The sale of Taproot Wizards' Quantum Cats non-fungible tokens (NFTs) has been a tremendous success, accumulating 268.3 bitcoin, equivalent to $11.3 million at the current market value. Despite initial technical challenges that caused a delay in the sale, a total of 2,681 Quantum Cat NFTs have already been sold.
Taproot Wizards' Quantum Cats NFT Sale
Bitcoin.com News previously reported on the Taproot Wizards' Quantum Cats NFT sale, highlighting the technical difficulties that resulted in a postponed launch. On February 5, 2023, the sale finally commenced, with a significant number of these unique collectibles being purchased before the general public had the opportunity to participate.
Initially, access to the collection was limited to whitelisted individuals for a specific period. After this duration, the sale was opened up to the broader public. Before the whitelist period concluded, the project's X account announced the creation of 2,600 cats. The official whitelist mint concluded at 5 p.m. Eastern Time (ET) on Monday, followed by a one-hour delay before the public mint began. To date, a total of 2,680 out of 3,000 Quantum Cats have been minted.
Achievements of the Sale
With each Quantum Cat priced at 0.1 BTC, the sale had already secured 268.3 BTC, amounting to $11.3 million, by the end of the whitelist period. Currently, slightly over 300 cats are still available for purchase by the wider public, excluding U.S. residents. According to the Quantum Cats sale terms, Taproot Wizard inscriptions are not available for purchase by individuals residing in U.S. territories.
Future Value of Quantum Cats NFTs
Following the sale, it remains to be seen whether the value of the Quantum Cats NFTs will increase, maintain their initial price, or decline below the 0.1 BTC benchmark on secondary markets. This sale takes place during a period of heightened interest in unique collectibles within the NFT space, with Bitcoin now ranking as the second-largest platform for NFT sales, boasting a total of $2.25 billion in NFT sales volume thus far.
The Taproot Wizards' Quantum Cats NFT sale has proven to be a massive success, generating a significant amount of bitcoin. As the sale continues, it will be interesting to observe the future value of these NFTs. If you have any thoughts or opinions on the Taproot Wizards' Quantum Cats NFT sale, feel free to share them in the comments section below.
Frequently Asked Questions
Do You Need to Open a Precious Metal IRA
Before opening an IRA, it is important to understand that precious metals aren't covered by insurance. You cannot recover any money you have invested. This includes investments that have been damaged by fire, flooding, theft, and so on.
Protect yourself against this type of loss by investing in physical gold or silver coins. These items have been around for thousands of years and represent real value that cannot be lost. These items are worth more today than they were when first produced.
Choose a reputable company with competitive rates and quality products if you are looking to open an IRA. A third-party custodian is a good option. They will protect your assets while giving you easy access whenever you need them.
When you open an account, keep in mind that you won't receive any returns until your retirement. Do not forget about the future!
What is the tax on gold in an IRA
The fair market value of gold sold is the basis for tax. If you buy gold, there are no taxes. It is not income. If you decide to make a sale of it, you'll be entitled to a taxable loss if the value goes up.
You can use gold as collateral to secure loans. When you borrow against your assets, lenders try to find the highest return possible. This often means selling gold. The lender might not do this. They might keep it. They may decide to resell it. Either way, you 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 the government seize your gold?
The government cannot take your gold because you own it. You have earned it by working hard for it. It belongs exclusively to you. However, there may be some exceptions to this rule. For example, if you were convicted of a crime involving fraud against the federal government, you can lose your gold. You can also lose precious metals if you owe taxes. However, even if taxes are not paid, gold is still your property.
How much of your portfolio should you hold in precious metals
To answer this question we need to first define precious metals. Precious metals refer to elements with a very high value relative other commodities. This makes them very valuable in terms of trading and investment. Gold is currently the most widely traded precious metal.
But, there are other types of precious metals available, including platinum and silver. The price volatility of gold can be unpredictable, but it is generally stable during periods of economic turmoil. It is also relatively unaffected both by inflation and deflation.
As a general rule, the prices for all precious metals tend to increase with the overall market. But they don't always move in tandem with one another. If the economy is struggling, the gold price tends to rise, while the prices for other precious metals tends to fall. This is because investors expect lower interest rates, making bonds less attractive investments.
However, when an economy is strong, the reverse effect occurs. Investors favor safe assets like Treasury Bonds, and less precious metals. These precious metals are rare and become more costly.
To maximize your profits when investing in precious metals, diversify across different 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
It is important to decide if you would like an Individual Retirement Account (IRA). To open the account, complete Form 8606. For you to determine the type and eligibility for which IRA, you need Form 5204. 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.
Complete Form 8903 if your Roth IRA option is chosen. The process for an ordinary IRA will not be affected.
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 annual earnings cannot exceed $110,000 ($220,000 if you are married and file jointly) for any tax year. You must also contribute regularly. These rules are applicable whether you contribute through your employer or directly from the paychecks.
An IRA for precious metals allows you to invest in gold and silver as well as platinum, rhodium, and even platinum. However, physical bullion will not be available for purchase. You won't have the ability to trade stocks or 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 are not as liquid or as easy to sell as stocks and bonds. They are therefore more difficult to sell when necessary. Second, they don’t produce dividends like stocks or bonds. Therefore, you will lose money over time and not gain it.
Which precious metal is best to invest in?
This depends on what risk you are willing take and what kind of return you desire. Gold has been traditionally considered a haven investment, but it's not always the most profitable choice. You might not want to invest in gold if you're looking for quick returns. Silver is a better investment if you have patience and the time to do it.
If you don’t desire to become rich quickly, gold may be your best option. Silver may be a better option for investors who want long-term steady returns.
Is buying gold a good option for retirement planning?
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.
The best form of investing is physical bullion, which is the most widely used. There are other ways to invest gold. Research all options carefully and make an informed decision about what you desire from your investments.
If you don’t have the funds to invest in safe places, such as a safe deposit box or mining equipment companies, buying shares of these companies might be a better investment. If you need cash flow from an investment, purchasing gold stocks is a good choice.
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 can include stocks of precious metals refiners and gold miners.
- 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)
- 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)
- 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 take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Yahoo Finance provides information about Barrick Gold Corporation's (GOLD) stock price, news, quote, and history.
- 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement accounts
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- Want to Keep Gold in Your IRA at Home? It's not legal – WSJ
3 Ways to Invest Gold for Retirement
It's important to understand how gold fits in with your retirement plan. If you have a 401(k) account at work, there are several ways you can invest in gold. It is also possible to invest in gold from outside of your work environment. You could, for example, open a custodial bank account at Fidelity Investments if your IRA (Individual Retirement Account) is open. If precious metals aren't your thing, you may be interested in buying them from a dealer.
These are three easy rules to remember if you invest in gold.
- Buy Gold with Your Money – You don't need credit cards, or to borrow money to finance your investments. Instead, cash in your accounts. This will protect your against inflation and increase your purchasing power.
- Physical Gold Coins to Own – Physical gold coin ownership is better than having a paper certificate. Physical gold coins are easier to sell than certificates. There are no storage fees for physical gold coins.
- Diversify Your Portfolio – Never put all of your eggs in one basket. This means that you should diversify your wealth by investing in different assets. This helps reduce risk and gives you more flexibility during market volatility.
By: Jamie Redman
Title: Taproot Wizards' Quantum Cats NFT Sale Raises 268 Bitcoin Before Public Release
Sourced From: news.bitcoin.com/taproot-wizards-quantum-cats-nfts-leap-past-technical-glitches-to-amass-11-3m-in-bitcoin/
Published Date: Mon, 05 Feb 2024 23:30:18 +0000