NFT Market Revives With 7-Day Gains
Between October 29 and November 5, 2023, sales of non-fungible tokens (NFTs) experienced a significant increase of 18.30% compared to the previous week, reaching a staggering $106.32 million. This surge in NFT sales is indicative of a revival in market activity, with both the number of buyers and sellers rising by 17.77% and 15.82%, respectively.
Ethereum Leads the Charge
After a period of decline and lackluster performance throughout October, NFT sales have made a strong comeback in the past week. The previous week saw NFT sales amounting to $89.87 million, but the current week witnessed a notable increase of 18.30%, totaling $106.32 million. Ethereum-based NFT sales took the lead by accumulating $60.91 million, reflecting a solid growth rate of 8.55%.
Bitcoin also made a significant impact, recording sales of $13.17 million during the week. This represents a remarkable increase of 154.75% compared to the previous week, highlighting a record-breaking performance for Bitcoin-based NFTs. Solana and Mythos followed suit, with Solana NFT transactions capturing $8.53 million and Mythos trailing closely with sales worth $7.46 million.
Rounding off the top five blockchains for the week is Immutable X, with $5.69 million in NFT sales. The Bored Ape Yacht Club (BAYC) emerged as the highest-selling NFT collection of the week, generating $10.79 million in sales. It was closely followed by The Captainz, which amassed $8.54 million. Dmarket recorded sales of $7.39 million, while Bitcoin's BRC20 NFTs reached $7.3 million. Furthermore, Gods Unchained experienced a sales surge of over 53%, amounting to $5.42 million, with Bitcoin's BRC20 NFTs making a leap of 224.89%.
Notable Transactions and the Way Forward
The most expensive NFT transaction of the week was BAYC #6022, which was sold for an impressive $303,000. Following closely was a BRC20 NFT that fetched $56,000. Another noteworthy sale was the Arbitrum NFT "Tigris Position #10505," which sold for $39,000. Additionally, an asset based on Cardano, called "Emurgo," reached $32,000 in sales. Solana's "Mad Lads #5364" rounded out the top five, changing hands at $31,000. While an 18% increase in sales is a positive sign, maintaining this upward trend and achieving consistent gains in the coming weeks is crucial to overcome the recent slump in the market.
What are your thoughts on this week's NFT sales? Feel free to share your opinions and insights in the comments section below.
Frequently Asked Questions
Which precious metals are best to invest in retirement?
The best precious metal investments are gold and silver. They are both easy to trade and have been around for years. If you want to diversify your portfolio, you should consider adding them to your list.
Gold: The oldest form of currency known to man is gold. It's stable and safe. This makes it a good option to preserve wealth in uncertain times.
Silver: Silver has been a favorite among investors for years. It's a good choice for those who want to avoid volatility. Silver, unlike gold, tends not to go down but up.
Platinum: This precious metal is also becoming more popular. It is very durable and resistant against corrosion, much like silver and gold. However, it's much more expensive than either of its counterparts.
Rhodium: Rhodium can be used in catalytic convertors. It is also used in jewelry-making. It is also quite affordable compared with other types of precious metals.
Palladium – Palladium is an alternative to platinum that's more common but less scarce. It's also more affordable. Investors looking to add precious and rare metals to their portfolios love it for these reasons.
What does gold do as an investment?
Gold's price fluctuates depending on the supply and demand. Interest rates are also a factor.
Gold prices are volatile due to their limited supply. You must also store physical gold somewhere to avoid the risk of it becoming stale.
How do I Withdraw from an IRA with Precious Metals?
First, you must decide if you wish to withdraw money from your IRA account. Next, ensure you have enough cash on hand to pay any penalties or fees that could be associated with withdrawing funds.
You should open a taxable brokerage account if you're willing to pay a penalty if you withdraw early. This option is also available if you are willing to pay taxes on the amount you withdraw.
Next, determine how much money you plan to withdraw from your IRA. This calculation will depend on many factors including your age at the time of withdrawal, how long the account has been in your possession, and whether you plan to continue contributing towards your retirement plan.
Once you determine the percentage of your total saved money you want to convert into cash, then you need to choose which type IRA you will use. Traditional IRAs allow you to withdraw funds tax-free when you turn 59 1/2 while Roth IRAs charge income taxes upfront but let you access those earnings later without paying additional taxes.
Once you have completed these calculations, you need to open your brokerage account. Many brokers offer signup bonuses or other promotions to encourage people to open accounts. However, a debit card is better than a card. This will save you unnecessary fees.
You will need a safe place to store your coins when you are ready to withdraw from your precious metal IRA. Some storage facilities will accept bullion bars, others require you to buy individual coins. You'll have to weigh the pros of each option before you make a decision.
Bullion bars require less space, as they don't contain individual coins. You will need to count each coin individually. However, keeping individual coins in a separate place allows you to easily track their values.
Some prefer to keep their money in a vault. Others prefer to place them in safe deposit boxes. No matter what method you use, it is important to keep your bullion safe so that you can reap its benefits for many more years.
How much should you have of gold in your portfolio
The amount that you want to invest will dictate how much money it takes. If you want to start small, then $5k-$10k would be great. As you grow, you can move into an office and rent out desks. This will allow you to pay rent monthly, and not worry about it all at once. Rent is only paid per month.
Also, you need to think about the type of business that you are going to run. My website design company charges clients $1000-2000 per month depending on the order. You should also consider the expected income from each client when you do this type of thing.
Because freelance work pays freelancers, you won't likely get a monthly income if you do freelance work. You may get paid just once every 6 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.
Is it possible to hold a gold ETF within a Roth IRA
A 401(k) plan may not offer this option, but you should consider other options, such as an Individual Retirement Account (IRA).
Traditional IRAs allow contributions from both the employer and employee. An Employee Stock Ownership Plan (ESOP) is another way to invest in publicly traded companies.
An ESOP is a tax-saving tool because employees have a share of company stock as well as the profits that the business generates. The money invested in ESOPs is taxed at a lower rate that if it were owned directly by an employee.
A Individual Retirement Annuity is also possible. An IRA lets you make regular, income-generating payments to yourself over your life. Contributions to IRAs don't have to be taxable
How is gold taxed within an IRA?
The fair value of gold sold to determines the price at which tax is due. When you purchase gold, you don't have to pay any taxes. It is not 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 try to maximize the return on loans that you take against your assets. This usually involves selling your gold. This is not always possible. They might keep it. Or they might decide to resell it themselves. You lose potential profits in either case.
So to avoid losing money, you should only lend against your gold if you plan to use it as collateral. It's better to keep it alone.
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- 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)
- (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)
- 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)
- 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
- How do you keep your IRA Gold at Home? It's Not Exactly Lawful – WSJ
Three ways to invest in gold for retirement
It is crucial to understand how you can incorporate gold into your retirement plans. You can invest in gold through your 401(k), if you have one at work. You may also want to consider investing in gold outside of your workplace. 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 the three rules to follow if you decide to invest in gold.
- Buy Gold With Your Cash – Do not use credit cards to purchase gold. Instead, deposit cash into your accounts. This will help protect you against inflation and keep your purchasing power high.
- Own Physical Gold Coins – You should buy physical gold coins rather than just owning a paper certificate. The reason is that it's much easier to sell physical gold coins than certificates. Physical gold coins are also free from storage fees.
- Diversify Your Portfolio. – Do not put all your eggs into one basket. This means that you should diversify your wealth by investing in different assets. This reduces risk and allows you to be more flexible during market volatility.
By: Jamie Redman
Title: The Rise of NFT Sales: A Closer Look at the Latest Statistics
Sourced From: news.bitcoin.com/nft-markets-rebound-with-18-rise-to-106m-bitcoin-nfts-take-second-place-under-ethers-lead/
Published Date: Sun, 05 Nov 2023 17:30:56 +0000