NFT Collections Drive Market Recovery With a 3.74% Increase in Weekly Sales

NFT Sales Defy Downtrend, Surge by 3.74% in a Week

The NFT market has experienced a remarkable rebound, with sales increasing by 3.74% compared to the previous week. In total, NFT sales reached $236,234,800 over the past seven days, defying the pattern of consecutive weeks marked by declining sales.

Top-performing NFT Collections in Sales

Bitcoin's "Uncategorized Ordinals" emerged as the top-performing NFT collection this week, raking in $12 million in sales. This represents a significant 36.90% increase compared to the previous week. Solana's "Froganas" collection also performed exceptionally well, accumulating $7.79 million in sales, reflecting a 22.95% gain since the prior week. Additionally, Avalanche's "Dokyo" collection recorded sales totaling $7.74 million, representing a 30.39% increase week over week.

Other notable NFT collections that saw an increase in sales include the "Gods Unchained" card compilation on Immutable X and Mythos' "Dmarket" NFT collection. Both collections experienced sales growth of 25.51% and 27.27%, respectively.

Blockchain Dominance and Sales Performance

Ethereum maintained its position as the leading blockchain in terms of NFT sales this week, securing $76.74 million in sales. This marks a solid 2.3% increase compared to the previous week. Bitcoin closely followed, claiming the second position with $63.93 million in sales, showing a substantial 16.66% growth since the previous week.

Solana, while still performing well, secured the third rank with sales totaling $49.23 million. However, it experienced a slight 8.9% decline in sales. In terms of noteworthy blockchain gainers, Arbitrum made a significant leap with a 108.51% increase, while BNB Chain exhibited a jump of 89.61% in its NFT sales performance this week.

High-Value NFT Sales

The week's highest-priced NFT sale was "Cryptopunk #5363," which fetched a staggering $1.53 million just three days prior. Other notable high-value sales include "geth locked deposit" minted on Arbitrum, which sold for $344,075, and Solana's "Boogle #083," which found a new owner for $253,422. The Axie Infinity collection also contributed to the high-value sales, with "Durendal" sold for $244,275 on the Ronin blockchain. Bitcoin's "Punk #60" achieved a sale price of $169,266, completing the week's top five priciest NFTs.

What are your thoughts on this week's NFT sales action? Share your opinions and insights in the comments section below.

Frequently Asked Questions

Can the government seize your gold?

You own your gold and therefore the government cannot seize it. You have earned it by working hard for it. It belongs exclusively to you. There may be exceptions to this rule. For example, if you were convicted of a crime involving fraud against the federal government, you can lose your gold. Your precious metals can also be lost if you owe tax to the IRS. 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 Plan (IRA) has a major advantage over regular savings accounts. It doesn't tax any interest earned. This makes an IRA great for people who want to save money but don't want to pay tax on the interest they earn. There are some disadvantages to this investment.

You may lose all your accumulated savings if you take too much out of your IRA. You may also be prohibited by the IRS from making withdrawals from an IRA after you turn 59 1/2. If you do withdraw funds from your IRA you will most likely be required to pay a penalty.

A disadvantage to managing your IRA is the fact that fees must be paid. Many banks charge between 0.5% and 2.0% per year. Other providers may charge monthly management fees, ranging between $10 and $50.

Insurance is necessary if you wish to keep your money safe from the banks. A majority of insurance companies require that you possess a minimum amount gold to be eligible for a claim. 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. You may be limited in the amount of gold you can have by some providers. Others let you 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 offer flexibility for buying gold. You can set up futures contracts with a fixed expiration date.

Also, you will need to decide on the type of insurance coverage you would like. The standard policy does NOT include theft protection and loss due to fire or flood. The policy does not cover natural disasters. If you live near a high-risk region, you might want to consider additional coverage.

In addition to insurance, you'll need to consider the cost of storing your gold. Storage costs will not be covered by insurance. Banks charge between $25 and $40 per month for safekeeping.

If you decide to open a gold IRA, you must first contact a qualified custodian. A custodian keeps track of your investments and ensures that you comply with federal regulations. Custodians can't sell assets. Instead, they must hold them as long as you request.

After you've determined which type of IRA is best for you, fill out the paperwork indicating your goals. Information about your investments such as stocks and bonds, mutual fund, or real property should be included in your plan. The plan should also include information about how much you are willing to invest each month.

You will need to fill out the forms and send them to your chosen provider together with a check for small deposits. The company will then review your application and mail you a letter of confirmation.

When opening a gold IRA, you should consider using a financial planner. Financial planners are experts at investing and can help you determine which type of IRA is best for you. They can also help you lower your expenses by finding cheaper alternatives to purchasing insurance.

What tax is gold subject in an IRA

The fair market value at the time of sale is what determines how much tax you pay on gold sales. If you buy gold, there are no taxes. It's not considered income. If you decide to sell it later, there will be a taxable gain if its price rises.

Loans can be secured with gold. Lenders will seek the highest return on your assets when you borrow against them. In the case of gold, this usually means selling it. However, there is no guarantee that the lender would do this. They may keep it. They might decide that they want to resell it. In either case, you risk losing potential profits.

To avoid losing money, only lend against gold if you intend to use it for collateral. If you don't plan to use it as collateral, it is better to let it be.

Statistics

• This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
• 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)
• 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

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 funds
  

cftc.gov

• Fraud Advisory: Precious Metals Fraud | CFTC
  

irs.gov

• Internal Revenue Service
  

investopedia.com

• Is it a good idea to get a Gold IRA
  
• What are the Options? Types, Spreads and Example. Risk Metrics
  

How To

Online buying gold and silver is the best way to purchase it.

Understanding how gold works is essential before you buy it. Precious metals like gold are similar to platinum. It is rare and used as money due to its durability and resistance against corrosion. It's difficult to use, so most people prefer purchasing jewelry made from it rather than actual bars.

Two types of gold coins are available today: the legal tender type and the bullion type. Legal tender coins are those that are intended for circulation in a country. They typically have denominations of $1, $5 or $10.

Bullion coins are only minted to be used for investment purposes. Their value increases over time because of inflation.

They aren’t exchangeable in any currency exchange. One example is that if someone buys $100 worth gold, they get 100 grams with a $100 value. Each dollar spent by the buyer is worth 1 gram.

The next thing you should know when looking to buy gold is where to do it from. There are many options for buying gold directly from dealers. First, your local currency shop is a good place to start. You could also look into eBay or other reputable websites. You may also be interested in buying gold through private sellers online.

Individuals selling gold at wholesale prices and retail prices are known as private sellers. Private sellers charge a 10% to 15% commission per transaction. That means you would get back less money from a private seller than from a coin shop or eBay. This option is often a great choice for investing gold as it allows you more control over its price.

Another way to buy gold is by investing in physical gold. While physical gold is easier than paper certificates to store, you still need to make sure it is safe. Physical gold must be kept safe in an impassible container, such as a vault.

If you are looking to purchase gold on your own, you have two options: a bank or an pawnshop. A bank will be able to provide you with a loan for the amount of money you want to invest in gold. These are small businesses that let customers borrow money against the items they bring to them. Banks charge higher interest rates than those offered by pawn shops.

Another way to purchase gold is to ask another person to do it. Selling gold can be as easy as selling. A company such as GoldMoney.com can help you set up a simple bank account and get paid immediately.

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By: Jamie Redman
Title: NFT Collections Drive Market Recovery With a 3.74% Increase in Weekly Sales
Sourced From: news.bitcoin.com/nft-collections-drive-market-recovery-with-a-3-74-increase-in-weekly-sales/
Published Date: Sat, 03 Feb 2024 19:30:14 +0000

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