The Decision to Shut Down the Gamestop NFT Marketplace
Gamestop, the renowned company listed on the New York Stock Exchange (NYSE: GME), has recently announced its intention to close its non-fungible token (NFT) marketplace on February 2, 2024. Users of the Gamestop NFT market will no longer have the ability to buy, sell, or create NFTs through the platform.
The Halt in Gamestop's Crypto Journey
Gamestop's decision to phase out its NFT marketplace comes after the company's previous announcement in August 2023 regarding the abandonment of the Gamestop wallet project. The reason cited for this decision was the "regulatory uncertainty" surrounding the cryptocurrency industry. The official discontinuation of the wallet project took place in November 2023.
The company has now stated that the same regulatory uncertainty in the crypto space is the reason behind the closure of its NFT marketplace. In a pinned message on the website, Gamestop informed its customers that starting from February 2, 2024, they will no longer be able to engage in any NFT-related activities on the platform. However, the NFTs owned by customers will remain accessible and saleable through other platforms due to their presence on the blockchain.
Gamestop's Challenging Performance
Since the Wall Street Bets phenomenon, Gamestop has faced challenges in its traditional brick-and-mortar retail sector. The company has struggled to adapt to the growing preference for digital gaming and online sales. Moreover, its financial fundamentals, including its earnings per share (EPS) and price-to-earnings (P/E) ratio, have been less than impressive. Over the past six months, GME shares have experienced a decline of more than 37%.
The Uncertain Path Forward
Despite collaborations with Loopring and Immutable X, Gamestop's venture into the blockchain world seems to have hit a roadblock, at least for now. The company's future in the crypto and NFT space remains uncertain, with these endeavors taking a backseat.
Share Your Thoughts
What are your thoughts on Gamestop's decision to shut down its NFT marketplace? Feel free to share your opinions and insights on this subject in the comments section below.
Frequently Asked Questions
How much of your portfolio should you hold in precious metals
Investing in physical gold is the best way to protect yourself from inflation. You can invest in precious metals to buy into their future value, and not just the current price. Your investment will increase in value as the prices rise.
If you hold on to your investments for at least five years, you will receive tax benefits on any gains. And if you sell them after this period, you will have to pay capital gains taxes. Our website has more information about how to purchase gold coins.
What is the interest rate on a gold IRA?
It depends on how many dollars you put into it. If your income is $100,000, then yes. If your assets are less than $100,000, it is no.
The amount of money you put into an IRA determines whether or not it earns interest.
If you have more than $100,000 in retirement savings each year, you might consider opening a regular brokerage accounts.
While you will probably earn more interest there as a result, you'll also be subject to riskier investments. If the stock market crashes, you don't want all your money to be lost.
An IRA is better if you have $100,000 to invest per year. You can do this until the market grows again.
What Is a Precious Metal IRA?
Precious and precious metals are excellent investments for retirement accounts. They have been around for centuries and are still very valuable today. A great way to diversify and protect your portfolio is to invest in precious metals such silver, gold, and platinum.
Certain countries permit citizens to hold their money in foreign currencies. You can purchase gold bars from Canada and keep them at your home. You can also sell these gold bars for Canadian dollar when you visit family.
This is a simple way to make investments in precious metals. This is especially helpful if you don't live in North America.
Are you able to keep precious metals in your IRA?
This question is dependent on whether an IRA owner wishes to diversify into gold or silver, or keep them safe.
He has two options if he wishes to diversify. He could purchase physical bars of gold or silver from a dealer and then sell these items to him at the end. However, suppose he isn't interested in selling back his precious metal investments. He should keep them, as they are perfectly safe to be stored in an IRA account.
Can a gold IRA make you money?
Yes, it is possible. But not as many as you might think. It all depends upon how much risk you are willing and able to take. If you can afford to invest $10,000 every year for 20-years, you could possibly have $1,000,000 by retirement age. However, if all your eggs are in one basket, then you will lose everything.
Diversifying investments is crucial. Inflation can make gold perform well. You should invest in an asset that increases with inflation. Stocks perform this well because they rise whenever companies increase their profits. This is also true for bonds. They pay interest each year. They're great for economic growth.
But what happens when there isn't any inflation? Stocks fall more and bonds lose value during deflationary times. 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 invest in stocks or bonds. They could also invest in cash or bonds.
By doing so, they are exposed to both the positive and negative sides of the coin. Inflation or deflation? They will see a return over time.
- SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)
- 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)
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
- Silver must be 99.9% pure • (forbes.com)
The Best Precious Metals Ira 2022: Things to Remember
Precious Metals Ira has become a popular choice for investors. This article will teach you what makes precious metals so attractive, and how to make informed decisions about investing in precious materials.
These assets' main appeal is their potential for long-term, sustainable growth. If we look at historical data, gold prices show incredible returns. In the last 200 years, gold prices have risen from $20 to $1900 an ounce over the past 200. In comparison, the S&P 500 Index only grew by around 50%.
During times of economic uncertainty, people consider gold a safety net. When the stock market suffers bad days, people tend to sell stocks and move into the safety of gold. Gold is also seen as a hedge against inflation. Many economists believe that inflation will continue to exist. Physical gold is a way to protect your money from future price increases.
There are a few things you need to remember before purchasing precious metals like silver, gold or platinum. First, decide whether bullion bars are better than coins. Bullion bars can be bought in large quantities (like 100-ounces) and kept aside until required. Coins are smaller versions of bullion bars, which can then be used to buy small amounts of bullion.
You should also consider where your precious metals will be stored. Some countries are more safe than others. For example, you might consider storing precious metals overseas if your home country is the United States. If you are thinking of storing your precious metals in Switzerland, however, you might be wondering why.
Finally, you need to decide whether you want precious metals investments directly or through “precious Metals Exchange-Traded Funds” (ETFs). ETFs, which track the performance different commodities like gold, are financial instruments. These are a way to have exposure to precious metals but not necessarily own them.
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