IRA rollover program offered through your retirement plan provider.
You'll still get the benefit of precious metals no matter which country you live in. Although they aren’t stocks, they offer the possibility for long-term gains.
They also tend to appreciate over time, unlike traditional investments. If you decide to sell your investment, you will likely make more than with traditional investments.
Can I hold a gold ETF in a Roth IRA?
You may not have this option with a 401(k), however, you might want to consider other options, like an Individual retirement account (IRA).
Traditional IRAs allow contributions from both the employer and employee. Another option is to invest in publicly traded corporations with an Employee Stockownership Plan (ESOP).
An ESOP gives employees tax advantages as they share the stock of the company and the profits it makes. The tax rate on money that is invested in an ESOP is lower than if it was held in the employees' hands.
Also available is an Individual Retirement Annuity. An IRA allows you to make regular payments throughout your life and earn income in retirement. Contributions made to IRAs are not taxable.
Is gold a good investment IRA option?
If you are looking for a way to save money, gold is a great investment. You can also diversify your portfolio by investing in gold. There is much more to gold than meets your eye.
It has been used throughout history as currency and it is still a very popular method of payment. It's often referred to as “the world's oldest currency.”
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.
The supply-demand relationship determines the gold price. People tend to spend more when the economy is healthy, which means that fewer people are able to mine gold. This results in gold prices rising.
On the flipside, people may save cash rather than spend it when the economy slows. This means that more gold is produced, which reduces its value.
It is this reason that gold investing makes sense for businesses and individuals. If you make an investment in gold, you can reap the economic benefits whenever the economy is growing.
Additionally, you'll earn interest on your investments which will help you grow your wealth. If gold's value falls, you don't have to lose any of your investments.
Which precious metal is best to invest in?
This depends on what risk you are willing take and what kind of return you desire. Although gold has traditionally been considered a safe investment choice, it may not be the most profitable. For example, if your goal is to make quick money, gold may not suit you. If you have the patience to wait, then you might consider investing in silver.
If you're not looking to make quick money, gold is probably your best choice. Silver might be a better investment option if steady returns are desired over a long period of time.
What precious metals can you invest in for retirement?
These precious metals are among the most attractive investments. They are both simple to purchase and sell, and they have been around for a long time. Consider adding them to the list if you're looking to diversify and expand your portfolio.
Gold: This is the oldest form of currency that man has ever known. It is very stable and secure. Because of this, it's considered a good way to preserve wealth during times of uncertainty.
Silver: Silver has been a favorite among investors for years. It's a good choice for those who want to avoid volatility. Silver tends to move up, not down, unlike gold.
Platinum: A new form of precious metal, platinum is growing in popularity. It is very durable and resistant against corrosion, much like silver and gold. It is however more expensive than its counterparts.
Rhodium. Rhodium is used as a catalyst. It is also used as a jewelry material. It's also relatively inexpensive compared to other precious metals.
Palladium: Palladium, which is a form of platinum, is less common than platinum. It's also less expensive. Investors looking to add precious and rare metals to their portfolios love it for these reasons.
Statistics
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- 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)
- 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
wsj.com
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- Want to Keep Gold in Your IRA at Home? It's not legal – WSJ
irs.gov
investopedia.com
bbb.org
How To
Gold Roth IRA guidelines
Starting early is the best way to save for retirement. It is best to start saving for retirement as soon you can (typically at age 50). You must contribute enough each year to ensure that you have adequate growth.
You can also take advantage of tax-free savings opportunities like a traditional 401k (k), SEP IRA (or SIMPLE IRA). These savings vehicles allow you the freedom to contribute without having to pay tax on your earnings until they are withdrawn. This makes them a great choice for people who don’t have access employer matching funds.
The key is to save regularly and consistently over time. You may not be eligible for any tax benefits if your contribution is less than the maximum allowed.
—————————————————————————————————————————————————————————————–
By: Jamie Redman
Title: Bitcoin Dominates NFT Market with $853 Million in December Sales
Sourced From: news.bitcoin.com/bitcoin-reigns-supreme-in-nft-market-with-record-breaking-853-million-in-december-sales/
Published Date: Sat, 30 Dec 2023 15:30:16 +0000
Leave a Reply