The National Hockey League (NHL), in partnership with the NHL Players' Association and the NHL Alumni Association, has joined forces with non-fungible token (NFT) firm Sweet to introduce NHL Breakaway, an innovative digital collectibles platform. This collaboration aims to provide fans worldwide with the opportunity to collect, gift, trade, and showcase highlights and significant moments from NHL history.
A New Era in Sports Digital Collectibles
NHL Breakaway represents a significant milestone in the realm of sports digital collectibles. Through a collaboration between Sweet and the NHL, the platform utilizes the hockey league's extensive highlight archives to create an immersive experience for users.
Users can acquire packs that contain uniquely packaged highlights, featuring various camera angles and the authentic sounds of the game. Sweet CEO Tom Mizzone emphasized the groundbreaking nature of this partnership, stating, "We're not just launching a platform; we're forging a new era where gamified and social digital collectibles become a bridge to unforgettable experiences in the sport you love."
The Appeal of NHL Breakaway
NHL Breakaway enters the market at a time when NFT sales have seen a decline. However, similar initiatives by other sports leagues, such as Major League Baseball (MLB) and the National Basketball Association (NBA), have demonstrated the potential of NFTs linked to sports. NHL Executive Vice President David Lehanski highlighted the appeal of NHL Breakaway's "compelling graphics" and the authentic sounds of the game, which can transport collectors inside NHL arenas.
Enriching the Fan Experience
NFT collections associated with sports leagues have proven successful in enhancing the fan experience. Examples include Dapper Labs' NFL All Day and NBA Top Shot. These platforms combine the technology of NFTs with immersive sports experiences. Sweet, the NFT company behind NHL Breakaway, has also formed partnerships with renowned brands like Dave & Busters, the Clemson Tigers, and Burger King.
What are your thoughts on the NHL's NFT venture? Feel free to share your opinions in the comments section below.
Frequently Asked Questions
How much gold can you keep in your portfolio
The amount you make will depend on the amount of capital you have. Start small with $5k-10k. As you grow, you can move into an office and rent out desks. You don't need to worry about paying rent every month. You only pay one month.
It's also important to determine what type business you'll run. In my case, I am running a website creation company, so we charge clients around $1000-2000/month depending on what they order. You should also consider the expected income from each client when you do this type of thing.
As freelance work requires you to be paid freelancers, your monthly salary won't be as high as mine. You may get paid just once every 6 months.
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 to $2k of gold, and then growing from there.
How is gold taxed within an IRA?
The fair value of gold sold to determines the price at which tax is due. You don't have tax to pay when you buy or sell gold. It is not income. If you decide to make a sale of it, you'll be entitled to a taxable loss if the value goes up.
You can use gold as collateral to secure loans. When you borrow against your assets, lenders try to find the highest return possible. For gold, this means selling it. The lender might not do this. They might just hold onto it. Or they might decide to resell it themselves. In either case, you risk losing potential profits.
To avoid losing money, only lend against gold if you intend to use it for collateral. It's better to keep it alone.
What are the pros and cons of a gold IRA?
An Individual Retirement Account is a more beneficial option than regular savings accounts. You don't pay taxes on any interest earned. An IRA is a great way to save money and not have to pay taxes on the interest you earn. This type of investment has its downsides.
You may lose all your accumulated savings if you take too much out of your IRA. The IRS may prohibit you from withdrawing funds from your IRA before you are 59 1/2 years of age. A penalty fee will be charged if you decide to withdraw funds.
Another disadvantage is that you must pay fees to manage your IRA. Many banks charge between 0.5%-2.0% per year. Other providers charge monthly management costs ranging from $10-50.
If you prefer your money to be kept out of a bank, then you will need insurance. In order to make a claim, most insurers will require that you have a minimum amount in gold. Insurance that covers losses upto $500,000.
You will need to decide how much gold you wish to use if you opt for a gold IRA. Some providers limit the amount of gold that you are allowed to own. Some providers allow you to choose your weight.
It is also up to you to decide whether you want to purchase physical gold or futures. Physical gold is more expensive than gold futures contracts. Futures contracts provide flexibility for purchasing gold. They enable you to establish a contract with an expiration date.
You will also have to decide which type of insurance coverage is best for you. The standard policy doesn’t provide theft protection or loss due fire, flood, or earthquake. It does provide coverage for damage from natural disasters, however. You may consider adding additional coverage if you live in an area at high risk.
Apart from insurance, you should consider the costs of storing your precious metals. Insurance doesn't cover storage costs. Safekeeping costs can be as high as $25-40 per month at most banks.
A qualified custodian is required to help you open a Gold IRA. A custodian maintains track of all your investments and ensures you are in compliance with federal regulations. Custodians aren't allowed to sell your assets. They must instead keep them for as long as you ask.
After you've determined which type of IRA is best for you, fill out the paperwork indicating your goals. You must include information about what investments you would like to make (e.g. stocks, bonds and mutual funds). The plan should also include information about how much you are willing to invest each month.
After filling in the forms, please send them to the provider. Once the company has received your application, they will review it and send you a confirmation email.
A financial planner is a good idea when opening a gold IRA. A financial planner is an expert in investing and can help you choose the right type of IRA for you. They can help reduce your expenses by helping you find cheaper alternatives to buying insurance.
How do I Withdraw from an IRA with Precious Metals?
First, you must decide if you wish to withdraw money from your IRA account. Next, ensure you have enough cash on hand to pay any penalties or fees that could be associated with withdrawing funds.
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. If you choose this option, you'll also need to consider taxes owed on the amount withdrawn.
Next, determine how much money you plan to withdraw from your IRA. The calculation is influenced by several factors such as your age at withdrawal, the length of time you have owned the account and whether or not you plan to continue contributing to retirement plans.
Once you know what percentage of your total savings you'd like to convert into cash, you'll need to determine which type of IRA you want to use. Traditional IRAs allow for you to withdraw funds without tax when you turn 59 1/2. Roth IRAs, on the other hand, charge income taxes upfront but you can access your earnings later and pay no additional taxes.
Once these calculations have been completed you will need to open an account with a brokerage. 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.
When you finally get around to making withdrawals from your precious metal IRA, you'll need a safe place where you can store your coins. Some storage areas will accept bullion, while others require you to purchase individual coins. Before you choose one, weigh the pros and cons.
Bullion bars are easier to store than individual coins. You will need to count each coin individually. You can track their value by keeping individual coins.
Some people prefer to keep their coins in a vault. Others prefer to store their coins in a vault. Whichever method you choose, make sure you store your bullion safely so you can enjoy its benefits for years to come.
- 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)
- (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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- Want to Keep Gold in Your IRA at Home? It's Not Exactly Legal – WSJ
- 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement accounts
3 Ways to Invest Gold for Retirement
It's important to understand how gold fits in with your retirement plan. You can invest in gold through your 401(k), if you have one at work. You may also want to consider investing in gold outside of your workplace. One example is opening a custodial accounts at Fidelity Investments if an IRA (Individual Retirement Account), if you already own one. Or, if you don't already own any precious metals, you may want to consider buying them directly from a reputable dealer.
These are three simple rules to help you make an investment in gold.
- Buy Gold With Your Cash – Do not use credit cards to purchase gold. Instead, deposit cash into your accounts. This will help you to protect yourself against inflation while also preserving your purchasing power.
- Own Physical Gold Coins – You should buy physical gold coins rather than just owning a paper certificate. Physical gold coins can be sold much faster than paper certificates. Physical gold coins don't require storage fees.
- Diversify Your Portfolio. Never place all your eggs in the same basket. This means that you should diversify your wealth by investing in different assets. This helps reduce risk and gives you more flexibility during market volatility.
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