Introduction
Between October 29 and November 5, 2023, the sales of non-fungible tokens (NFTs) witnessed a significant surge, experiencing an 18.30% increase compared to the previous week. The total sales reached an impressive high of $106.32 million. This surge in activity can be attributed to the growing number of buyers and sellers, which climbed by 17.77% and 15.82% respectively.
The Resurgence of NFT Sales
After a period of decline and lackluster performance in October, the NFT market has shown signs of revival in the past week. The sales figures for the previous week amounted to $89.87 million, but the current week witnessed an impressive increase of 18.30%, reaching $106.32 million in total sales. Ethereum-based NFT sales led the charge, accumulating $60.91 million, marking an increase of 8.55%.
Noteworthy Performances by Blockchain Platforms
Ethereum's dominance in the NFT market was closely followed by Bitcoin's strong performance, with sales totaling $13.17 million over the week. These figures represent a staggering 154.75% increase compared to the previous week, setting a new record for BTC-based NFTs. Solana and Mythos also made their mark, with Solana NFT transactions amounting to $8.53 million and Mythos sales reaching $7.46 million.
Immutable X secured a spot in the top five blockchains for the week, with $5.69 million in NFT sales. The Bored Ape Yacht Club (BAYC) emerged as the top-selling NFT collection, generating $10.79 million in sales. The Captainz followed closely behind, amassing $8.54 million. Dmarket recorded sales of $7.39 million, while Bitcoin's BRC20 NFTs reached $7.3 million. Additionally, Gods Unchained experienced a significant increase of 53% in sales, amounting to $5.42 million, with Bitcoin's BRC20 NFTs witnessing a remarkable leap of 224.89%.
Highlights of the Week
The highest-priced NFT transaction of the week was BAYC #6022, which sold for an impressive $303K. A BRC20 NFT followed closely, fetching $56K. Another notable sale was "Tigris Position #10505," an Arbitrum NFT, which sold for $39K. Emurgo, a Cardano-based asset, also made its mark with sales reaching $32K. Solana's "Mad Lads #5364" rounded out the top five, changing hands at $31K. While an 18% increase in sales is certainly a positive sign, sustaining this upward trend over the coming weeks with consistent gains is crucial to offset the recent market slump.
Share Your Thoughts
What are your thoughts on this week's NFT sales? We would love to hear your opinions and insights on this subject in the comments section below.
Frequently Asked Questions
What are the fees associated with an IRA for gold?
Six dollars per month is the fee for an Individual Retirement Account (IRA). This includes account maintenance fees and investment costs for your chosen investments.
Diversifying your portfolio may require you to pay additional fees. The fees you pay will vary depending on the type of IRA that you choose. For example, some companies offer free checking accounts but charge monthly fees for IRA accounts.
A majority of providers also charge annual administration fees. These fees are usually between 0% and 1%. The average rate per year is.25%. However, these rates are typically waived if you use a broker like TD Ameritrade.
Who is the owner of the gold in a gold IRA
The IRS considers gold owned by an individual to be “a type of money” and is subject taxation.
This tax-free status is only available to those who have owned at least $10,000 of gold and have kept it for at minimum five years.
The purchase of gold can protect you from inflation and price volatility. But it's not smart to hold it if your only intention is to use it.
If you plan to eventually sell the gold, you'll need a report on its value. This could impact the amount of capital gains taxes your owe if you cash in your investments.
You should consult a financial planner or accountant to see what options are available to you.
What Does Gold Do as an Investment Option?
Supply and demand determine the gold price. Interest rates also have an impact on the price of gold.
Because of their limited supply, gold prices can fluctuate. Physical gold is not always in stock.
Statistics
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- 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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (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)
External Links
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
cftc.gov
irs.gov
How To
How to hold physical gold in an IRA
The best way to invest in Gold is by purchasing shares of companies that produce it. But this investment method has many risks as there is no guarantee of survival. Even if they do survive, there is still the possibility of losing money to fluctuating gold prices.
The alternative is to buy physical gold. You can either open an account with a bank, online bullion dealer, or buy gold directly from a seller you trust. This option is convenient because you can access your gold when it's low and doesn't require you to deal with stock brokers. It's easier to track how much gold is in your possession. The receipt will show exactly what you paid. You'll also know if taxes were not paid. You also have a lower chance of theft than stocks.
However, there are some disadvantages too. You won't get the bank's interest rates or investment money. You won't have the ability to diversify your holdings; you will be stuck with what you purchased. Finally, the taxman may ask you about where you have put your gold.
BullionVault.com is the best website to learn about gold purchases in an IRA.
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By: Jamie Redman
Title: The Revival of the NFT Market: Sales Rise by 18.30% in a Week
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
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