Introduction
In the month of November, non-fungible token (NFT) sales experienced a significant increase. This trend has continued into the first week of December, with sales skyrocketing by 57% compared to the previous week. Bitcoin-related NFTs have emerged as the top performers in terms of sales volume, outshining Ethereum-based NFTs. Let's delve into the details of this surge in NFT sales.
December NFT Sales Figures
The total sales of NFTs for the past week amounted to approximately $316 million. Despite this impressive surge, the number of buyers and sellers decreased significantly, with a 90.09% drop in buyers and an 88.31% drop in sellers, as per the seven-day data from cryptoslam.io.
Bitcoin Leads the Way
NFTs linked to Bitcoin have maintained their leading position in terms of sales volume. In the first week of December, Bitcoin-related NFTs generated $121.34 million in sales. On the other hand, Ethereum-based NFTs recorded sales of $100.83 million. This trend indicates the continued popularity and demand for Bitcoin-related NFTs.
Platform Sales Breakdown
Sales of BTC-based NFTs experienced a staggering increase of 171.80%, while Ethereum NFTs saw a more modest rise of 6.66%. Other notable platforms in terms of NFT sales include Solana ($47M), Arbitrum ($14.4M), Polygon ($13.7M), and Immutable X ($5.93M).
Top NFT Collections
When it comes to specific NFT collections, Bitcoin's "$SATS BRC-20" NFTs topped the list with sales reaching $21.88 million. This represents a 135% increase from the previous week. Another notable collection is Arbitrum's "Sentry Node License," which recorded sales of $12.33 million. Additionally, the "Uncategorized Ordinals" from the Bitcoin blockchain amassed $8.69 million in sales. It is worth noting that four out of the top ten collections originated from Bitcoin, while only two were from Ethereum.
Notable Sales
The most notable sale of the week was a Vincent Van Gogh painting embedded in the Bitcoin blockchain, which fetched a staggering $1.19 million. Bitcoin also witnessed the sale of an old inscription, minted on January 15, 2023, which traded for 10.4 BTC, equivalent to $463,000 at the time of the transaction. On the Ethereum side, Fidenze #587 was sold for $463K, while a Solana Boogle NFT was purchased for $149K in the past 24 hours, and a Polygon Tribul #2 fetched $60K.
NFT Resurgence
After a period of decline where many NFTs lost over 90% of their value during the crypto winter, NFTs are now experiencing a resurgence. Notably, the once-preeminent NFT collections, Bored Ape Yacht Club and Cryptopunks, have seen shifts in their standings, now ranking sixth and nineteenth, respectively.
Conclusion
The surge in NFT sales in December showcases the continued growth and popularity of this digital asset class. Bitcoin-related NFTs have emerged as the top performers, surpassing Ethereum-based NFTs in terms of sales volume. With the resurgence of NFTs, it will be interesting to see how this market evolves in the coming months. What are your thoughts on this week's NFT sales? Share your opinions in the comments section below.
Frequently Asked Questions
What should I pay into my Roth IRA
Roth IRAs can be used to save taxes on your retirement funds. You can't withdraw money from these accounts before you reach the age of 59 1/2. However, if you do decide to take out some of your contributions before then, there are specific rules you must follow. First, you can't touch your principal (the initial amount that was deposited). This means that no matter how much you contribute, you can never take out more than what was initially contributed to this account. If you wish to withdraw more than you originally contributed, you will have to pay taxes.
The second rule states that income taxes must be paid before you can withdraw earnings. Also, taxes will be due on any earnings you take. Consider, for instance, that you contribute $5,000 per year to your Roth IRA. Let's also assume that you make $10,000 per year from your Roth IRA contributions. Federal income taxes would apply to the earnings. You would be responsible for $3500 This leaves you with $6,500 remaining. This is the maximum amount you can withdraw because you are limited to what you initially contributed.
You would still owe tax on $1,500 if you took out $4,000 of your earnings. On top of that, you'd lose half of the earnings you had taken out because they would be taxed again at 50% (half of 40%). So even though your Roth IRA ended up having $7,000, you only got $4,000.
There are two types if Roth IRAs, Roth and Traditional. A traditional IRA allows you to deduct pre-tax contributions from your taxable income. Your traditional IRA can be used to withdraw your balance and interest when you are retired. You can withdraw as much as you want from a traditional IRA.
A Roth IRA doesn't allow you to deduct your contributions. Once you are retired, however, you may withdraw all of your contributions plus accrued interest. There is no minimum withdrawal limit, unlike traditional IRAs. It doesn't matter if you are 70 1/2 or older before you withdraw your contribution.
What are the advantages of a gold IRA
The best way to invest money for retirement is by putting it into an Individual Retirement Account (IRA). It's tax-deferred until you withdraw it. You can decide how much money you withdraw each year. There are many types to choose from when it comes to IRAs. Some are more suitable for students who wish to save money for college. Others are designed for investors looking for 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 account is a good option if you plan to retire early.
The gold IRA allows you to invest in different asset classes, which is similar to other IRAs. Unlike a regular IRA that requires you to pay taxes on the gains you make while you wait to access them, a gold IRA does not have to do this. This makes gold IRA accounts excellent options for people who prefer to keep their money invested instead of spending it.
Another benefit to owning IRA gold is the ability to withdraw automatically. You won't have the hassle of making deposits each month. You could also set up direct debits to never miss a payment.
Finally, gold is one of the safest investment choices available today. It is not tied to any country so its value tends stay steady. Even during economic turmoil, gold prices tend to stay relatively stable. Gold is a good option for protecting your savings from inflation.
What Should Your IRA Include in Precious Metals?
The most important thing you should know when investing in precious metals is that they are not just for wealthy people. They don't require you to be wealthy to invest in them. In fact, there are many ways to make money from gold and silver investments without spending much money.
You might also be interested in buying physical coins, such bullion rounds or bars. You could also buy shares in companies that produce precious metals. You may also be interested in an IRA transfer program offered by your retirement provider.
No matter what your preference, precious metals will still be of benefit to you. These metals are not stocks, but they can still provide long-term growth.
They also tend to appreciate over time, unlike traditional investments. If you decide to make a sale of your investment in the future, you will likely realize more profit than with traditional investments.
Statistics
- 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)
- 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)
- 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
bbb.org
investopedia.com
wsj.com
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- You want to keep gold in your IRA at home? It's not legal – WSJ
How To
The best way online to buy gold or silver
To buy gold, you must first understand how it works. Gold is a precious metal similar to platinum. It's very rare, and it is often used as money for its durability and resistance. It is difficult to use so people prefer to buy jewelry made from it to gold bars.
There are two types of gold coins available today – one type is legal tender, while the other is called bullion. The legal tender coins are issued for circulation in a country. They usually have denominations such as $1, $5, $10, and so on.
Bullion coins should only be used for investment purposes. Inflation can cause their value to increase.
They aren’t exchangeable in any currency exchange. If a person purchases $100 worth of gold, 100 grams of the gold will be given to him/her. The $100 value is $100. For every dollar spent, the buyer gets 1 gram of Gold.
When you are looking to purchase gold, the next thing to know is where to get it. There are several options available if your goal is to purchase gold from a dealer. First, go to your local coin shop. You can also go to a reputable website such as eBay. You may also be interested in buying gold through private sellers online.
Private sellers are individuals that offer gold at wholesale or retail prices. Private sellers will charge you a 10% to 15% commission for every transaction. A private seller will usually return less money than a coin shop and eBay. This option is often a great one for investors in gold, as it gives you greater control over the item's value.
You can also invest in gold physical. Although physical gold is easier to store than paper certificates you will still need to ensure it is safe. Physical gold should be stored in an impenetrable container, such a vault and safety deposit box to ensure its safety.
To purchase gold by yourself, you can visit a bank and a pawnshop. A bank can give you a loan up to the amount you intend to invest in Gold. Customers can borrow money from pawnshops to purchase items. Banks often charge higher interest rates then pawnshops.
The final option is to ask someone to buy your gold! Selling gold is easy too. 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: NFT Sales Continue to Rise in December, Bitcoin Outshines Ethereum
Sourced From: news.bitcoin.com/december-sparks-nft-sales-surge-bitcoin-dominates-as-market-recovers-iconic-collections-realign/
Published Date: Sat, 09 Dec 2023 16:30:49 +0000
