Top-Performing NFT Collections
Despite a two-week decline in NFT sales, the past week has seen a significant 3.74% increase, totaling $236,234,800. Breaking the pattern of consecutive weeks marked by declining sales, this rise brings a glimmer of hope to the NFT market.
The top-performing NFT collection this week was Bitcoin's "Uncategorized Ordinals," which achieved a remarkable $12 million in sales. This represents a substantial 36.90% increase compared to the previous week. Solana's "Froganas" collection also performed well, accumulating $7.79 million in sales, reflecting a 22.95% gain. Meanwhile, Avalanche's "Dokyo" collection recorded sales amounting to $7.74 million, representing a 30.39% increase week over week.
Other Notable NFT Collections
Two other notable NFT collections that experienced increases in sales were the "Gods Unchained" card compilation on Immutable X and Mythos' "Dmarket" NFT collection. Both collections saw a rise in sales, with "Gods Unchained" increasing by 25.51% and "Dmarket" by 27.27%.
Blockchain Dominance in Sales
When it comes to blockchain dominance in NFT sales, Ethereum took the lead this week with $76.74 million in sales, marking a solid 2.3% increase compared to the previous week. Bitcoin followed closely, claiming the second position with $63.93 million in sales, showing a substantial 16.66% growth. Solana secured the third rank with sales totaling $49.23 million, despite experiencing a slight 8.9% decline.
Additionally, both Arbitrum and BNB Chain showed impressive growth in their NFT sales performance. Arbitrum made a significant leap with a 108.51% increase, while BNB Chain exhibited a jump of 89.61%.
High-Priced NFT Sales
In terms of high-priced NFT sales, "Cryptopunk #5363" took the lead, fetching a staggering $1.53 million just three days ago. Other notable high-priced sales include "geth locked deposit" minted on Arbitrum, which sold for $344,075, and Solana's "Boogle #083," which found a new owner for $253,422. The Axie Infinity collection also saw valuable NFTs being sold, with "Durendal" fetching $244,275 three days ago. Bitcoin's "Punk #60" achieved a sale price of $169,266, just past the 24-hour mark.
What are your thoughts on this week's NFT sales action? Share your opinions in the comments section below.
Frequently Asked Questions
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. Once you have decided to open an Individual Retirement Account (IRA), you will need to complete Form 806. Then you must fill out Form 5204 to determine what type of IRA you are eligible for. This form must be submitted within 60 days of the account opening. After this, you are ready to start investing. You might also be able to contribute directly from the paycheck through payroll deduction.
You must complete Form 8903 if you choose a Roth IRA. The process for an ordinary IRA will not be affected.
To qualify for a precious-metals IRA, you'll need to meet some 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. Additionally, you must make regular contributions. These rules apply regardless of whether you are contributing directly to your paychecks or through your employer.
An IRA for precious metals allows you to invest in gold and silver as well as platinum, rhodium, and even platinum. However, you can't purchase physical bullion. This means you won't be allowed to trade shares of stock or bonds.
However, investing in precious metals via an IRA has two serious drawbacks. First, they don't have the same liquidity as stocks or bonds. It is therefore harder to sell them when required. Second, they don’t produce dividends like stocks or bonds. Also, they don't generate dividends like stocks and bonds. You will eventually lose money rather than make it.
How much gold should you have in your portfolio?
The amount of money you need to make depends on how much capital you are looking for. You can start small by investing $5k-10k. You could then rent out desks and office space as your business grows. Renting out desks and other equipment is a great way to save money on rent. You only pay one month.
Also, you need to think about the type of business that you are going to run. My company is a website creator. We charge our clients about $1000-2000 per monthly depending on what they order. So if you do this kind of thing, you need to consider how much income you expect from each client.
Because freelance work pays freelancers, you won't likely get a monthly income if you do freelance work. You might get paid only once every six months.
You need to determine what kind or income you want before you decide how much of it you will need.
I recommend starting with $1k to $2k of gold, and then growing from there.
What are the benefits of a gold IRA
Many benefits come with a gold IRA. It's an investment vehicle that allows you to diversify your portfolio. You decide how much money is put in each account and when it is withdrawn.
You have the option of rolling over funds from other retirement account into a gold IRA. This is a great way to make a smooth transition if you want to retire earlier.
The best thing about investing in gold IRAs is that you don’t need any special skills. They're readily available at almost all banks and brokerage firms. You don't have to worry about penalties or fees when withdrawing money.
However, there are still some drawbacks. The volatility of gold has been a hallmark of its history. It is important to understand why you are investing in gold. Are you looking for safety or growth? Are you trying to find safety or growth? Only then will you be able make informed decisions.
If you plan on keeping your gold IRA alive for a while, you may want to consider purchasing more than 1 ounce of pure gold. You won't need to buy more than one ounce of gold to cover all your needs. Depending on your plans for using your gold, you may need multiple ounces.
If you're planning to sell off your gold, you don't necessarily need a large amount. You can even manage with one ounce. But, those funds will not allow you to buy anything.
Should You Open a Precious Metal IRA?
Precious metals are not insured. This is the most important fact to know before you open an IRA account. It is impossible to get back money if you lose your investment. All your investments can be lost due to theft, fire or flood.
You can protect yourself against such losses by purchasing physical gold and silver coins. These items are timeless and have a lifetime value. If you were to sell them today, you would likely receive more than what you paid for them when they were first minted.
If you decide to open an IRA account, choose a reputable company that offers competitive rates and products. It's also wise to consider using a third-party custodian who will keep your assets safe while giving you access to them anytime.
Do not open an account unless you're ready to retire. Don't forget the future!
Should You Purchase Gold?
Gold was considered a safety net for investors during times of economic turmoil in the past. Many people are shifting away from traditional investments like bonds or stocks to instead look toward precious metals such gold.
The trend for gold prices has been upward in recent years but they still remain low relative to other commodities like silver and oil.
Experts think this could change quickly. Experts believe that gold prices could skyrocket in the face of another global financial crisis.
They also pointed out that gold is gaining popularity due to its perceived value, and potential return.
Here are some things to consider if you're considering investing in gold.
- Consider whether you will actually need the money that you are saving for retirement. It's possible to save for retirement without putting your savings into gold. The added protection that gold provides when you retire is a good option.
- Second, ensure you fully understand the risks involved in buying gold. Each account offers different levels of security and flexibility.
- Finally, remember that gold doesn't offer the same level of safety as a bank account. You may lose your gold coins and never be able to recover them.
So, if you're thinking about buying gold, make sure you do your research first. And if you already own gold, ensure you're doing everything possible to protect it.
- (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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- 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)
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's Not Exactly Legal – WSJ
Guidelines for Gold Roth IRA
It is best to start saving early for retirement. Start saving as soon as possible, usually at age 50. You can continue to save throughout your career. You must contribute enough each year to ensure that you have adequate growth.
You may also wish to take advantage of tax-free investments such as a SIMPLE IRA, SEP IRA, and traditional 401(k). These savings vehicles permit you to make contributions, but not pay any tax until your earnings are withdrawn. These savings vehicles are great for those who don't have access or can't get employer matching funds.
Savings should be done consistently and regularly over time. You will lose any potential tax advantages if you don't contribute enough.
By: Jamie Redman
Title: NFT Sales Defy Recent Downtrend with 3.74% Increase
Sourced From: news.bitcoin.com/nft-collections-drive-market-recovery-with-a-3-74-increase-in-weekly-sales/
Published Date: Sat, 03 Feb 2024 19:30:14 +0000