There is a continuing downward trend in Non-Fungible Token (NFT) sales for seven consistent weeks. The previous week observed the amount of NFT transactions at approximately $66.11 million. This, unfortunately, represented an 11.65% downfall from the sales of the week before.
Unparallel Moves: NFT Sales and the Broader Crypto Market
While the more extensive crypto market demonstrated some uplift, NFT sales were unsuccessful at reflecting this affirmative progress. With each passing week, for over a month now, the volume of NFT sales continues to take a nosedive.
Three Cheers for the Silver Lining
Despite the last week's sales being 11.65% lesser than its predecessor, there was a gleam of optimism. The number of NFT consumers shot up by a significant 17.77%, and the count of sellers followed closely with a 15.82% leap. The leading NFT sales platform, Ethereum, held most of the week's turnover, with $38.10 million worth of sales.
Ethereum NFT Sales: Holding the Lion's Share
This week's statistics showed that 57.63% of all NFTs sold were based on the Ethereum platform. However, sales of Ethereum-based NFTs dropped by a minor 0.84% this week. Simultaneously, NFT transactions related to Mythos secured the second spot in the rankings, collecting $8.79 million, which was a 12.29% increase from the past week.
The Big Three: Top Performing NFT Platforms
In the top three platforms this week, Solana grabbed the third spot with sales reaching $6.86 million, marking a 8.87% weekly growth. The leading sales volume for the week belongs to the Mythos-linked Dmarket collection, taking home $8.72 million, a 12.32% weekly improvement. Bored Ape Yacht Club (BAYC) pursued closely, with sales figures hiking by 25.18% and resting at $4.13 million.
Polygon, Sorare, and Cryptopunks: Recent Performers
Meanwhile, Draftkings on Polygon earned the third spot, even though there was a decrease of 18.24%, ending with sales of $3.28 million. On the other hand, Sorare, with sales of $2.87 million, witnessed a 3.87% inflation. Cryptopunks displayed a phenomenal surge of 61.41%, amassing $2.79 million in comparison to the preceding week.
Biggest Sales of the Week
The star sale of the week was Cryptopunk #2367, fetching a whopping $143,062 just over the past three days. Furthermore, Starcraft Planets #1498 on BNB was auctioned off for $32,880 just a day ago, and Bitcoin's Ordinal Maxibiz demanded a price of $30,646 on Magic Eden a few days back.
Blue-Chip NFT Collectibles: A Noticeable Downward Trend
It's important to note that blue-chip NFT collectibles faced a sharp fall in base prices today. Figures indicate Cryptopunks dropping to 45 ether, while BAYC NFTs plummeted to 26.30 ether as per nftpricefloor.com. This fall exemplifies a broader negative trend visualized across the value of blue-chip digital collectible market.
In conclusion, NFT sales over the last seven weeks showcase an intriguing mix of surges, downfalls, triumphs, and challenges. Despite its fall in sales, the increase in NFT consumers and sellers implies the ongoing interest in this rapidly evolving marketplace.
Frequently Asked Questions
How does gold perform as an investment?
Gold's price fluctuates depending on the supply and demand. Interest rates also have an impact on the price of gold.
Due to the limited supply of gold, prices for gold are highly volatile. In addition, there is a risk associated with owning physical gold because you have to store it somewhere.
How is gold taxed in an IRA?
The fair market value of gold sold is the basis for tax. Gold is not subject to tax when it's purchased. It isn't considered income. If you sell it after the purchase, you will get a tax-deductible gain if you increase the price.
Gold can be used as collateral for loans. Lenders try to maximize the return on loans that you take against your assets. This usually involves selling your gold. This is not always possible. They may keep it. They might decide to sell it. Either way you will lose potential profit.
To avoid losing money, only lend against gold if you intend to use it for collateral. It's better to keep it alone.
Should you open a Precious Metal IRA
You should be aware that precious metals cannot be covered by insurance. There is no way to recover money that you have invested in precious metals. This includes losing all your investments due to theft, fire, flood, etc.
You can protect yourself against such losses by purchasing physical gold and silver coins. These coins have been around for thousands and represent a real asset that can never be lost. If you were to offer them for sale today, they would likely fetch you more than you paid when you bought them.
If you decide to open an IRA account, choose a reputable company that offers competitive rates and products. A third-party custodian is a good option. They will protect your assets while giving you easy access whenever you need them.
If you decide to open an account, remember that you won't see any returns until after you retire. Keep your eyes open for the future.
How much money should my Roth IRA be funded?
Roth IRAs are retirement accounts where you deposit your own money tax-free. These accounts are not allowed to be withdrawn before the age of 59 1/2. You must adhere to certain rules if you are going to withdraw any of your contributions prior. First, your principal (the deposit amount originally made) is not transferable. You cannot withdraw more than the original amount you contributed. If you take out more than the initial contribution, you must pay tax.
The second rule states that income taxes must be paid before you can withdraw earnings. Withdrawing your earnings will result in you paying taxes. Let's take, for example, $5,000 in annual Roth IRA contributions. Let's also say that you earn $10,000 per annum after contributing. This would mean that you would have to pay $3,500 in federal income tax. That leaves you with only $6,500 left. Since you're limited to taking out only what you initially contributed, that's all you could take out.
If you took $4,000 from your earnings, you would still owe taxes for the $1,500 remaining. You'd also lose half the earnings that you took out, as they would be subject to a second 50% tax (half of 40%). Even though you had $7,000 in your Roth IRA account, you only received $4,000.
There are two types: Roth IRAs that are traditional and Roth. A traditional IRA allows for you to deduct pretax contributions of your taxable income. Your traditional IRA allows you to withdraw your entire contribution plus any interest. There are no restrictions on the amount you can withdraw from a Traditional IRA.
Roth IRAs do not allow you to deduct your contributions. But once you've retired, you can withdraw the entire contribution amount plus any accrued interest. There is no minimum withdrawal limit, unlike traditional IRAs. It doesn't matter if you are 70 1/2 or older before you withdraw your contribution.
What is the cost of gold IRA fees
An Individual Retirement Account (IRA) fee is $6 per month. This fee covers account maintenance fees, as well any investment costs that may be associated with your investments.
You may have to pay additional fees if you want to diversify your portfolio. These fees vary depending on what type of IRA you choose. For example, some companies offer free checking accounts but charge monthly fees for IRA accounts.
Most providers also charge an annual management fee. These fees can range from 0% up to 1%. The average rate for a year is.25%. These rates can be waived if the broker is TD Ameritrade.
Statistics
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (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)
- 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)
External Links
cftc.gov
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 funds
How To
Investing In Gold vs. Investing In Stocks
Gold investing as an investment vehicle can seem extremely risky these days. This is because most people believe that it is no longer economically profitable to invest gold. This belief is due to the fact that many people see gold prices dropping because of the global economy. They believe they would lose their money if they invested gold. In reality, however, there are still significant benefits that you can get when investing in gold. Below we'll look at some of them.
The oldest form of currency known to mankind is gold. It has been in use for thousands of year. It was used all around the world as a reserve of value. As a means of payment, South Africa and many other countries still rely on it.
You must first decide how much you are willing and able to pay per gram to decide whether or not gold should be your investment. You must determine how much gold bullion you can afford per gram before you consider buying it. You can always ask a local jeweler what the current market rate is if you don't have it.
It is also worth noting that although gold prices have declined recently, the cost of producing gold has increased. Although the price of gold has dropped, production costs have not.
Another thing to remember when thinking about whether or not you should buy gold is the amount of gold you plan on purchasing. It makes sense to save any gold you don't need to purchase if your goal is to use it for wedding rings. If you plan to do so as long-term investments, it is worth looking into. You can profit if you sell your gold at a higher price than you bought it.
We hope this article has given you an improved understanding of gold investment tools. It is important to research all options before you make any decision. Only then will you be able to make an informed decision.
—————————————————————————————————————————————————————————————–
By: Jamie Redman
Title: Exploring the Dip in Non-Fungible Token (NFT) Sales: A Seven-Week Analysis
Sourced From: news.bitcoin.com/nfts-cant-catch-a-break-as-protracted-drop-in-sales-continues/
Published Date: Sun, 08 Oct 2023 18:30:32 +0000
Leave a Reply