Introduction
In the wake of a strong rise in non-fungible token (NFT) sales last November, the initial week of December continued this trend, with sales escalating by 57% compared to the previous week.
Surge in NFT Sales
This past week's NFT sales amounted to approximately $316 million. Despite this surge, the volume of buyers and sellers decreased considerably, dropping 90.09% and 88.31% respectively, as per the seven-day data from cryptoslam.io.
Bitcoin Leads the Way
NFTs linked to Bitcoin maintained their leading position in sales volume in November, a trend that persisted into the first week of December. From December 1, 2023, Bitcoin-related NFTs garnered $121.34 million in sales over the week, outperforming Ethereum-based NFTs, which saw sales of $100.83 million.
Growth in BTC and Ethereum NFTs
Sales of BTC-based NFTs surged by 171.80%, while those of Ethereum NFTs rose by a modest 6.66%. Other notable platforms in terms of NFT sales were Solana ($47M), Arbitrum ($14.4M), Polygon ($13.7M), and Immutable X ($5.93M).
Top NFT Collections
Focusing on specific NFT collections, Bitcoin's "$SATS BRC-20" NFTs topped the list with sales hitting $21.88 million, a 135% increase from the previous week. Arbitrum's "Sentry Node License" followed, reaching $12.33 million in sales.
Additionally, "Uncategorized Ordinals" from the Bitcoin blockchain amassed $8.69 million, completing the top three collections of the week. Notably, four out of the top ten collections originated from Bitcoin, while only two were from Ethereum.
Notable Sales
The week's most notable sale was a Vincent Van Gogh painting embedded in the Bitcoin blockchain, fetching $1.19 million six days prior. Bitcoin also witnessed the sale of an old inscription, minted on January 15, 2023, which traded for 10.4 BTC, equivalent to $463,000 at the time of the transaction.
On the Ethereum (ETH) side, Fidenze #587 was sold for $463K two days ago. Meanwhile, a Solana Boogle NFT was purchased for $149K in the past 24 hours, and a Polygon Tribul #2 fetched $60K.
Resurgence of NFTs
NFTs are experiencing a resurgence, following a period where many plummeted in value by over 90% since the onset of the crypto winter. Notably, the once-preeminent NFT collections, Bored Ape Yacht Club and Cryptopunks, have seen shifts in their standings, now ranking sixth and nineteenth, respectively.
What do you think about this week's NFT sales? Share your thoughts and opinions about this subject in the comments section below.
Frequently Asked Questions
Who is the owner of the gold in a gold IRA
The IRS considers gold owned by an individual to be “a type of money” and is subject taxation.
You must have gold at least $10,000 and it must be stored for at the least five years in order to take advantage of this tax-free status.
The purchase of gold can protect you from inflation and price volatility. But it's not smart to hold it if your only intention is 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.
A financial planner or accountant should be consulted to discuss your options.
Are gold investments a good idea for an IRA?
Gold is an excellent investment for any person who wants to save money. It's also a great way to diversify your portfolio. But there is more to gold than meets the eye.
It has been used as a currency throughout history and is still a popular method of payment. It is often called “the oldest currency in the world.”
Gold, unlike other paper currencies created by governments is mined directly from the earth. This makes it highly valuable as it is hard and rare to produce.
Gold prices fluctuate based on demand and supply. When the economy is strong, people tend to spend more money, which means fewer people mine gold. As a result, the value of gold goes up.
On the other hand, people will save cash when the economy slows and not spend it. This increases the production of gold, which in turn drives down its value.
This is why it makes sense to invest in gold for individuals and companies. If you make an investment in gold, you can reap the economic benefits whenever the economy is growing.
You'll also earn interest on your investments, which helps you grow your wealth. In addition, you won’t lose any money if gold falls in value.
Can I have a gold ETF in a Roth IRA
This option may not be available in a 401(k), but you should look into other options such as an Individual Retirement account (IRA).
Traditional IRAs allow contributions from both the employer and employee. An Employee Stock Ownership Plan (ESOP) is another way to invest in publicly traded companies.
An ESOP provides tax advantages because employees share ownership of company stock and profits the business generates. The money invested in the ESOP is then taxed at lower rates than if it were held directly in the hands of the employee.
A Individual Retirement Annuity is also possible. An IRA lets you make regular, income-generating payments to yourself over your life. Contributions to IRAs don't have to be taxable
Should You Invest Gold in Retirement?
It depends on how much you have saved and if gold was available at the time you started saving. Consider investing in both.
Not only is it a safe investment but gold can also provide potential returns. Retirees will find it an attractive investment.
Most investments have fixed returns, but gold's volatility is what makes it unique. Its value fluctuates over time.
But this doesn't mean you shouldn't invest in gold. This just means you need to account for fluctuations in your overall portfolio.
Another advantage of gold is its tangible nature. Gold is more convenient than bonds or stocks because it can be stored easily. It can also be transported.
You can always access your gold as long as it is kept safe. There are no storage charges for holding physical gold.
Investing in gold can help protect against inflation. Gold prices are likely to rise with other commodities so it is a good way of protecting against rising costs.
A portion of your savings can be invested in something that doesn't go down in value. Gold rises in the face of a falling stock market.
Another benefit to investing in gold? You can always sell it. You can also liquidate your gold position at any time you need cash, just like stocks. You don't even have to wait until you retire.
If you do decide to invest in gold, make sure to diversify your holdings. Don't put all of your eggs in one basket.
You shouldn't buy too little at once. Begin by buying a few grams. You can add more as you need.
The goal is not to become rich quick. It's not to get rich quickly, but to accumulate enough wealth to no longer need Social Security benefits.
Although gold might not be the right investment for everyone it could make a great addition in any retirement plan.
Statistics
- 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- 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)
External Links
law.cornell.edu
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement funds
wsj.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
forbes.com
bbb.org
How To
Tips to Invest in Gold
Investing in Gold is a popular investment strategy. This is due to the many benefits of investing in gold. There are several options to invest in the gold. Some people prefer to buy gold coins in physical form, while others prefer to invest in gold ETFs.
Before you buy any type of gold, there are some things that you should think about.
- First, check to see if your country permits you to possess gold. If the answer is yes, you can go ahead. You might also consider buying gold in foreign countries.
- The second thing you need to do is decide what type of gold coins you want. You have the option of choosing yellow, white, or rose gold.
- Third, consider the cost of gold. Start small and build up. You should diversify your portfolio when buying gold. Diversifying assets should include stocks, bonds real estate mutual funds and commodities.
- Don't forget to keep in mind that gold prices often change. It is important to stay up-to-date with the latest trends.
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By: Jamie Redman
Title: NFT Sales Soar in Early December: Bitcoin Outshines Competition
Sourced From: news.bitcoin.com/december-sparks-nft-sales-surge-bitcoin-dominates-as-market-recovers-iconic-collections-realign/
Published Date: Sat, 09 Dec 2023 16:30:49 +0000
