The NFT market has seen a significant boost in sales, defying recent trends of decline. In the past seven days, NFT sales have reached a staggering $236,234,800, marking a 3.74% increase compared to the previous week.
Top-Performing NFT Collections
Among the top-performing NFT collections this week, Bitcoin's "Uncategorized Ordinals" takes the lead with $12 million in sales, showing a remarkable 36.90% increase compared to the previous week. Solana's "Froganas" collection also performed well, accumulating $7.79 million in sales and reflecting a 22.95% gain since the prior week. Avalanche's "Dokyo" collection recorded sales amounting to $7.74 million, representing a 30.39% increase week over week.
Two other notable NFT collections that experienced significant sales growth are the "Gods Unchained" card compilation on Immutable X and Mythos' "Dmarket" NFT collection. These collections saw sales rise by 25.51% and 27.27% respectively.
Blockchain Dominance in Sales
Ethereum leads the way in blockchain dominance this week, securing $76.74 million in NFT sales, marking a solid 2.3% increase compared to the previous week. Bitcoin closely follows, claiming the second position with $63.93 million in sales and showing a substantial 16.66% growth since the previous week.
Solana, while still performing well, secured the third rank with sales totaling $49.23 million, despite a slight 8.9% decline. In terms of noteworthy blockchain gainers, Arbitrum made a significant leap with a 108.51% increase, while BNB Chain exhibited a jump of 89.61% in its NFT sales performance this week.
The Week's Highest-Priced NFTs
The highest-priced NFT sale of the week goes to "Cryptopunk #5363," which fetched a staggering $1.53 million just three days ago. Other valuable NFTs include "geth locked deposit" minted on Arbitrum, which sold for $344,075, and Solana's "Boogle #083," which found a new owner for $253,422. The Axie Infinity collection also had its share of valuable sales, with "Durendal" selling for $244,275 three days ago. Bitcoin's "Punk #60" achieved a sale price of $169,266, completing the week's top five priciest NFTs.
What are your thoughts on the recent surge in NFT sales? Share your opinions in the comments section below.
Frequently Asked Questions
What is the value of a gold IRA
Many benefits come with a gold IRA. It's an investment vehicle that lets you diversify your portfolio. You control how much money goes into each account and when it's withdrawn.
You also have the option to roll over funds from other retirement accounts into a gold IRA. This will allow you to transition easily if it is your decision to retire early.
The best part is that you don't need special skills to invest in gold IRAs. They're available at most banks and brokerage firms. Withdrawals can be made instantly without the need to pay fees or penalties.
That said, there are drawbacks too. Gold is known for being volatile in the past. It's important to understand the reasons you're considering investing in gold. Are you looking for safety or growth? Are you trying to find safety or growth? Only when you are clear about the facts will you be able take an informed decision.
If you want to keep your gold IRA open for life, you might consider purchasing more than one ounce. One ounce doesn't suffice to cover all your needs. Depending upon what you plan to do, you could need several ounces.
You don’t necessarily need a lot if you’re looking to sell your gold. You can even live with just one ounce. But you won't be able to buy anything else with those funds.
How do I Withdraw from an IRA with Precious Metals?
You first need to decide if you want to withdraw money from an IRA account. You should also ensure that you have enough money to cover any fees and penalties associated with withdrawing funds.
A taxable brokerage account is a better option than an IRA if you are prepared to pay a penalty for early withdrawals. You will also have to account for taxes due on any amount you withdraw if you choose this option.
Next, calculate how much money your IRA will allow you to withdraw. This calculation depends on several factors, including the age when you withdraw the money, how long you've owned the account, and whether you intend to continue contributing to your retirement plan.
Once you determine the percentage of your total saved money you want to convert into cash, then you need to choose which type IRA you will use. While traditional IRAs are tax-free, Roth IRAs can be withdrawn at any time after you reach 59 1/2. However, Roth IRAs will charge income taxes upfront and allow you to access your earnings later without additional taxes.
Once you have completed these calculations, you need to open your brokerage account. Many brokers offer signup bonuses or other promotions to encourage people to open accounts. Avoid unnecessary fees by opening an account with your debit card, rather than your credit card.
When it's time to make withdrawals from your precious-metal IRA, you'll need a place to keep your coins safe. Some storage facilities will take bullion bars while others require you only to purchase individual coins. Before choosing one, consider the pros and disadvantages of each.
Because you don't have to store individual coins, bullion bars take up less space than other items. But, each coin must be counted separately. On the flip side, storing individual coins allows you to easily track their value.
Some prefer to keep their money in a vault. Others prefer to store them in a safe deposit box. You can still enjoy the benefits of bullion for many years, regardless of which method you choose.
Are gold investments a good idea for an IRA?
If you are looking for a way to save money, gold is a great investment. You can diversify your portfolio with gold. There is much more to gold than meets your eye.
It's been used as a form of payment throughout history. 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's hard to find and very rare, making it extremely valuable.
The supply and demand for gold determine the price of gold. When the economy is strong, people tend to spend more money, which means fewer people mine gold. Gold's value rises as a result.
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.
This is why both individuals as well as businesses can benefit from investing in gold. If you have gold to invest, you will reap the rewards when the economy expands.
Additionally, you'll earn interest on your investments which will help you grow your wealth. In addition, you won’t lose any money if gold falls in value.
Who has the gold in a IRA gold?
An individual who has gold is considered to be a “form of money” by the IRS and subject to taxation.
You must have gold at least $10,000 and it must be stored for at the least five years in order to take advantage of this tax-free status.
Gold can be used to protect against inflation and price volatility. However, it is not a good idea to own gold if you don't intend to use it.
You will need to declare the value of gold if you intend on selling it one day. This could impact how capital gains taxes you owe for cash investments.
To find out what options you have, consult an accountant or financial planner.
Statistics
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- (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)
- 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)
- 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
bbb.org
irs.gov
forbes.com
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
investopedia.com
How To
Gold IRAs are a growing trend
As investors seek to diversify their portfolios while protecting themselves from inflation, the trend towards gold IRAs is on the rise.
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.
A gold IRA allows investors to manage their assets without worrying about market volatility. They can also use the gold IRA as a protection against potential problems like inflation.
Investors also have the benefit of physical gold, which has unique properties such durability, portability and divisibility.
Additionally, the gold IRA has many benefits. It allows you to quickly transfer your gold ownership to your heirs. The IRS doesn't consider gold a commodity or currency.
Investors looking for financial security are increasingly turning to the gold IRA.
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By: Jamie Redman
Title: NFT Sales Surge by 3.74% to Reach $236 Million in a Week
Sourced From: news.bitcoin.com/nft-collections-drive-market-recovery-with-a-3-74-increase-in-weekly-sales/
Published Date: Sat, 03 Feb 2024 19:30:14 +0000
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