NFT Collections Drive Market Recovery With 3.74% Increase in Weekly Sales

NFT Sales Defy Recent Downtrend

The NFT market has seen a significant boost with a 3.74% increase in sales compared to the previous week, amounting to a total of $236,234,800 over the past seven days. This rise comes as a surprise, as the market has been experiencing consecutive weeks of declining sales.

Top-Performing NFT Collections

Bitcoin's "Uncategorized Ordinals" collection has emerged as the top performer this week, raking in $12 million in sales. This marks a substantial 36.90% increase compared to the previous week. Solana's "Froganas" collection has also performed well, with $7.79 million in sales, reflecting a 22.95% gain. Avalanche's "Dokyo" collection recorded sales of $7.74 million, representing a 30.39% increase week over week.

Notable NFT Collections

Other notable NFT collections include the "Gods Unchained" card compilation on Immutable X and Mythos' "Dmarket" NFT collection. Both collections experienced increases in sales, rising by 25.51% and 27.27% respectively.

Blockchain Dominance in Sales

In terms of blockchain dominance in sales, Ethereum leads the way this week with $76.74 million in sales, marking a solid 2.3% increase compared to the previous week. Bitcoin closely follows, securing the second position with $63.93 million in sales, showing a substantial 16.66% growth. Solana takes the third rank with sales totaling $49.23 million, despite experiencing a slight 8.9% decline.

Noteworthy Blockchain Gainers

Arbitrum and BNB Chain have made significant gains in their NFT sales performance this week. Arbitrum saw a remarkable 108.51% increase, while BNB Chain exhibited a jump of 89.61%.

Top Five Priciest NFT Sales

The highest-priced NFT sale of the week goes to "Cryptopunk #5363," which fetched a staggering $1.53 million just three days ago. Other notable sales include "geth locked deposit" on Arbitrum, sold for $344,075, Solana's "Boogle #083," sold for $253,422, and Axie Infinity's "Durendal," sold for $244,275 on Ronin. Bitcoin's "Punk #60" achieved a sale price of $169,266 within 24 hours.

What are your thoughts on this week's NFT sales action? Share your opinions in the comments section below.

Frequently Asked Questions

Which type of IRA could be used for precious metals

Most financial institutions and employers offer an Individual Retirement Account (IRA). This is an investment vehicle that most people can use. Through an IRA, you may contribute money to an account that grows tax-deferred until withdrawn.

An IRA allows you to save taxes and pay them later when you retire. This means that you can deposit more money into your retirement plan than have to pay taxes on it tomorrow.

An IRA is a great investment because your earnings and contributions are tax-free. You can withdraw funds at any time. If you do withdraw the funds earlier than that, you will be subject to penalties.

You can also contribute to your IRA beyond age 50 without penalty. If you choose to take withdrawals from your IRA during retirement, you'll owe income taxes and a 10% federal penalty.

A 5% IRS penalty is applicable to withdrawals made before the age of 59 1/2. For withdrawals made between the age of 59 1/2 & 70 1/2, a 3.4% IRS penalty will apply.

Withdrawal amounts exceeding $10,000 per year are subject to a 6.2% IRS penalty.

Do You Need to Open a Precious Metal IRA

This depends on what your investment goal is and how risk-tolerant you are.

Open an account today if your retirement plan calls for you to withdraw the funds.

It is likely that precious metals will appreciate over the long-term. They offer diversification advantages.

In addition, gold and silver prices tend to move together. They are therefore a better option for investing in both assets.

Do not invest in precious metals IRAs if your goal is to save money or take on any risk.

Does a gold IRA make money?

Yes, but it's not as simple as you think. It all depends upon how much risk you are willing and able to take. A $10,000 investment per year for 20 years could lead to $1 million by retirement age. But if you put all your eggs in one basket, you'll lose everything.

Diversifying investments is crucial. Inflation can make gold perform well. You want to invest in an asset class that rises along with inflation. Stocks are able to do this because they rise as companies make more profit. Bonds are also able to do this. They pay interest every year. They're very useful during periods of economic growth.

But what happens if there's no inflation? In deflationary periods stocks and bonds both fall in value. This is why investors should not invest all of their savings in one investment, such a bond mutual fund or stock mutual fund.

Instead, they should invest in a mix of different funds. They could also invest in bonds and stocks. Or, they could invest in both bonds and cash.

This way, they have exposure to both sides of the coin. Inflation or deflation? They will continue to see a rise over time.

What Is a Precious Metal IRA?

Precious metals can be a good investment for retirement accounts. Precious metals have been around since Biblical times and still hold their value today. Investing in precious metals such as gold, silver, and platinum is also a great way to diversify your portfolio and protect against inflation.

In addition, some countries allow citizens to store their money in foreign currencies. You can buy Canada gold bars and keep them home. You can then sell the same gold bars to Canadian dollars when you return home to visit your family.

This is a quick and easy way of investing in precious metals. It's particularly helpful for people who don't reside in North America.

Statistics

• If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that 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)
• Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (sltrib.com)
• To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (stratatrust.com)
• You can only purchase gold bars of at least 99.5% purity. (forbes.com)

External Links

forbes.com

• Gold IRA: Add some sparkle to your retirement nest egg
  
• Understanding China's Evergrande Crisis – Forbes Advisor
  

en.wikipedia.org

• Taxpayer Relief Act of 1997 – Wikipedia
  

wsj.com

• Want to Keep Gold in Your IRA at Home? It's not legal
  

takemetothesite.com

• You can protect your retirement savings now!
  

How To

How to turn your IRA into a IRA with gold content

Are you looking to transfer your retirement savings out of a traditional IRA in favor of a gold IRA. This article can help you do exactly that. Here's how to make the switch.

“Rolling over” refers to the act of transferring money into an alternative type of IRA (traditional), or vice versa (gold). This is done because tax advantages go along with rolling over an account. Some prefer to invest directly in physical assets like precious and rare metals.

There are two types IRAs: Traditional IRAs or Roth IRAs. The difference between the two accounts is simple. Roth IRAs have no tax deductions, but Traditional IRAs can deduct taxes. If you invest $5,000 in a Traditional IRA now, then you'll be able only to withdraw $4,000. If you invested the same amount in a Roth IRA, however, you'd be able to keep every penny.

Here's what you should know if you're looking to convert from a traditional IRA to a gold IRA.

First, you will need to decide whether your current balance should be transferred to a new account. Any earnings over $10,000 will be subject to income tax at the regular rate. You can rollover your IRA to avoid paying income tax until you are 59 1/2.

After making your decision, you can open a new financial account. You will likely need to show proof of identity, such as a passport, Social Security card, or birth certificate. Then, you'll fill out paperwork showing that you own the IRA. Once you have completed all the forms, you will submit them to bank. They'll verify your identity and give instructions on where to send the checks and wire transfers.

Now comes fun. Now, deposit money into your account and wait for approval from the IRS. Once you have received approval, you will receive a letter that allows you to withdraw funds.

That's it! All you need to do now is watch your money grow. Keep in mind that if your mind changes about converting your IRA to another type, you can simply close it and transfer any remaining balance to a new IRA.

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