NFT Sales Soar by 57% in the First Week of December
In the month of November, non-fungible token (NFT) sales experienced a significant surge, and this trend continued into the early weeks of December. In fact, NFT sales in the first week of December escalated by 57% compared to the previous week, reaching approximately $316 million in total sales volume.
Bitcoin Outshines Ethereum in NFT Sales
Bitcoin-related NFTs maintained their dominance in sales volume, even in the first week of December. From December 1, 2023, Bitcoin-based NFTs generated $121.34 million in sales, surpassing Ethereum-based NFTs, which had sales of $100.83 million.
Surge in BTC-based NFTs and Modest Rise in Ethereum NFTs
Sales of BTC-based NFTs experienced a significant surge of 171.80% during this period. On the other hand, sales of Ethereum NFTs only rose by a modest 6.66%. Other notable platforms in terms of NFT sales included Solana, Arbitrum, Polygon, and Immutable X.
Top NFT Collections of the Week
When it comes to specific NFT collections, Bitcoin's "$SATS BRC-20" NFTs topped the list with sales of $21.88 million, a 135% increase from the previous week. Arbitrum's "Sentry Node License" followed closely behind, with sales reaching $12.33 million. Additionally, "Uncategorized Ordinals" from the Bitcoin blockchain accumulated $8.69 million in sales. It is worth noting that out of the top ten collections, four originated from Bitcoin, while only two were from Ethereum.
Notable NFT Sales
The most notable sale of the week was a Vincent Van Gogh painting embedded in the Bitcoin blockchain, which fetched $1.19 million. In addition, Bitcoin witnessed the sale of an old inscription minted on January 15, 2023, which traded for 10.4 BTC, equivalent to $463,000 at the time of the transaction. On the Ethereum side, Fidenze #587 was sold for $463,000, a Solana Boogle NFT was purchased for $149,000, and a Polygon Tribul #2 fetched $60,000.
Resurgence of NFTs
NFTs are experiencing a resurgence in popularity after a period of decline where many NFTs lost over 90% of their value during the crypto winter. This resurgence has led to shifts in the rankings of once-preeminent NFT collections, such as the Bored Ape Yacht Club and Cryptopunks.
What are your thoughts on this week's NFT sales? Share your opinions in the comments section below.
Frequently Asked Questions
What is the best way to hold physical gold?
Not just paper money or coins, gold is money. People have used gold as a currency for thousands of centuries to preserve their wealth and keep it safe from inflation. Investors today use gold to diversify their portfolios because gold is more resilient to financial turmoil.
Many Americans are now more inclined to invest in precious metals like gold and silver than stocks or bonds. Even though owning gold is not a guarantee of making money, there are many reasons why you might want to add gold to your retirement savings portfolio.
Gold has historically performed better during financial panics than other assets. Gold prices rose nearly 100 percent between August 2011 and early 2013, while the S&P 500 fell 21 percent over the same period. Gold was one asset that outperformed stocks in turbulent market conditions.
Gold is one of the few assets that has virtually no counterparty risks. Your shares will still be yours even if your stock portfolio drops. Gold can be worth more than its investment in a company that defaults on its obligations.
Finally, gold provides liquidity. This means that you can sell gold anytime, regardless of whether or not another buyer is available. Gold is liquid and therefore it makes sense to purchase small amounts. This allows you to take advantage of short-term fluctuations in the gold market.
How does a Gold IRA account work?
Gold Ira accounts are tax-free investment vehicles for people who want to invest in precious metals.
You can purchase gold bullion coins in physical form at any moment. You don't have a retirement date to invest in gold.
Owning gold as an IRA has the advantage of allowing you to keep it forever. Your gold holdings won't be subject to taxes when you pass away.
Your heirs can inherit your gold and avoid capital gains taxes. Because your gold doesn't belong to the estate, it's not necessary to include it on your final estate plan.
First, an individual retirement account will be set up to allow you to open a golden IRA. After you have done this, an IRA custodian will be assigned to you. This company acts like a middleman between the IRS and you.
Your gold IRA Custodian will manage the paperwork and submit all necessary forms to IRS. This includes filing annual returns.
Once you've established your gold IRA, you'll be able to purchase gold bullion coins. The minimum deposit required to purchase gold bullion coins is $1,000 A higher interest rate will be offered if you invest more.
You will pay taxes when you withdraw your gold from your IRA. You will be liable for income taxes and penalties if you take the entire amount.
If you only take out a very small percentage of your income, you may not need to pay tax. There are exceptions. 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 should avoid taking out more than 50% of your total IRA assets yearly. You could end up with severe financial consequences.
Can I buy gold using my self-directed IRA
While you can purchase gold from your self-directed IRA (or any other brokerage firm), you must first open a brokerage account such as TD Ameritrade. Transfer funds from an existing retirement account are also possible.
The IRS allows individuals to contribute up to $5,500 annually ($6,500 if married and filing jointly) to a traditional IRA. Individuals can contribute up to $1,000 annually ($2,000 if married and filing jointly) directly to a Roth IRA.
You might want to purchase physical bullion, rather than futures contracts if you are going to invest in gold. Futures contracts are financial instruments based on the price of gold. You can speculate on future prices, but not own the metal. But physical bullion refers to real gold and silver bars you can carry in your hand.
Statistics
- You can only purchase gold bars at least 99.5% purity. (forbes.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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
investopedia.com
- Do You Need a Gold IRA to Get Retirement?
- What are the Options Types, Spreads. Example. And Risk Metrics
irs.gov
bbb.org
forbes.com
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
The best place to buy silver or gold online
First, understand the basics of gold. It is a precious metal that is very similar to platinum. It's very rare and is used as money because of its durability and resistance to corrosion. It's hard to use, so most people prefer buying jewelry made out of it to actual bars of gold.
There are two types of gold coins available today – one type is legal tender, while the other is called bullion. Legal tender coins are designed for circulation in a country. They often have denominations like $1 or $5 or $10.
Bullion coin are not intended for investment. However, their value will increase with inflation.
They cannot be used in currency exchanges. For example, a person who buys $100 worth or gold gets 100 grams. This gold has a $100 price. For every dollar spent, the buyer gets 1 gram of Gold.
You should also know where to buy your gold. If you want to purchase gold directly from a dealer, then a few options are available. First off, you can go through your local coin shop. You can also try going through a reputable website like eBay. Finally, you can look into purchasing gold through private sellers online.
Private sellers are individuals who offer gold for sale, either at wholesale prices or retail prices. Private sellers will charge you a 10% to 15% commission for every transaction. This means that you will get less back from a private seller than if you sell it through a coin shop or on eBay. This is a great option for gold investing because you have more control over the item’s price.
An alternative option to buying gold is to buy physical gold. Physical gold is much easier to store than paper certificates, but you still have to worry about storing it safely. To ensure that your physical gold remains safe, you need to secure it in an impenetrable container such as a vault or safety deposit box.
To purchase gold by yourself, you can visit a bank and a pawnshop. A bank will be able to provide you with a loan for the amount of money you want to invest in gold. Small establishments that allow customers to borrow money for items they have brought are called pawnshops. Banks charge higher interest rates than those offered by pawn shops.
The final option is to ask someone to buy your gold! Selling gold is also easy. Set up a simple account with GoldMoney.com and you will start receiving payments instantly.
—————————————————————————————————————————————————————————————-
Based on [POSTTITLE]
by [POSTAUTHOR]
