Non-fungible tokens (NFTs) have been experiencing a persistent decline in sales for the seventh consecutive week. The last week was no exception, with NFT trades summing up to approximately $66.11 million. This signifies an 11.65% descent compared to the former week, reflecting a continually reoccurring trend of decreasing NFT sales volumes within this seven-week span.
Disproportionate Trends in Crypto and NFT Markets
Despite a general uplift within the larger cryptocurrency market, NFT sales have failed to showcase a similar positive upswing. However, not everything is descending in the NFT realm. While the sales stepped down by 11.65% compared to the previous week, a different narrative unfolded in terms of consumer count. The number of NFT buyers rose sharply by 17.77%, and the tally of sellers increased by 15.82%.
Dominance of Ethereum in NFT Sales
When examining data from cryptoslam.io, it is evident that NFT sales on the Ethereum platform were in majority with transactions amounting to $38.10 million in the week's turnover. This amounts to 57.63% of the week's total NFTs sales, demonstrating that Ethereum-based NFTs dominate the marketplace. Nevertheless, a minor decrease of 0.84% was observed in Ethereum-based NFTs sales this week.
Standing Ovation for Mythos and Solana
In the list of performers, Mythos made a mark with its NFT transactions, securing the second spot by collecting a total of $8.79 million. This represents a commendable surge of 12.29% compared to the previous week. Taking the third spot is Solana, which recorded an impressive sales rise of 8.87% for the week, trading $6.86 million worth of NFTs.
Outstanding NFT Collections and Sales
On the leaderboard of this week's NFT sales, the Mythos-affiliated Dmarket collection took the top spot by reaping $8.72 million, a healthy 12.32% increment from the previous week. Trailing closely was Bored Ape Yacht Club (BAYC) with its sales of $4.13 million, making a substantial leap of 25.18%. Meanwhile, amidst strong competitors, Polygon's DraftKings raked in $3.28 million, despite experiencing a dip of 18.24%.
Unpredictable Market Trends in High-Value NFTs
The overall dip in market prices did not prevent some high-value NFT sales this week. The outstanding sale was Cryptopunk #2367, which was sold for a staggering $143,062 three days ago. Other notable sales include BNB's Starcraft Planets #1498, which drew a price of $32,880 within the last 24 hours, and Bitcoin's Ordinal Maxibiz, which sold for a considerable $30,646 on Magic Eden three days ago.
A Downward Trend in Blue-Chip NFT Collectibles
This set of events also witnessed a notable decrease in the floor prices of today's high-end NFT collectibles. Cryptopunks slipped down to a price of 45 ether, and BAYC NFTs experienced a plunge to 26.30 ether, reflecting a larger recession in the market values of digital blue-chip collectibles. This observable slump in the NFT marketplace indicates a broader downtrend affecting high-value digital assets today.
In conclusion, the last seven days have shown declining trends in NFT sales, contrasting the inclining transaction volumes and user participation. It adds another layer of enigma to the unpredictable world of NFTs, not failing to intrigue and captivate the curiosity of its audience.
Frequently Asked Questions
Should You Get Gold?
Gold was a safe investment option for those who were in financial turmoil. However, today many people are turning away from traditional investments such as stocks and bonds and instead looking toward precious metals such as gold.
While gold prices have been rising in recent years they are still low relative to other commodities, such as silver and oil.
Some experts think that this could change in the near future. They believe gold prices could increase dramatically if there is another global financial crises.
They also mention that gold is becoming more popular due to its perceived worth and potential return.
These are some things you should consider when considering gold investing.
- Consider whether you will actually need the money that you are saving for retirement. It's possible to save for retirement without putting your savings into gold. However, when you retire at age 65, gold can provide additional protection.
- Second, make sure you understand what you're getting yourself into before you start buying gold.There are several different types of gold IRA accounts available. Each offer varying degrees of security and flexibility.
- Don't forget that gold does not offer the same safety level as a bank accounts. If you lose your gold coins, you may never recover them.
Don't buy gold unless you have done your research. Protect your gold if you already have it.
How much are gold IRA fees?
A monthly fee of $6 for an Individual Retirement Account is charged. This includes the account maintenance fees and any investment costs associated with your chosen investments.
Diversifying your portfolio may require you to pay additional fees. These fees will vary depending upon the type of IRA chosen. Some companies offer free checking accounts, but charge monthly fees to open IRA accounts.
Many providers also charge annual management fees. These fees range from 0% to 1%. The average rate per year is.25%. These rates are often waived if a broker like TD Ameritrade is used.
How is gold taxed within an IRA?
The fair market price of gold when it is sold determines the tax due on its sale. When you purchase gold, you don't have to pay any taxes. It's not considered income. If you sell it after the purchase, you will get a tax-deductible gain if you increase the price.
You can use gold as collateral to secure loans. Lenders look for the highest return when you borrow against assets. In the case of gold, this usually means selling it. It's not guaranteed that the lender will do it. They might keep it. Or, they may decide to resell the item themselves. Either way you will lose potential profit.
To avoid losing money, only lend against gold if you intend to use it for collateral. It's better to keep it alone.
Is gold a good investment IRA option?
Anyone who is looking to save money can make gold an excellent investment. It is also an excellent way to diversify you portfolio. There's more to gold that meets the eye.
It has been used throughout the history of currency and remains a popular payment method. It's sometimes called “the world's oldest money”.
But gold, unlike paper currency, which is created by governments, is mined out from the ground. Because it is rare and difficult to make, it is extremely valuable.
The supply and demand factors determine how much gold is worth. The strength of the economy means people spend more, and so, there is less demand for gold. This results in gold prices rising.
On the flip side, when the economy slows down, people hoard cash instead of spending it. This causes more gold to be produced, which lowers its value.
This is why gold investment makes sense for both individuals and businesses. You'll reap the benefits of investing in gold when the economy grows.
You'll also earn interest on your investments, which helps you grow your wealth. Additionally, you won't lose cash if the gold price falls.
Statistics
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- 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)
External Links
irs.gov
investopedia.com
cftc.gov
finance.yahoo.com
How To
How to Hold Physical Gold in an IRA
The best way of investing in gold is to purchase shares from companies that produce gold. But, this approach comes with risks. These companies may not survive the next few years. Even if they survive, there's always the risk that they will lose money due fluctuations in gold prices.
You can also buy gold directly. This means that you will need to open an account at a bank, bullion seller online, or purchase gold from a trusted seller. These options offer the convenience of easy access, as you don't need stock exchanges to do so. You can also make purchases at lower prices. It is easier to view how much gold has been stored. A receipt will be sent to you indicating exactly how much you paid. This will allow you to see if there were any tax omissions. There's also less chance of theft than investing in stocks.
There are also some drawbacks. There are some disadvantages, such as the inability to take advantage of investment funds and interest rates from banks. It won't allow you to diversify any of your holdings. Instead, you'll be stuck with what's been bought. The taxman might also ask you questions about where your gold is located.
BullionVault.com has more information about how to buy gold in an IRA.
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By: Jamie Redman
Title: Analyzing the Recent Dip in Non-Fungible Token (NFT) Sales
Sourced From: news.bitcoin.com/nfts-cant-catch-a-break-as-protracted-drop-in-sales-continues/
Published Date: Sun, 08 Oct 2023 18:30:32 +0000
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