Over the past seven weeks, the landscape for non-fungible token (NFT) sales has witnessed a persistent decline. Taking a snapshot from just the last week, the total NFT transactions stood at a sum of $66.11 million, an 11.65% drop when held against the preceding week. This downward trajectory in the NFT market is prevalent despite a more comforting scenario in the larger cryptocurrency sphere.
The Contrasting Scene: General Crypto Market Vs. Nifty Market
The general crypto market saw some buoyancy during this period, yet surprisingly, this positive crawl didn't extend to the realm of NFTs. Consistently, for a solid seven weeks now, the NFT marketplace has been in a state of contraction, experiencing a steady ebb in sales volumes.
Yet as always, every cloud has a silver lining: alongside the 11.65% decrease in sales over the week, buyers in the NFT realm pervaded, experiencing a jump of 17.77%, along with a spike of 15.82% in the number of sellers. Cryptoslam.io brings forward the transpiring scenario on the Ethereum platform, exhibiting a remarkable hold in the market, accounting for a beaming $38.10 million of the week's turnover.
Ethereum Dominance and Mythos' Exemplary Performance
This figure unravels that a hefty majority of 57.63% of all NFTs sold within the week were rooted in Ethereum. Slight disappointment surfaced as Ethereum-based NFT sales experienced a tad dip of 0.84% over the week. In the grandeur of the NFT market, Mythos NFT transactions seized the second spot, totaling an impressive $8.79 million, a hearty 12.29% surge from the preceding week.
Completing the top trio was Solana, clocking sales worth $6.86 million, marking an 8.87% leap within the week. Mythos-established Dmarket collection dominated this week's NFT sales landscape, pulling in a decent $8.72 million, representing a 12.32% increase. Not far behind, Bored Ape Yacht Club (BAYC) registered a respectable $4.13 million, incurring an appreciable hike of 25.18%.
Winners and Losers: A Curious Game of Numbers
Polygon's Draftkings clinched the third spot, accumulating $3.28 million, although encountering an 18.24% dip. Sorare remained in the race, collecting $2.87 million, registering a 3.87% increment. Cryptopunks lurked close behind, accruing $2.79 million, marking an extraordinary leap of 61.41% from the week before.
Breaking down the week's best sale, Cryptopunk #2367 fetched a substantial $143,062 just three days before the snapshot. Meanwhile, BNB's Starcraft Planets #1498 was won over at the auction for $32,880 a mere 24 hours ago, and Bitcoin's Ordinal Maxibiz succeeded in commanding a price of $30,646 on Magic Eden merely three days ago.
Blue-Chip NFT Collectibles: Falling Floor Prices
In an intriguing parallel narrative, prized blue-chip NFT collectibles witnessed a substantial decline in their floor prices. Cryptopunks stooped down to 45 ether, and BAYC NFTs plummeted down to 26.30 ether, a testament provided by nftpricefloor.com to this sinking trend. These declining values echo the more extensive dip prevalent across the values of blue-chip digital artifacts in the marketplace.
Frequently Asked Questions
What is the tax on gold in Roth IRAs?
An investment account's tax rate is determined based upon its current value, rather than what you originally paid. If you invest $1,000 into a mutual fund, stock, or other investment account, then any gains are subjected tax.
You don't pay tax if you have the money in a traditional IRA/401k. Only earnings from capital gains and dividends are subject to tax. These taxes do not apply to investments that have been held for more than one year.
The rules governing these accounts vary by state. Maryland requires that you withdraw funds within 60 business days after reaching the age of 59 1/2. Massachusetts allows you to delay withdrawals until April 1. New York offers a waiting period of up to 70 1/2 years. To avoid any penalties, plan your retirement savings and take your distributions as early as possible.
What proportion of your portfolio should you have in precious metals
To answer this question, we must first understand what precious metals are. Precious metals are those elements that have an extremely high value relative to other commodities. They are therefore very attractive for investment and trading. Gold is today the most popular precious metal.
There are also many other precious metals such as platinum and silver. The price of gold fluctuates, but it generally remains stable during times of economic turmoil. It is also not affected by inflation and depression.
The general trend is for precious metals to increase in price with the overall market. That said, they do not always move in lockstep with each other. For example, when the economy is doing poorly, the price of gold typically rises while the prices of other precious metals tend to fall. Investors expect lower interest rates which makes bonds less appealing investments.
When the economy is healthy, however, the opposite effect occurs. Investors prefer safe assets such as Treasury Bonds and demand fewer precious metals. Since these are scarce, they become more expensive and decrease in value.
Therefore, to maximize profits from investing in precious metals, you must diversify across multiple precious metals. It is also a good idea to diversify your investments in precious metals, as prices tend to fluctuate.
How to Open a Precious Metal IRA
The first step in opening an Individual Retirement Account, (IRA), is to decide if it's something you want. Open the account by filling out Form 8606. Then you must fill out Form 5204 to determine what type of IRA you are eligible for. This form should not be completed more than 60 days after the account is opened. Once you have completed this form, it is possible to begin investing. You might also be able to contribute directly from the paycheck through payroll deduction.
To get a Roth IRA, complete Form 8903. Otherwise, the process will look identical to an existing IRA.
To be eligible for a precious metals IRA, you will need to meet certain requirements. The IRS stipulates that you must have earned income and be at least 18-years old. Your earnings cannot exceed $110,000 per year ($220,000 if married and filing jointly) for any single tax year. You must also contribute regularly. These rules will apply regardless of whether your contributions are made through an employer or directly out of your paychecks.
An IRA for precious metals allows you to invest in gold and silver as well as platinum, rhodium, and even platinum. But, you'll only be able to purchase physical bullion. This means you won’t be able to trade stocks and bonds.
Your precious metals IRA may also be used to invest in precious-metal companies. This option is available from some IRA providers.
An IRA is a great way to invest in precious metals. However, there are two important drawbacks. First, they aren't as liquid than stocks and bonds. It's also more difficult to sell them when they are needed. Second, they are not able to generate dividends as stocks and bonds. Also, they don't generate dividends like stocks and bonds. You will eventually lose money rather than make it.
Is the government allowed to take your gold
Because you have it, the government can't take it. You worked hard to earn it. It is yours. This rule could be broken by exceptions. For example, if you were convicted of a crime involving fraud against the federal government, you can lose your gold. Additionally, your precious metals may be forfeited if you owe the IRS taxes. However, even if you don't pay your taxes, your gold can be kept as property of the United States Government.
What are the benefits of having a gold IRA?
An Individual Retirement Account (IRA) is the best way to put money towards retirement. It's not subject to tax until you withdraw it. You have total control over how much each year you take out. There are many types and types of IRAs. Some are more suitable for students who wish to save money for college. Others are made for investors seeking higher returns. Roth IRAs permit individuals to contribute after the age 59 1/2. Any earnings earned at retirement are subject to tax. However, once they begin withdrawing funds, these earnings are not taxed again. This type of account might be a good choice if your goal is to retire early.
Because it allows you money to be invested in multiple asset classes, a ‘gold IRA' is similar to any other IRAs. Unlike a regular IRA where you pay taxes on gains, a gold IRA doesn't require you to worry about taxation while you wait to get them. People who want to invest their money rather than spend it make gold IRA accounts a great option.
Another advantage to owning gold via an IRA is the ease of automatic withdraws. This means that you don't need to worry about making monthly deposits. You could also set up direct debits to never miss a payment.
Gold is one of today's most safest investments. Because it's not tied to any particular country, its value tends to remain steady. Even during economic turmoil the gold price tends to remain fairly stable. This makes it a great investment option to protect your savings from inflation.
Can I keep physical gold in an IRA?
Gold is money, not just paper currency or coinage. It is an asset that people have used over thousands of years as money, and a way to protect wealth from inflation and economic uncertainties. Investors use gold today as part of their diversified portfolio, because it tends to perform better in times of financial turmoil.
Many Americans are now more inclined to invest in precious metals like gold and silver than stocks or bonds. Although owning gold does not guarantee that you will make money investing in it, there are many reasons to consider adding gold into your retirement portfolio.
One reason is that gold has historically performed better than other assets during periods of financial panic. Between August 2011 and early 2013 gold prices soared nearly 100 percent, while the S&P 500 plunged 21 percent. During these turbulent market times, gold was among few assets that outperformed the stocks.
One of the best things about investing in gold is its virtually zero counterparty risk. Even if your stock portfolio is down, your shares are still yours. You can still own your gold even if the company where you invested fails to pay its debt.
Finally, gold is liquid. You can sell your gold at any time without worrying about finding a buyer, which is a major advantage over other investments. Because gold is so liquid compared to other investments, buying it in small amounts makes sense. This allows you to profit from short-term fluctuations on the gold market.
Can I buy gold with my self-directed IRA?
However, gold can only be purchased with your self-directed IRA. To do so, you must first open a brokerage account at TD Ameritrade. You can also transfer funds from another retirement account if you already have one.
The IRS allows individuals up to $5.500 annually ($6,500 if you are married and filing jointly). This can be contributed to a traditional IRA. Individuals can contribute up to $1,000 annually ($2,000 if married and filing jointly) directly to a Roth IRA.
If you do decide you want to invest your money in gold, you should look into purchasing physical bullion instead of futures contracts. Futures contracts, which are financial instruments based upon the price of gold, are financial instruments. They allow you to speculate on future prices without owning the metal itself. But physical bullion refers to real gold and silver bars you can carry in your hand.
Statistics
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- (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)
- 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)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
External Links
irs.gov
law.cornell.edu
- 7 U.S. Code SS7 – Designation of boards for trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement accounts
investopedia.com
cftc.gov
How To
The best place online to buy silver and gold
To buy gold, you must first understand how it works. Gold is a precious metal similar to platinum. It's very rare and is used as money because of its durability and resistance to corrosion. It's difficult to use, so most people prefer purchasing jewelry made from it rather than actual bars.
Today, there are two types available in gold coins: one is legal tender and the other is bullion. Legal tender coins are those that are intended for circulation in a country. They typically have denominations of $1, $5 or $10.
Bullion coins should only be used for investment purposes. Inflation can cause their value to increase.
They cannot be used in currency exchanges. For example, if a person buys $100 worth of gold, he/she gets 100 grams of gold with a value of $100. Each dollar spent earns the buyer 1 gram gold.
The next thing you should know when looking to buy gold is where to do it from. There are many options for buying gold directly from dealers. First, your local currency shop is a good place to start. You can also try going through a reputable website like eBay. You can also purchase gold through private online sellers.
Private sellers are individuals who offer to sell gold at retail or wholesale prices. You pay a commission fee between 10% and 15% for each transaction when you sell gold through private sellers. A private seller will usually return less money than a coin shop and eBay. However, this option is often a great choice when investing in gold since it gives you more control over the item's price.
Another way to buy gold is by investing in physical gold. Physical gold is much easier to store than paper certificates, but you still have to worry about storing it safely. You need to make sure that your physical gold is safe by storing it in an impenetrable container like a vault or safety depositbox.
A bank or pawnshop can help you buy gold. A bank will provide you with a loan that allows you to purchase the amount of gold you desire. Customers can borrow money from pawnshops to purchase items. Banks charge higher interest rates than those offered by pawn shops.
You can also ask for help to purchase gold. Selling gold is also easy. It is easy to sell gold by contacting a company like GoldMoney.com. You can create a simple account immediately and begin receiving payments.
—————————————————————————————————————————————————————————————-
By: Jamie Redman
Title: A Deep Dive into the Recent Tumble in Non-Fungible Token Sales
Sourced From: news.bitcoin.com/nfts-cant-catch-a-break-as-protracted-drop-in-sales-continues/
Published Date: Sun, 08 Oct 2023 18:30:32 +0000
