This week's sales of non-fungible tokens (NFTs) were 10.88% less than the previous week. This week, NFT sales were $118.02million lower than last week's $132.43million. The market capitalizations of the two largest NFT collections have declined significantly over the past seven days. Bored Ape Yacht Club lost 21.29% in market value, while Cryptopunks' market capitalization fell by 19.18 strong>
NFT Prices and Sales Nosedive
NFTs have had a disappointing week, as prices and sales have fallen in line with falling crypto asset values. According to statistics, a lot of NFT collections lost significant market value over the past week. Metrics show that Bored Ape Yacht Club (BAYC's) floor value was $114,388 on September 13, 2022 and is now around $90,026. BAYC's September 13 market value was $1.14 Billion. Today, it is down 21.29% at $900.25 Million.
Data indicates that Cryptopunks were the second-most expensive NFT floor value on September 13. This is still true today. The last Cryptopunk was priced at $98,941 but you can now get one for $79,000. The market cap of Cryptopunks has fallen 19.18% in the last week. This is true for most blue-chip NFT collections, including PROOF Collective and Mutant Ape Yacht Club, Castaways, Doodles, and Mutant Ape Yacht Club (MAYC).
The seven-day statistics reveal that the BAYC NFT compilation is the one with the highest sales this week, with $8,603,290 in trades. BAYC's sales increased 17.33%, while RENGA has the second-largest NFT collection by weekly sales. The RENGA NFT Collection has been able to print $5822,323 in seven day sales, an increase of 121.08% from last week. However, overall NFT sales across 17 blockchains tracked by cryptoslam.io have fallen 10.88% from last week.
Solana (SOL), which had the highest number of digital collectibles sales, was second with Ethereum (ETH) taking the top spot in NFT sales. ETH-based NFT sales fell 1.66% from last week, with $79.05m in seven-day sales. SOL-based NFTs sales are down 42.11% this week, with $23.71million. NFT sales saw an increase in both Immutable X and Flow. Sales of Flow NFT increased by 59.42%, while ImmutableX NFT sales rose by a substantial 790.96%.
Bored Ape #441 and Bored Ape #2987 were the most valuable NFTs this week. They also included Bored Ape #5733 and Bored Ape #5733. Bored Ape #4179 and Bored Ape #11846. Bored Ape #441 was sold for 351,000 DAI, and Bored Ape #297 sold for 215.38ether or $296,000.404. Bored Ape #5733 sold for 120 ether, $176,458, while Bored Ape #4179 was sold for 123ether, $176 3,307. The fifth most expensive Bored Ape #1846, which was purchased for 106ether or $151,939, was sold four days ago.
What do you think of this week's NFT sales falling more than 10% compared to last week? Please comment below to let us know your thoughts on this topic.
Frequently Asked Questions
What is the cost of gold IRA fees
An Individual Retirement Account (IRA) fee is $6 per month. This includes account maintenance and any investment costs.
If you wish to diversify your portfolio, you may need to pay additional fees. These fees can vary depending on which type of IRA account 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 are usually between 0% and 1%. The average rate per year is.25%. These rates can be waived if the broker is TD Ameritrade.
How can you withdraw from an IRA of Precious Metals?
First, you must decide if you wish to withdraw money from your IRA account. After that, you need to decide if you want to withdraw funds from an IRA account. Next, make sure you have enough money in order for you pay any fees or penalties.
Consider opening a taxable brokerage instead of an IRA if it is possible to pay a penalty if your withdrawal is made before the deadline. This option is also available if you are willing to pay taxes on the amount you withdraw.
Next, calculate how much money your IRA will allow you to withdraw. This calculation will depend on many factors including your age at the time of withdrawal, how long the account has been in your possession, and whether you plan to continue contributing towards your retirement plan.
Once you have determined the percentage of your total savings that you would like to convert to cash, you can then decide which type of IRA to use. Traditional IRAs allow you to withdraw funds tax-free when you turn 59 1/2 while Roth IRAs charge income taxes upfront but let you access those earnings later without paying additional taxes.
After these calculations have been completed, you will need to open a brokerage bank account. To encourage customers to open accounts, brokers often offer signup bonuses and promotions. However, a debit card is better than a card. This will save you unnecessary fees.
You will need a safe place to store your coins when you are ready to withdraw from your precious metal IRA. Some storage facilities will accept bullion bars, others require you to buy individual coins. Before choosing one, consider the pros and disadvantages of each.
Bullion bars, for example, require less space as you're not dealing with individual coins. But, each coin must be counted separately. You can track their value by keeping individual coins.
Some prefer to store their coins 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.
Should you open a Precious Metal IRA
Before opening an IRA, it is important to understand that precious metals aren't covered by insurance. If you lose money in your investment, nothing can be done to recover it. This includes investments that have been damaged by fire, flooding, theft, and so on.
This type of loss can be avoided by investing in physical silver and gold coins. These items are timeless and have a lifetime value. If you were to sell them today, you would likely receive more than what you paid for them when they were first minted.
If you decide to open an IRA account, choose a reputable company that offers competitive rates and products. It is also a smart idea to use a third-party trustee who will help you have access to your assets at all times.
Do not open an account unless you're ready to retire. Keep your eyes open for the future.
How to Open a Precious Metal IRA?
First, you must decide if your Individual Retirement Account (IRA) is what you want. Open the account by filling out Form 8606. Next, fill out Form 5204. This will determine the type of IRA that you are eligible for. You must complete this form within 60 days of opening your account. Once you have completed this form, it is possible to begin investing. You may also choose to contribute directly from your paycheck using payroll deduction.
Complete Form 8903 if your Roth IRA option is chosen. Otherwise, it will be the same process as an ordinary IRA.
To be eligible to have a precious metals IRA you must meet certain criteria. The IRS says you must be 18 years old and have earned income. You can't earn more than $110,000 per annum ($220,000 in married filing jointly) for any given tax year. And, you have to make contributions regularly. These rules apply regardless of whether you are contributing directly to your paychecks or through your employer.
You can invest in precious metals IRAs to buy gold, palladium and platinum. However, you won't be able purchase physical bullion. This means that you will not be allowed to trade shares or bonds.
Your precious metals IRA can be used to directly invest in precious metals-related companies. This option is offered by some IRA providers.
However, investing in precious metals via an IRA has two serious drawbacks. First, they aren't as liquid than stocks and bonds. It is therefore harder to sell them when required. Second, they are not able to generate dividends as stocks and bonds. Therefore, you will lose more money than you gain over time.
How does a gold IRA work?
Individuals who want to invest with precious metals may use the Gold Ira accounts, which are tax-free.
You can buy physical gold bullion coins at any time. To invest in gold, you don't need to wait for retirement.
An IRA lets you keep your gold for life. You won't have to pay taxes on your gold investments when you die.
Your heirs inherit your gold without paying capital gains taxes. And because your gold remains outside of the estate, you aren't required to include it in your final estate report.
First, an individual retirement account will be set up to allow you to open a golden IRA. Once you've completed this step, an IRA administrator will be appointed to your account. This company acts in the role of a middleman between your IRS agent and you.
Your gold IRA custodian is responsible for handling all paperwork and submitting the required forms to the IRS. This includes filing annual reports.
After you have established your gold IRA you will be able purchase gold bullion coin. The minimum deposit is $1,000. You'll get a higher rate of interest if you deposit more.
You'll have to pay taxes if you take your gold out of your IRA. You'll have to pay income taxes and a 10% penalty if you withdraw the entire amount.
Even if your contribution is small, you might not have to pay any taxes. There are some exceptions, though. However, there are exceptions. If you take 30% or more of your total IRA asset, you'll owe federal Income Taxes plus a 20% penalty.
You shouldn't take out more then 50% of your total IRA assets annually. You could end up with severe financial consequences.
What are the benefits of a gold IRA
There are many benefits to a gold IRA. It can be used to diversify portfolios and is an investment vehicle. You can control how much money is deposited into each account as well as when it's withdrawn.
You also have the option to transfer funds from other retirement plans into a IRA. This is a great way to make a smooth transition if you want to retire earlier.
The best thing about investing in gold IRAs is that you don’t need any special skills. These IRAs are available at all banks and brokerage houses. Withdrawals are made automatically without having to worry about fees or penalties.
However, there are still some drawbacks. The volatility of gold has been a hallmark of its history. Understanding why you want to invest in gold is essential. Are you seeking safety or growth? Do you want to use it as an insurance strategy or for long-term growth? Only by knowing the answer, you will be able to make an informed choice.
If you plan on keeping your gold IRA alive for a while, you may want to consider purchasing more than 1 ounce of pure gold. One ounce doesn't suffice to cover all your needs. You may need several ounces, depending on what you intend to do with your precious gold.
If you're planning to sell off your gold, you don't necessarily need a large amount. You can even live with just one ounce. However, you will not be able buy any other items with those funds.
Statistics
- You can only purchase gold bars at least 99.5% purity. (forbes.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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.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)
- (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)
External Links
investopedia.com
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 Exactly Lawful – WSJ
irs.gov
finance.yahoo.com
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 approach comes with risks. These companies may not survive the next few years. Even if the company survives, they still face the risk of losing their investment due to fluctuations in gold's price.
The alternative is to buy physical gold. You will need to either open an online or bank account or simply buy gold from a reliable seller. 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 is also easier to check how much gold you have stored. So you can see exactly what you have paid and if you missed any taxes, you will get a receipt. You also have a lower chance of theft than stocks.
However, there are disadvantages. You won't be able to benefit from investment funds or interest rates offered by banks. You won't have the ability to diversify your holdings; you will be stuck with what you purchased. Finally, tax man may want to ask where you put your gold.
BullionVault.com offers more information on buying gold for an IRA.
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By: Jamie Redman
Title: This Week’s NFT Sales Slide, Bored Ape Market Cap Drops 21%, Floor Prices Sink Lower
Sourced From: news.bitcoin.com/this-weeks-nft-sales-slide-bored-ape-market-cap-drops-21-floor-prices-sink-lower/
Published Date: Thu, 22 Sep 2022 05:30:33 +0000
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