Weekly NFT Sales Reach $311 Million With Bitcoin Leading, Ethereum and Polygon See Impressive Growth

Overview of NFT Sales

In the last week, the non-fungible token (NFT) market witnessed total sales of $311.31 million. This represents a slight increase of 0.05% compared to the previous week. Despite this overall growth, NFT sales on the Bitcoin blockchain experienced a decrease of 19.12% from the previous week.

Bitcoin Dominates NFT Sales

Out of the total sales across 21 distinct blockchain networks, NFTs from the Bitcoin blockchain accounted for $107.16 million, making up 34.42% of the overall market. However, Bitcoin-based NFT sales saw a decline of over 19% compared to the previous week.

Growth in Ethereum and Polygon NFT Sales

NFT sales on the Ethereum blockchain experienced a growth of 18.29%, reaching approximately $84.62 million. Polygon NFTs witnessed an even more impressive increase, surging by 81.33% to reach $44.67 million. This places Polygon in the third position among blockchain networks in terms of NFT sales.

Performance of Other Blockchain Networks

Solana NFT sales saw a downturn, declining by 19.47% from the previous week, with total sales amounting to $41.48 million. On the other hand, Avalanche NFTs saw a 46.83% increase, and Flow-based NFTs jumped by 25.65%.

Top NFT Collections and High-Value Sales

The leading NFT collection in terms of total sales over the past week was Uncategorized Ordinals, which garnered $22.68 million. However, this represents a 53.70% decrease from the previous week. Gas Hero Common Hero NFTs from Polygon achieved the second-highest digital collectible sales, with $18.82 million in sales, marking a significant 261% increase. Bored Ape Yacht Club (BAYC) NFTs also experienced a substantial surge in sales, with a 170% increase compared to the previous week.

The highest-priced NFT sale of the week originated from the BNB chain, with the "Lock Deal" collectible commanding $452K. Other notable high-value NFT sales included the "Token Vesting Plans" NFT from Polygon, which was purchased for $299K, and "Cryptopunks #8,639" from the Ethereum blockchain, which changed hands for $240K.

Conclusion

This week's NFT statistics highlight the dominance of Bitcoin in the market, but also the impressive growth of NFT sales on the Ethereum and Polygon blockchains. It is worth noting the decline in NFT sales on the Bitcoin blockchain compared to the previous week. The performance of other blockchain networks, such as Solana, Avalanche, and Flow, also varied. The high-value sales and top NFT collections demonstrate the continued interest and investment in the NFT market.

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

Frequently Asked Questions

What precious metals could you invest in to retire?

It is gold and silver that are the best precious metal investment. They're both easy to buy and sell and have been around forever. If you want to diversify your portfolio, you should consider adding them to your list.

Gold: The oldest form of currency known to man is gold. It's also very safe and stable. It is a good way for wealth preservation during uncertain times.

Silver: Silver has always been popular among investors. It's a great option for those who want stability. Unlike gold, silver tends to go up instead of down.

Platinium: Platinum is another form of precious metal that's becoming increasingly popular. It's resistant to corrosion and durable, similar to gold and silver. It's however much more costly than any of its counterparts.

Rhodium: Rhodium can be used in catalytic convertors. It's also used in jewelry making. And, it's relatively cheap compared to other types of precious metals.

Palladium: Palladium has a similarity to platinum but is more rare. It's also less expensive. This is why it has become a favourite among investors looking for precious metals.

How is gold taxed in an IRA?

The fair market value of gold sold is the basis for tax. When you purchase gold, you don't have to pay any taxes. It's not considered income. If you sell it after the purchase, you will get a tax-deductible gain if you increase the price.

Gold can be used as collateral for loans. Lenders look for the highest return when you borrow against assets. This often means selling gold. This is not always possible. They might just hold onto it. They might decide to sell it. Either way you will lose potential profit.

If you plan on using your gold as collateral, then you shouldn't lend against it. It's better to keep it alone.

Can I have physical gold in my IRA

Gold is money and not just paper currency. People have been using gold for thousands of years to store their wealth and protect it from economic instability and inflation. Today, investors use gold as part of a diversified portfolio because gold tends to do better during financial turmoil.

Many Americans are now more inclined to invest in precious metals like gold and silver than stocks or bonds. While owning gold doesn't guarantee you'll make money investing in gold, there are several reasons why it may make sense to consider adding gold to your retirement portfolio.

Another reason is that gold has historically outperformed other assets in financial panic periods. The S&P 500 dropped 21 percent in the same time period, while gold prices rose by nearly 100 percent between August 2011-early 2013. During those turbulent market conditions, gold was among the few assets that outperformed stocks.

Another advantage of investing in gold is that it's one of the few assets with virtually zero counterparty risk. Your shares will still be yours even if your stock portfolio drops. If you have gold, it will still be worth your shares even if the company in which you invested defaults on its debt.

Finally, the liquidity that gold provides is unmatched. This allows you to sell your gold whenever you want, unlike many other investments. You can buy gold in small amounts because it is so liquid. This allows you take advantage of the short-term fluctuations that occur in the gold markets.

Is it a good retirement strategy to buy gold?

While buying gold as an investment may seem unattractive at first glance it becomes worth the effort when you consider how much gold is consumed worldwide each year.

Physical bullion is the most popular method of investing in gold. There are many ways to invest your gold. It's best to thoroughly research all options before you make a decision.

If you don't want to keep your wealth safe, buying shares in companies that extract gold and mining equipment could be a better choice. If you are looking for cash flow from your investment, buying gold stocks will work well.

You can also invest your money in exchange-traded fund (ETFs), which give you exposure to the gold price by holding securities related to gold. These ETFs often include stocks of gold miners, precious metals refiners, and commodity trading companies.

Who holds the gold in a gold IRA?

An individual who has gold is considered to be a “form of money” by the IRS and subject to taxation.

You must have at least $10,000 in gold and keep it for at most five years to qualify for this tax-free status.

While gold may be a great investment to help prevent inflation and volatility in the market, it's not wise to keep it if you won't use it.

If you plan on selling the gold someday, you'll need to report its value, which could affect how much capital gains taxes you owe when you cash in your investments.

To find out what options you have, consult an accountant or financial planner.

Statistics

• (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)
• 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)
• If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so 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)
• 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)

External Links

wsj.com

• Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
  
• Do you want to keep your IRA gold at home? It's not legal – WSJ
  

bbb.org

• Better Business Bureau(r)
  

finance.yahoo.com

• Yahoo Finance provides information about Barrick Gold Corporation's (GOLD) stock price, news, quote, and history.
  

forbes.com

• Gold IRA, Add Sparkle to Your Retirement Nest egg
  
• Understanding China's Evergrande Crisis – Forbes Advisor
  

How To

Gold IRAs: A Growing Trend

As investors look for ways to diversify their portfolios and protect themselves against inflation, the gold IRA trend is on the rise.

Owners can invest in gold bars and bullion with the gold IRA. It can be used as a tax-free way to grow and it is an alternative investment option for people who are not comfortable with stocks or bonds.

Investors can have confidence in their investments and avoid market volatility with a gold IRA. They can use the gold IRA to protect themselves against inflation and other potential problems.

Investors also enjoy the benefits of owning physical gold, which includes its unique properties such as durability, portability, and divisibility.

Additional benefits of the gold IRA include the ability to quickly pass ownership to heirs. Additionally, the IRS does not consider gold a money or a commodity.

This means that investors who are looking for financial safety and security are becoming more interested in the gold IRA.

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