Bitcoin Continues to Dominate NFT Sales With $853 Million in December
In November, Bitcoin claimed the top spot in monthly non-fungible token (NFT) sales, and in December, it maintained its position by achieving a remarkable $853 million in sales. This demonstrates Bitcoin's strong presence and influence in the NFT market.
NFT Sales Surge, December Sets New Record
Despite a slight decline in NFT sales during the past week, the month of December witnessed an unprecedented surge, with a total of $1.7 billion in NFT transactions. This represents a substantial increase of over 69% compared to November's figures. Bitcoin remained the dominant force in NFT sales across various blockchains, with BTC-based NFT sales surpassing November's totals by an impressive 127.63% according to cryptoslam.io statistics.
Bitcoin Leads the Way, Ethereum and Solana Follow
In December, Bitcoin's NFT sales reached $853 million, surpassing Ethereum's sales of $364.79 million. BTC-based NFT sales were 2.34 times greater than ETH's, solidifying Bitcoin's lead. Solana secured the third position with approximately $325.14 million in NFT sales, experiencing a significant 312% increase from November's Solana-centric NFT figures. Following the top three, Polygon and Arbitrum emerged as the leading blockchains in NFT sales.
Notable December NFT Transactions
The most valuable NFT transaction in December involved a digital copy of Vincent Van Gogh's Self-portrait, 1888, which sold for an impressive $1.19 million. Ethereum hosted the sale of Frxethredemption Ticket #33, generating $638,433 in revenue. Additionally, Cardano's Deep Vision #05128 fetched $551,750, while BNB's Lockdealnft #91 garnered $329,824. Solana's Boogle #009 completed the list of December's top five most expensive NFTs, selling for $274,209.
Bitcoin Dominates NFT Collections
Out of the top ten NFT collections in terms of sales, seven of them are on the Bitcoin blockchain. Solana's Tensorians claimed the fifth position, while the Mad Lads collection held the eighth spot. Arbitrum's Sentry Node collection secured the ninth position. Throughout December, there were 11,290,812 NFT transactions involving 469,389 sellers and 600,744 NFT buyers.
Will Bitcoin's Dominance in NFT Sales Continue?
As Bitcoin maintains its lead in NFT sales for both November and December, the crypto community eagerly anticipates what the future holds. Will Bitcoin's dominance in the NFT market persist, or will other cryptocurrencies rise to challenge its position? Only time will reveal whether Bitcoin can sustain its lead or if the landscape of NFT sales will undergo significant changes in the blockchain world.
What are your thoughts on the NFT sales in December? Share your opinions in the comments section below.
Frequently Asked Questions
Should You Buy Gold?
In times past, gold was considered a safe haven for investors in times of economic trouble. Many people are shifting away from traditional investments like bonds or stocks to instead look toward precious metals such gold.
Gold prices have been on an upward trend over recent years, but they remain relatively low compared to other commodities such as oil and silver.
Experts believe this could change soon. Experts believe that gold prices could skyrocket in the face of another global financial crisis.
They also mention that gold is becoming more popular due to its perceived worth and potential return.
If you are considering investing in gold, here are some things that you need to keep in mind.
- Before you start saving money for retirement, think about whether you really need it. You can save for retirement and not invest your savings in gold. The added protection that gold provides when you retire is a good option.
- Second, ensure you fully understand the risks involved in buying gold. Each one offers different levels security and flexibility.
- Last but not least, gold doesn't provide the same level security as a savings account. Your gold coins may be lost and you might never get them back.
Don't buy gold unless you have done your research. Protect your gold if you already have it.
How is gold taxed in Roth IRA?
A tax assessment for an investment account will be based on the current market value, and not what you paid initially. So if you invest $1,000 in a mutual fund or stock and then sell it later, any gains are subject to taxes.
But if you put the money into a traditional IRA or 401(k), there's no tax when you withdraw the money. You pay taxes only on earnings from dividends and capital gains — which apply only to investments held longer than one year.
Each state has its own rules regarding these accounts. In Maryland, for example, withdrawals must be made within 60 days of reaching the age of 59 1/2 in order to qualify. In Massachusetts, you can wait until April 1st. New York is open until 70 1/2. To avoid penalties, you should plan ahead and take distributions as soon as possible.
How does a gold IRA account work?
You can purchase physical bullion gold coins at any point in time. You don't have to wait until retirement to start investing in gold.
An IRA lets you keep your gold for life. When you die, your gold assets won't be subjected to taxes.
Your gold is passed to your heirs without capital gains tax. And because your gold remains outside of the estate, you aren't required to include it in your final estate report.
To open a gold IRA, you will first need to create an individual retirement account (IRA). Once you've done so, you'll be given an IRA custodian. This company acts like a middleman between the IRS and you.
Your gold IRA custodian can handle all paperwork and submit necessary forms to IRS. This includes filing annual reports.
After you have established your gold IRA you will be able purchase gold bullion coin. Minimum deposit is $1,000 If you make more, however, you will get a higher interest rate.
You will pay taxes when you withdraw your gold from your IRA. You'll have to pay income taxes and a 10% penalty if you withdraw the entire amount.
However, if you only take out a small percentage, you may not have to pay taxes. However, there are some exceptions. You'll owe federal income tax and a 20% penalty if you take out more than 30% of your total IRA assets.
You should avoid taking out more than 50% of your total IRA assets yearly. You could end up with severe financial consequences.
How much gold should your portfolio contain?
The amount that you want to invest will dictate how much money it takes. For a small start, $5k to $10k is a good range. As your business grows, you might consider renting out office space or desks. You don't need to worry about paying rent every month. Only one month's rent is required.
You also need to consider what type of business you will run. In my case, we charge clients between $1000-2000/month, depending on what they order. So if you do this kind of thing, you need to consider how much income you expect from each client.
As freelance work requires you to be paid freelancers, your monthly salary won't be as high as mine. So you might only get paid once every 6 months or so.
You must first decide what kind and amount of income you are looking to generate before you can calculate how much gold will be needed.
I recommend starting with $1k-$2k in gold and working my way up.
- (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)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.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)
- 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)