Opensea is the largest non-fungible token marketplace (NFT) by sales volume. It has now announced an "immersive, secure minting experience". NFT creators will be able to display "collections with dedicated drops pages and greater discoverability" via Opensea’s new homepage. The company also announced Tuesday that the NFT marketplace would soon support layer two (L2) protocol Arbitrum.
Opensea Announces NFT-Drop Improvements and Arbirtum Support
Opensea has undergone many changes, and just recently redesigned the NFT market's homepage. Opensea is the largest NFT marketplace by volume, with statistics showing that it has sold $32.34 billion. The company announced that the marketplace will be adding new features to provide a "simpler, safer, and more immersive" drop experience. Opensea now offers three new features:
- Creators will soon have the ability to launch their collections via dedicated drop pages. They will also be more easily discoverable on the new Opensea homepage.
- Collectors can now mint directly from an Opensea Page.
- Seadrop will be available to Opensea Drops. This is a secure, open-source contract that powers the Drops experience.
Opensea also announced that the NFT marketplace would support Arbitrum (the Ethereum-compatible layer 2 (L2)) blockchain network. Opensea announced Tuesday that it will soon support Arbitrum. The company stated that this was a significant step towards achieving our web3 future goal where everyone has access to NFTs on the chains they choose.
Opensea will launch its Arbitrum support in September 21. After that, "creators" will need to locate their collections in Opensea to set their creator fees. Opensea is open to new blockchains since the marketplace integrates with Polygon, Solana and other platforms.
Rarible, a competitor in the NFT marketplace, announced integration with Immutable X. This L2 scaling effort is compatible with Ethereum. Opensea's newest additions follow the migration to Seaport, an open source Web3 marketplace protocol.
What do you think of Opensea’s new features? And the market adding Arbitrum support on September 21st? Please comment below to let us know your thoughts on this topic.
Frequently Asked Questions
Can I purchase gold with my self directed IRA?
While you can purchase gold from your self-directed IRA (or any other brokerage firm), you must first open a brokerage account such as TD Ameritrade. If you already have a retirement account, funds can be transferred to it.
Individuals can contribute as much as $5,500 per year ($6,500 if married filing jointly) to a traditional IRA. Individuals are allowed to contribute $1,000 each ($2,000 if married or filing jointly) to a Roth IRA.
If you do decide you want to invest your money in gold, you should look into purchasing physical bullion instead of futures contracts. Futures contracts are financial instruments that are based on gold’s price. They allow you to speculate on future prices without owning the metal itself. However, physical bullion is real gold or silver bars you can hold in your hands.
What are the fees for an IRA that holds gold?
The Individual Retirement Account (IRA), fee is $6 per monthly. This fee includes account maintenance fees as well as any investment costs related to your selected investments.
If you wish to diversify your portfolio, you may need to pay additional fees. These fees vary depending on what type of IRA you choose. Some companies offer checking accounts for free, while others charge monthly fees for IRA account.
Many providers also charge annual management fees. These fees range between 0% and 1 percent. The average rate for a year is.25%. These rates are usually waived if you use a broker such as TD Ameritrade.
Can the government seize your gold?
Because you have it, the government can’t take it. It’s yours, and you earned it by working hard. It is yours. 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. Additionally, your precious metals may be forfeited if you owe the IRS taxes. However, if you do not pay your taxes, you can still keep your gold even though it is considered property of the United States Government.
What are some of the advantages and disadvantages to a gold IRA
An Individual Retirement Account (IRA), unlike regular savings accounts, doesn’t require you to pay tax on interest earned. An IRA is a great way to save money and not have to pay taxes on the interest you earn. But, this type of investment comes with its own set of disadvantages.
To give an example, if your IRA is withdrawn too often, you can lose all your accumulated funds. The IRS may prohibit you from withdrawing funds from your IRA before you are 59 1/2 years of age. A penalty fee will be charged if you decide to withdraw funds.
A disadvantage to managing your IRA is the fact that fees must be paid. Many banks charge between 0.5%-2.0% per year. Other providers may charge monthly management fees, ranging between $10 and $50.
Insurance will be required if you would like to keep your cash out of banks. Most insurers require you to own a minimum amount of gold before making a claim. You may be required by some insurers to purchase insurance that covers losses as high as $500,000.
If you are considering a Gold IRA, you need to first decide how much of it you would like to use. Some providers limit how many ounces you can keep. Others let you choose your weight.
It’s also important to decide whether or not to buy gold futures contracts. Physical gold is more costly than gold futures. Futures contracts, however, allow for greater flexibility in buying gold. They enable you to establish a contract with an expiration date.
You will also have to decide which type of insurance coverage is best for you. Standard policies don’t cover theft protection, loss due to fire, flood or earthquake. It does provide coverage for damage from natural disasters, however. If you live in a high-risk area, you may want to add additional coverage.
Additional to your insurance, you will need to consider how much it costs to store your gold. Storage costs will not be covered by insurance. Additionally, safekeeping is usually charged by banks at around $25-$40 per monthly.
A qualified custodian is required to help you open a Gold IRA. Custodians keep track of your investments and ensure compliance with federal regulations. Custodians cannot sell your assets. Instead, they must maintain them for as long a time as you request.
Once you’ve decided which type of IRA best suits your needs, you’ll need to fill out paperwork specifying your goals. Your plan should include information about the investments you want to make, such as stocks, bonds, mutual funds, or real estate. Also, you should specify how much each month you plan to invest.
After completing the forms, send them along with a check or a small deposit to your chosen provider. After reviewing your application, the company will send you a confirmation mail.
You should consult a financial planner before opening a Gold IRA. Financial planners are experts at investing and can help you determine which type of IRA is best for you. They can also help reduce your costs by suggesting cheaper options for purchasing insurance.
Should You Get Gold?
In times past, gold was considered a safe haven for investors in times of economic trouble. Many people today are moving away from stocks and bonds to look at precious metals, such as gold, as a way to diversify their investments.
The trend for gold prices has been upward in recent years but they still remain low relative to other commodities like silver and oil.
Some experts think that this could change in the near future. They say that gold prices could rise dramatically with another global financial crisis.
They also mention that gold is becoming more popular due to its perceived worth and potential return.
If you are considering investing in gold, here are some things that you need to keep in mind.
- Consider whether you will actually need the money that you are saving for retirement. It is possible to save for retirement while still investing your gold savings. However, when you retire at age 65, gold can provide additional protection.
- You should also be aware of what you are getting into before you buy gold. There are many types of gold IRA accounts. Each offers varying levels of flexibility and security.
- Don’t forget that gold does not offer the same safety level as a bank accounts. Losing your gold coins could result in you never being able to retrieve them.
Do your research before you buy gold. Protect your gold if you already have it.
Statistics
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (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)
External Links
investopedia.com
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China’s Evergrande Crisis – Forbes Advisor
law.cornell.edu
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement accounts
cftc.gov
How To
Guidelines for Gold Roth IRA
The best way to invest for retirement is by starting early. It is best to start saving for retirement as soon you can (typically at age 50). To ensure sufficient growth, it is vital that you contribute enough each year.
You can also take advantage of tax-free savings opportunities like a traditional 401k (k), SEP IRA (or SIMPLE IRA). These savings vehicles allow you to make contributions without paying taxes on earnings until they are withdrawn from the account. They are a great option for those who do not have access to employer matching money.
It’s important to save regularly and over time. If you don’t contribute the maximum amount, you will miss any tax benefits.
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By: Jamie Redman
Title: World’s Largest NFT Marketplace Opensea Reveals Drop Improvements, Arbitrum L2 Support
Sourced From: news.bitcoin.com/worlds-largest-nft-marketplace-opensea-reveals-drop-improvements-arbitrum-l2-support/
Published Date: Wed, 21 Sep 2022 11:30:29 +0000
