Bitcoin NFT Sales Outperforming Other Blockchain Networks
In the past week, the non-fungible token (NFT) market recorded sales totaling $311.31 million, representing a slight increase of 0.05% compared to the previous week. However, NFT sales on the Bitcoin blockchain experienced a decrease of 19.12% from the previous week.
Weekly NFT Sales Data
Data from cryptoslam.io reveals that NFT sales reached $311.31 million in the past seven days. The market witnessed a significant decline in participation, with a 69.40% decrease in the number of buyers and a 68.09% decrease in the number of sellers.
Sales of NFTs on the Bitcoin blockchain accounted for $107.16 million, making up 34.42% of the total sales across 21 different blockchain networks. However, Bitcoin-based NFT sales experienced a decline of over 19% compared to the previous week.
On the Ethereum blockchain, NFT sales grew by 18.29%, reaching approximately $84,622,852. Polygon NFTs saw a more substantial increase, surging by 81.33% to $44.67 million, securing the third spot in sales among blockchain networks.
Solana NFT sales saw a downturn, declining by 19.47% from the previous week, with total sales amounting to $41.48 million. Avalanche NFTs, on the other hand, saw a 46.83% increase, and Flow-based NFTs experienced a 25.65% jump.
Top NFT Collections and Sales
The leading NFT collection in terms of total sales in the past week was Uncategorized Ordinals, which generated $22.68 million. However, this marked a 53.70% decrease from the previous week.
The second-highest in digital collectible sales was Gas Hero Common Hero NFTs from Polygon, with sales totaling $18.82 million, representing a significant 261% increase. Gas Hero items and weapon NFTs also saw notable activity during this period.
Bored Ape Yacht Club (BAYC) NFTs experienced a substantial 170% surge in sales compared to the previous week. The highest-priced NFT sale of the week came from the BNB chain, with the "Lock Deal" collectible selling for $452K just seven days ago.
Other significant NFT sales this week came from networks including Arbitrum, Bitcoin, and Cardano.
Share Your Thoughts
What are your thoughts on this week's NFT statistics? Share your opinions and insights in the comments section below.
Frequently Asked Questions
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. Start small with $5k-10k. As you grow, it is possible to rent desks or office space. So you don't have all the hassle of paying rent. You just pay per month.
It's also important to determine what type business you'll run. In my case, I run a website-creation company. Our clients pay us between $1000-2000/month and depending on their order. Consider how much you expect to make from each client, if you decide to do this kinda thing.
You won't get a monthly paycheck if you work freelance. This is because freelancers are paid. Therefore, you might only get paid one time every six months.
You need to determine what kind or income you want before you decide how much of it you will need.
I suggest starting with $1k-2k gold and building from there.
What is a Precious Metal IRA and How Can You Benefit From It?
A precious metal IRA allows you to diversify your retirement savings into gold, silver, platinum, palladium, rhodium, iridium, osmium, and other rare metals. These are called “precious” metals because they're very hard to find and very valuable. They are great investments for your money, and they can protect you from inflation or economic instability.
Precious metals are often referred to as “bullion.” Bullion refers simply to the physical metal.
Bullion can be bought via various channels, such as online retailers, large coin dealers and grocery stores.
With a precious metal IRA, you invest in bullion directly rather than purchasing shares of stock. This allows you to receive dividends every year.
Precious metal IRAs are not like regular IRAs. They don't need paperwork and don't have to be renewed annually. Instead, you pay only a small percentage tax on your gains. Plus, you can access your funds whenever you like.
How Does Gold Perform as an Investment?
Gold's price fluctuates depending on the supply and demand. It is also affected negatively by interest rates.
Due to limited supplies, gold prices are subject to volatility. Additionally, physical gold can be volatile because it must be stored somewhere.
What is the tax on gold in an IRA
The fair value of gold sold to determines the price at which tax is due. If you buy gold, there are no taxes. It is not considered income. If you sell it later you will have a taxable profit if the price goes down.
For loans, gold can be used to collateral. Lenders seek to get the best return when you borrow against your assets. This usually involves selling your gold. It's not guaranteed that the lender will do it. They may hold on to it. They might decide to sell it. You lose potential profits in either case.
In order to avoid losing your money, only lend against your precious metal if you plan to use it to secure other collateral. If you don't plan to use it as collateral, it is better to let it be.
Statistics
- You can only purchase gold bars at least 99.5% purity. (forbes.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 take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
External Links
finance.yahoo.com
investopedia.com
- Do You Need a Gold IRA to Get Retirement?
- What are the Options Types, Spreads, Example and Risk Metrics
cftc.gov
wsj.com
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's Not Exactly Legal – WSJ
How To
Investing in gold vs. investing in stocks
These days, it might seem quite risky to invest your money in gold. This is because many people believe that gold investment is no longer profitable. This belief is based on the fact that gold prices are being driven down by global economic conditions. People believe that investing in gold would result in them losing money. In reality, however there are still many significant benefits to gold investing. Below we'll look at some of them.
Gold is one of the oldest forms of currency known to man. There are thousands of records that show gold was used over the years. It was used all around the world as a reserve of value. It continues to be used in South Africa, as a way of paying their citizens.
When deciding whether to invest in gold, the first thing you need to do is to decide what price per gram you are willing to pay. The first thing you should do when considering buying gold bullion is to decide how much you will spend per gram. You can always ask a local jeweler what the current market rate is if you don't have it.
It is important to remember that even though gold prices have dropped in recent times, the cost of making gold has risen. The price of gold may have fallen, but the production costs haven’t.
The amount of gold that you are planning to purchase is another important consideration when deciding whether or not gold should be bought. If you intend to only purchase enough gold to cover your wedding rings it may be a smart decision to not buy any gold. But, if your goal is to make long-term investments in gold, this might be worth considering. Selling your gold at a higher value than what you bought can help you make money.
We hope you have gained a better understanding about gold as an investment tool. Before making any investment decisions, we strongly advise that you thoroughly research all options. Only then can informed decisions be made.
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By: Jamie Redman
Title: The Non-Fungible Token (NFT) Market Sees $311 Million in Weekly Sales
Sourced From: news.bitcoin.com/311-million-in-nft-sales-amidst-fluctuating-blockchain-and-collection-performances/
Published Date: Sat, 13 Jan 2024 18:30:26 +0000
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