Gamestop's Decision to Shut Down NFT Marketplace
In a notable announcement on the Gamestop non-fungible token (NFT) marketplace, the company has made it known that it plans to close the platform on February 2, 2024. This move means that users of the Gamestop NFT market will no longer have the ability to engage in buying, selling, or creating NFTs.
Gamestop's Crypto Journey Comes to a Standstill
The Gamestop company (NYSE: GME) is currently in the process of phasing out its NFT marketplace, as indicated by the notification displayed at the top of the website. This development follows Gamestop's announcement in August 2023 that it would be discontinuing the Gamestop wallet project due to regulatory uncertainty within the cryptocurrency industry. The official discontinuation of this service occurred in November 2023.
The company has cited the same reason for closing its NFT marketplace, attributing it to the "ongoing regulatory uncertainty of the crypto space." Additionally, the company states, "Starting from February 2, 2024, customers will no longer have the ability to buy, sell, or create NFTs. Your existing NFTs will still be accessible and saleable through other platforms," as mentioned in the pinned message on the website.
Meanwhile, Gamestop's overall performance has been less than impressive since the Wall Street Bets phenomenon. The company has faced challenges in its traditional brick-and-mortar retail sector, primarily due to the increasing preference for digital gaming and online sales. Furthermore, the company's financial fundamentals, including its earnings per share (EPS) and price-to-earnings (P/E) ratio, have been weak. In the past six months, GME shares have declined by over 37%.
After collaborations with Loopring and Immutable X, it seems that Gamestop's venture into the blockchain world has come to a temporary halt. The company's future direction remains uncertain, and its crypto and NFT initiatives appear to have taken a backseat.
What are your thoughts on Gamestop's decision to shut down its NFT marketplace? Feel free to share your opinions in the comments section below.
Frequently Asked Questions
Should you Invest In Gold For Retirement?
It depends on how much you have saved and if gold was available at the time you started saving. If you are unsure which option to choose, consider investing in both options.
Not only is it a safe investment but gold can also provide potential returns. It's a great investment for retirees.
Gold is more volatile than most other investments. Therefore, its value is subject to change over time.
This does not mean you shouldn’t invest in gold. It just means that you need to factor in fluctuations to your overall portfolio.
Another benefit of gold is that it's a tangible asset. Unlike stocks and bonds, gold is easier to store. It's also portable.
As long as you keep your gold in a secure location, you can always access it. Plus, there are no storage fees associated with holding physical gold.
Investing in gold can help protect against inflation. You can hedge against rising costs by investing in gold, which tends to rise alongside other commodities.
You'll also benefit from having a portion of your savings invested in something that isn't going down in value. Gold rises in the face of a falling stock market.
Gold investment has another advantage: You can sell it anytime. You can also liquidate your gold position at any time you need cash, just like stocks. You don't even need to wait for your retirement.
If you do decide to invest in gold, make sure to diversify your holdings. Don't put all your eggs on one basket.
You shouldn't buy too little at once. Start small, buying only a few ounces. Next, add more as required.
It's not about getting rich fast. Instead, the goal is to accumulate enough wealth that you don't have to rely on Social Security.
Gold may not be the most attractive investment, but it could be a great complement to any retirement strategy.
What are some of the advantages and disadvantages to a gold IRA
An Individual Retirement Plan (IRA) has a major advantage over regular savings accounts. It doesn't tax any interest earned. An IRA is a good choice for those who want a way to save some money but don’t want the tax. However, there are disadvantages to this type investment.
You may lose all your accumulated savings if you take too much out of your IRA. Also, the IRS may not allow you to make withdrawals from your IRA until you're 59 1/2 years old. A penalty fee will be charged if you decide to withdraw funds.
The downside is that managing your IRA requires fees. Many banks charge between 0.5%-2.0% per year. Other providers charge monthly management charges ranging anywhere from $10 to $50.
Insurance will be required if you would like to keep your cash out of banks. Insurance companies will usually require that you have at least $500,000. It is possible that you will be required to purchase insurance that covers losses of up to $500,000.
You will need to decide how much gold you wish to use if you opt for a gold IRA. Some providers limit how many ounces you can keep. Others allow you to pick your weight.
Also, you will need to decide if you want to buy physical gold futures contracts or physical gold. Physical gold is more expensive than gold futures contracts. Futures contracts, however, allow for greater flexibility in buying gold. Futures contracts allow you to create a contract with a specified expiration date.
You'll also need to decide what kind of insurance coverage you want. The standard policy doesn't include theft protection or loss due to fire, flood, or earthquake. It does provide coverage for damage from natural disasters, however. You might consider purchasing additional coverage if your area is at high risk.
Insurance is not enough. You also need to think about the cost of gold storage. Storage costs are not covered by insurance. Additionally, safekeeping is usually charged by banks at around $25-$40 per monthly.
If you decide to open a gold IRA, you must first contact a qualified custodian. A custodian is responsible for keeping track of your investments. They also ensure that you adhere to federal regulations. Custodians are not allowed to sell your assets. They must instead keep them for as long as you ask.
After you've determined which type of IRA is best for you, fill out the paperwork indicating your goals. You should also include information about your desired investments, such as stocks or bonds, mutual funds, real estate, and mutual funds. The plan should also include information about how much you are willing to invest each month.
After filling in the forms, please send them to the provider. After reviewing your application, the company will send you a confirmation mail.
A financial planner is a good idea when opening a gold IRA. Financial planners are experts in investing and will help you decide which type of IRA works best for your situation. They can help you find cheaper insurance options to lower your costs.
How much of your portfolio should be in precious metals?
This question can only be answered if we first know what precious metals are. Precious metals refer to elements with a very high value relative other commodities. This makes them valuable in investment and trading. The most traded precious metal is gold.
There are however many other types, including silver, and platinum. The price of gold tends to fluctuate but generally stays at a reasonably stable level during periods of economic turmoil. It is also unaffected significantly by inflation and Deflation.
The general trend is for precious metals to increase in price with the overall market. However, the prices of precious metals do not always move in sync with one another. For example, when the economy is doing poorly, the price of gold typically rises while the prices of other precious metals tend to fall. This is because investors expect lower interest rates, making bonds less attractive investments.
The opposite effect happens when the economy is strong. Investors want safe assets such Treasury Bonds and are less inclined to demand precious metals. Since these are scarce, they become more expensive and decrease in value.
It is important to diversify your portfolio across precious metals in order to maximize your profit from precious metals investments. Because precious metals prices are subject to fluctuations, it is best to invest across multiple precious metal types, rather than focusing on one.
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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- 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)
External Links
finance.yahoo.com
law.cornell.edu
- 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement account
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options? Types, Spreads. Example. And Risk Metrics
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- Want to Keep Gold in Your IRA at Home? It's not legal – WSJ
How To
Gold IRAs are a growing trend
The gold IRA trend is growing as investors seek ways to diversify their portfolios while protecting against inflation and other risks.
The gold IRA allows owners to invest in physical gold bullion and bars. This IRA can be used to grow your wealth tax-free and is an alternative option to stocks and bonds.
Investors can have confidence in their investments and avoid market volatility with a gold IRA. They can use the gold IRA to protect themselves against inflation and other potential problems.
Investors also have the benefit of physical gold, which has unique properties such durability, portability and divisibility.
A gold IRA provides many additional benefits. One is the ability for heirs to quickly transfer ownership of gold. Another is the fact that gold is not considered a currency or a commodities by the IRS.
Investors who seek financial stability and a safe haven are finding the gold IRA increasingly attractive.
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By: Jamie Redman
Title: Gamestop Puts a Pause on its Cryptocurrency Adventure: NFT Marketplace Closure Imminent
Sourced From: news.bitcoin.com/gamestops-cryptocurrency-adventure-pauses-nft-marketplace-closure-looms/
Published Date: Mon, 15 Jan 2024 00:30:32 +0000
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