This week's sales of non-fungible tokens (NFTs) were 10.88% less than the previous week. This week, NFT sales were $118.02million lower than last week's $132.43million. The market capitalizations of the two largest NFT collections have declined significantly over the past seven days. Bored Ape Yacht Club lost 21.29% in market value, while Cryptopunks' market capitalization fell by 19.18 strong>
NFT Prices and Sales Nosedive
NFTs have had a disappointing week, as prices and sales have fallen in line with falling crypto asset values. According to statistics, a lot of NFT collections lost significant market value over the past week. Metrics show that Bored Ape Yacht Club (BAYC's) floor value was $114,388 on September 13, 2022 and is now around $90,026. BAYC's September 13 market value was $1.14 Billion. Today, it is down 21.29% at $900.25 Million.
Data indicates that Cryptopunks were the second-most expensive NFT floor value on September 13. This is still true today. The last Cryptopunk was priced at $98,941, but you can now get one for $79,000. The market cap of Cryptopunks has fallen 19.18% in the last week. This is true for most blue-chip NFT collections, including PROOF Collective and Mutant Ape Yacht Club, Castaways, Doodles, and Mutant Ape Yacht Club (MAYC).
The seven-day statistics reveal that the BAYC NFT compilation is the one with the highest sales this week, with $8,603,290 in trades. BAYC's sales increased 17.33%, while RENGA has the second-largest NFT collection by weekly sales. The RENGA NFT Collection has been able to print $5822,323 in seven day sales, an increase of 121.08% from last week. However, overall NFT sales across 17 blockchains tracked by cryptoslam.io have fallen 10.88% from last week.
Solana (SOL), which had the highest number of digital collectibles sales, was second with Ethereum (ETH) taking the top spot in NFT sales. ETH-based NFT sales fell 1.66% from last week, with $79.05m in seven-day sales. SOL-based NFTs sales are down 42.11% this week, with $23.71million. NFT sales saw an increase in both Immutable X and Flow. Sales of Flow NFT increased by 59.42%, while ImmutableX NFT sales rose by a substantial 790.96%.
Bored Ape #441 and Bored Ape #2987 were the most valuable NFTs this week. They also included Bored Ape #5733 and Bored Ape #5733. Bored Ape #4179 and Bored Ape #11846. Bored Ape #441 was sold for 351,000 DAI, and Bored Ape #297 was sold for 215.38ether or $296,000.404. Bored Ape #5733 sold three days ago for 120ether or $176.458, while Bored Ape #4179 was sold for 123ether or $176.307. The fifth most expensive Bored Ape #1846, which was purchased for 106ether or $151,939, was sold four days ago.
What do you think of this week's NFT sales falling more than 10% compared to last week? Please comment below to let us know your thoughts on this topic.
Frequently Asked Questions
How is gold taxed in Roth IRA?
An investment account's tax is calculated based on the current value of the account, and not on what you paid originally. If you invest $1,000 into a mutual fund, stock, or other investment account, then any gains are subjected tax.
The money can be withdrawn tax-free if it's deposited in a traditional IRA (or 401(k)). Capital gains and dividends earn you no tax. This applies only to investments made for longer than one-year.
These accounts are subject to different rules depending on where you live. Maryland's rules require that withdrawals be taken within 60 days after you turn 59 1/2. Massachusetts allows you to delay withdrawals until April 1. New York has a maximum age limit of 70 1/2. To avoid penalties, you should plan ahead and take distributions as soon as possible.
What is the Performance of Gold as an Investment?
The supply and demand for gold affect the price of gold. Interest rates also have an impact on the price of gold.
Due to their limited supply, gold prices fluctuate. Physical gold is not always in stock.
Can I buy Gold with my Self-Directed IRA?
Although you can buy gold using your self-directed IRA account, you will need to open an account at a brokerage like TD Ameritrade. You can also transfer funds from another retirement account if you already have one.
The IRS allows individuals contributing up to $5.500 each ($6,500 if married, filing jointly) into 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 that you want to invest, it is a good idea to buy physical bullion and not in futures. Futures contracts are financial instruments that are based on gold's price. You can speculate on future prices, but not own the metal. But, physical bullion is real bars of gold or silver that you can hold in one's hand.
Who is entitled to the gold in a IRA that holds gold?
The IRS considers gold owned by an individual to be “a type of money” and is subject taxation.
This tax-free status is only available to those who have owned at least $10,000 of gold and have kept it for at minimum five years.
Owning gold can also help protect against inflation and price volatility, but it doesn't make sense to hold gold if you're not going to use it.
You will need to declare the value of gold if you intend on selling it one day. This could impact how capital gains taxes you owe for cash investments.
You should consult a financial planner or accountant to see what options are available to you.
- 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)
- 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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- 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)
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- Want to Keep 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. 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 the freedom to contribute without having to pay tax on your earnings until they are withdrawn. This makes them a great choice for people who don’t have access employer matching funds.
The key is to save regularly and consistently over time. You may not be eligible for any tax benefits if your contribution is less than the maximum allowed.
By: Jamie Redman
Title: This Week’s NFT Sales Slide, Bored Ape Market Cap Drops 21%, Floor Prices Sink Lower
Sourced From: news.bitcoin.com/this-weeks-nft-sales-slide-bored-ape-market-cap-drops-21-floor-prices-sink-lower/
Published Date: Thu, 22 Sep 2022 05:30:33 +0000