Bitcoin Maintains Top Position in NFT Sales, Generates $853 Million
In November, Bitcoin emerged as the frontrunner in monthly non-fungible token (NFT) sales, and to everyone's surprise, it continued to dominate the NFT market in December, racking up an impressive $853 million in sales.
NFT Sales Surge in December, Bitcoin Retains Top Spot
Despite a slight decline in NFT sales over the past week, with a drop of over 35% compared to the previous week, December witnessed a record-breaking $1.7 billion in NFT transactions. This represents a significant increase of more than 69% compared to the figures from November. Bitcoin remained at the forefront of NFT sales across different blockchains, solidifying its position as the leader. Notably, BTC-based NFT sales experienced a staggering 127.63% surge compared to November, as reported by cryptoslam.io.
Bitcoin Outshines Ethereum in December NFT Sales
In December, Bitcoin's NFT sales reached an impressive $853 million, while Ethereum's NFT sales totaled $364.79 million. Bitcoin's NFT sales surpassed Ethereum's by 2.34 times, making it the clear winner. Solana secured the third spot with approximately $325.14 million in NFT sales, experiencing a remarkable 312% increase from November's Solana-centric NFT figures. Following the top three, Polygon and Arbitrum emerged as the subsequent leading blockchains in NFT sales.
Top Valued NFT Transactions of December
The most valuable NFT transaction in December featured a digital copy of Vincent Van Gogh's Self-portrait, 1888 (Van Gogh's painting #216), which sold for an astounding $1.19 million. Ethereum hosted the sale of Frxethredemption Ticket #33, which fetched $638,433. Cardano's Deep Vision #05128 was sold for $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 Blockchain Dominates NFT Collections
Out of the top ten NFT collections in terms of sales, seven of them are based on the Bitcoin blockchain. Solana's Tensorians claimed the fifth position, while the Mad Lads collection secured the eighth spot. Arbitrum's Sentry Node collection took the ninth position in December. Throughout the month, there were a total of 11,290,812 NFT transactions, involving 469,389 sellers and 600,744 NFT buyers.
The Future of Bitcoin in the NFT Market
With Bitcoin's continued dominance in NFT sales for both November and December, the crypto community eagerly awaits to see if this trend will sustain or if it is just a fleeting moment of dominance. Only time will tell if Bitcoin can maintain its lead or if there will be a shift in the NFT sales landscape within 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 or Sell Gold?
In the past, gold was considered a haven for investors during economic turmoil. Today, many people are looking to precious metals like gold and avoiding traditional investments like bonds and stocks.
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 think this could change quickly. Experts predict that gold prices will rise sharply in the wake of another global financial collapse.
They also note that gold is increasingly popular because of its perceived intrinsic value and potential return.
These are some things you should consider when considering gold investing.
- Before you start saving money for retirement, think about whether you really need it. You can save money for retirement even if you don't invest in gold. The added protection that gold provides when you retire is a good option.
- You should also be aware of what you are getting into before you buy gold. There are many types of gold IRA accounts. Each offer varying degrees of 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.
So, if you're thinking about buying gold, make sure you do your research first. You should also ensure that you do everything you can to protect your gold.
Which precious metals are best to invest in retirement?
It is gold and silver that are the best precious metal investment. Both can be easily bought and sold, and have been around since forever. These are great options to diversify your portfolio.
Gold: Gold is one of man's oldest forms of currency. It is very stable and secure. Because of this, it's considered a good way to preserve wealth during times of uncertainty.
Silver: Silver has always been popular among investors. It's a great option for those who want stability. Silver tends to move up, not down, unlike gold.
Platinium: Another form of precious metal is platinum, which is becoming more popular. It's like silver or gold in that it is durable and resistant to corrosion. It is, however, more expensive than its competitors.
Rhodium. Rhodium is used as a catalyst. It is also used for jewelry making. It's also relatively inexpensive compared to other precious metals.
Palladium – Palladium is an alternative to platinum that's more common but less scarce. It is also cheaper. This is why it has become a favourite among investors looking for precious metals.
How to open a Precious Metal IRA
First, decide if an Individual Retirement Account is right for you. Once you have decided to open an Individual Retirement Account (IRA), you will need to complete Form 806. You will then need to complete Form 5204 in order to determine which type IRA you are eligible. This form should be filled within 60 calendar days of opening the account. You can then start investing once you have this completed. You may also choose to contribute directly from your paycheck using payroll deduction.
To get a Roth IRA, complete Form 8903. Otherwise, the process will be identical to an ordinary IRA.
You'll need to meet specific requirements to qualify for a precious metals IRA. The IRS requires that you are at least 18 years old and have earned an income. You cannot earn more than $110,000 annually ($220,000 if married filing jointly) in any one tax year. You must also contribute regularly. These rules are applicable whether you contribute through your employer or directly from the paychecks.
You can use a precious metals IRA to invest in gold, silver, palladium, platinum, rhodium, or even platinum. However, physical bullion will not be available for purchase. You won't have the ability to trade stocks or bonds.
You can also use your precious metallics IRA to invest in companies that deal with precious metals. This option is available from some IRA providers.
However, investing in precious metals via an IRA has two serious drawbacks. First, they're not as liquid as stocks or bonds. They are therefore more difficult to sell when necessary. They also don't pay dividends, like stocks and bonds. Therefore, you will lose money over time and not gain it.
Is buying gold a good way to save money for retirement?
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 bar is the best way to invest in precious metals. There are many ways to invest your gold. Research all options carefully and make an informed decision about what you desire from your investments.
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. Owning gold stocks should work well if you need cash flow from your investment.
ETFs are an exchange-traded investment that allows you to gain exposure to the market for gold. You hold gold-related securities and not actual gold. These ETFs typically include stocks from gold miners, precious metallics refiners, commodity trading companies, and other commodities.
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- How do you keep your IRA Gold at Home? It's Not Exactly Legal – WSJ
How to Hold Physical Gold in an IRA
The most obvious way to invest in gold is by buying shares from companies producing gold. However, this method comes with many risks because there's no guarantee that these companies will continue to survive. There is always the chance of them losing their money due to fluctuations of the gold price.
The alternative is to buy physical gold. You'll need to open a bank account, buy gold online from a trusted seller, or open an online bullion trading account. These options offer the convenience of easy access, as you don't need stock exchanges to do so. You can also make purchases at lower prices. It's also easy to see how many gold you have. The receipt will show exactly what you paid. You'll also know if taxes were not paid. You also have a lower chance of theft than stocks.
However, there are disadvantages. You won't get the bank's interest rates or investment money. It won't allow you to diversify any of your holdings. Instead, you'll be stuck with what's been bought. The taxman might also ask you questions about where your gold is located.
Visit BullionVault.com to find out more about gold buying in an IRA.
By: Jamie Redman
Title: Bitcoin Dominates NFT Market with $853 Million in December Sales
Sourced From: news.bitcoin.com/bitcoin-reigns-supreme-in-nft-market-with-record-breaking-853-million-in-december-sales/
Published Date: Sat, 30 Dec 2023 15:30:16 +0000