After the release of Taproot Wizards' Quantum Cats non-fungible token (NFT) series, the secondary market has seen a significant increase in trading volume and a surge in the minimum value of the collection. Initially priced at 0.1 bitcoin each, the lowest value of Quantum Cats NFTs now hovers around 0.303 bitcoin or $13,062 per NFT.
Quantum Cats Floor Values Reach New Heights
Just 48 hours ago, Bitcoin.com News covered the launch of the Quantum Cats NFTs, which faced some setbacks. However, after generating over $12 million in initial sales, Quantum Cats are now commanding prices well above the initial cost of 0.1 BTC. According to figures from Magic Eden, transactions totaling 257.6658 BTC, equivalent to $11.1 million, have been executed in the secondary market for Quantum Cats.
Furthermore, the Ordinals series on the Okx Bitcoin inscription trading platform has recorded 245.3061 BTC or $10.57 million in transactions since its debut. Magic Eden lists the minimum value of the Quantum Cats collection at 0.303 BTC or $13,062, while Okx shows a minimum of 0.338 BTC or $14,571 per collectible. This indicates that the lowest value of the NFTs has surged to more than three times the original sale price.
Currently, out of the 3,333 NFTs, 533 are available on Magic Eden, with only 28, or 0.84%, listed on Okx's inscriptions marketplace. With 2,720 distinct holders, the Quantum Cats collection is the top-ranked NFT series on both Okx and Magic Eden as of 9:00 a.m. Eastern Time on Wednesday.
In terms of sales, Bitcoin-centric NFTs rank just behind Ethereum, with a total of $64,615,064 in sales over the previous week, compared to Ethereum's $100,712,013. However, Quantum Cats face tough competition from well-established Bitcoin inscription series like Bitcoin Punks and Ordinal Maxi Biz. Notably, five days ago, Bitcoin Punk #60 was sold for $169,266, making it the most expensive Ordinal inscription sold in the last week.
What are your thoughts on the rising value of Quantum Cats NFTs in the secondary markets? Feel free to share your opinions in the comments section below.
Frequently Asked Questions
Are gold investments a good idea for an IRA?
Anyone who is looking to save money can make gold an excellent investment. You can diversify your portfolio with gold. But there is more to gold than meets the eye.
It's been used as a form of payment throughout history. It is often called “the most ancient currency in the universe.”
But gold is mined from the earth, unlike paper currencies that governments create. That makes it very valuable because it's rare and hard to create.
The supply and demand for gold determine the price of gold. The economy that is strong tends to be more affluent, which means there are less gold miners. Gold's value rises as a result.
On the flip side, when the economy slows down, people hoard cash instead of spending it. This increases the production of gold, which in turn drives down its value.
This is why both individuals as well as businesses can benefit from investing in gold. If you invest in gold, you'll benefit whenever the economy grows.
Additionally, you'll earn interest on your investments which will help you grow your wealth. In addition, you won’t lose any money if gold falls in value.
What is the Performance of Gold as an Investment?
Supply and demand determine the gold price. It is also affected by interest rates.
Gold prices are volatile due to their limited supply. Physical gold is not always in stock.
What is the tax on gold in an IRA
The tax on the sale of gold is based on its fair market value when sold. Gold is not subject to tax when it's purchased. It isn't considered income. If you sell it later you will have a taxable profit if the price goes down.
As collateral for loans, gold is possible. When you borrow against your assets, lenders try to find the highest return possible. Selling gold is usually the best option. The lender might not do this. They may keep it. They might decide that they want to resell it. In either case, you risk losing potential profits.
In order to avoid losing your money, only lend against your precious metal if you plan to use it to secure other collateral. It's better to keep it alone.
How does a gold IRA account work?
People who wish to invest in precious metals can use Gold Ira accounts as a tax-free investment vehicle.
You can purchase physical gold bullion coins anytime. You don't have to wait until retirement to start investing in gold.
The beauty of owning gold as an IRA is you can hold on to it forever. You won't have to pay taxes on your gold investments when you die.
Your heirs inherit your gold without paying capital gains taxes. It is not required that you include your gold in the final estate report because it remains outside your estate.
To open a gold IRA, you will first need to create an individual retirement account (IRA). Once you've done that, you'll receive an IRA custody. This company acts as a middleman between you and the IRS.
Your gold IRA custody will take care of the paperwork and send the forms to IRS. This includes filing annual reports.
Once your gold IRA is established, you can purchase gold bullion coins. The minimum deposit required to purchase gold bullion coins is $1,000 A higher interest rate will be offered if you invest more.
Taxes will be charged on gold you have withdrawn from an IRA. If you are withdrawing your entire balance, you will owe income tax plus a 10% penalty.
However, if you only take out a small percentage, you may not have to pay taxes. There are exceptions. For example, taking out 30% or more of your total IRA assets, you'll owe federal income taxes plus a 20 percent penalty.
You shouldn't take out more then 50% of your total IRA assets annually. A violation of this rule can lead to severe financial consequences.
Statistics
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (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)
- (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)
External Links
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
investopedia.com
finance.yahoo.com
bbb.org
How To
The best way to buy gold (or silver) online
To buy gold, you must first understand how it works. The precious metal gold is similar to platinum. It's very rare, and it is often used as money for its durability and resistance. It is very difficult to use and most people prefer to purchase jewelry made of it over actual bars of Gold.
Today, there are two types available in gold coins: one is legal tender and the other is bullion. Legal tender coins are minted for circulation in a country and usually include denominations like $1, $5, $10, etc.
Bullion coins are minted for investment purposes only, and their values increase over time due to inflation.
They are not exchangeable in any currency exchange system. For example, if a person buys $100 worth of gold, he/she gets 100 grams of gold with a value of $100. Every dollar spent on gold purchases, the buyer receives one gram of gold.
Next, you need to find out where to buy gold. There are a few options if you wish to buy gold directly from a dealer. First, you can visit your local coin store. You could also look into eBay or other reputable websites. You might also consider buying gold from an online private seller.
Individuals who sell gold at wholesale and retail prices are called private sellers. Private sellers will charge you a 10% to 15% commission for every transaction. You would receive less money from a private buyer than you would from a coin store or eBay. This option can be a good choice for investing in gold because it allows you to control the price.
Another option for buying gold is to invest in physical gold. Physical gold is much easier to store than paper certificates, but you still have to worry about storing it safely. Physical gold must be kept safe in an impassible container, such as a vault.
A bank or pawnshop can help you buy gold. A bank will be able to provide you with a loan for the amount of money you want to invest in gold. Small establishments that allow customers to borrow money for items they have brought are called pawnshops. Banks usually charge higher interest rates that pawn shops.
You can also ask for help to purchase gold. Selling gold is also easy. It is easy to sell gold by contacting a company like GoldMoney.com. You can create a simple account immediately and begin receiving payments.
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By: Jamie Redman
Title: Quantum Cats NFT Collection Soars in Value, Dominates Secondary Market Trade Volume
Sourced From: news.bitcoin.com/quantum-cats-nft-collection-jumps-in-value-dominates-secondary-market-trade-volume/
Published Date: Wed, 07 Feb 2024 15:30:21 +0000
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