This week's sales of non-fungible tokens (NFTs) were 10.88% less than the previous week. This week, NFTs worth $118.02million were sold, compared to $132.43million last week. The market capitalizations of the two largest NFT collections have declined significantly over the past seven days. Bored Ape Yacht Club lost 21.29% in market value, while Cryptopunks' market capitalization fell by 19.18 strong>
NFT Prices and Sales Nosedive
NFTs have had a disappointing week, as prices and sales have fallen in line with falling crypto asset values. According to statistics, a lot of NFT collections lost significant market value over the past week. Metrics show that Bored Ape Yacht Club (BAYC's) floor value was $114,388 on September 13, 2022 and is now around $90,026. BAYC's September 13 market value was $1.14 Billion. Today, it is down 21.29% at $900.25 Million.
Data indicates that Cryptopunks were the second-most expensive NFT floor value on September 13. This is still true today. The last Cryptopunk was priced at $98,941 but you can now get one for $79,000. The market cap of Cryptopunks has fallen 19.18% in the last week. This is true for most blue-chip NFT collections, including PROOF Collective and Mutant Ape Yacht Club, Castaways, Doodles, and Mutant Ape Yacht Club (MAYC).
The seven-day statistics reveal that the BAYC NFT compilation is the one with the highest sales this week, with $8,603,290 in trades. BAYC's sales increased 17.33%, while RENGA has the second-largest NFT collection by weekly sales. The RENGA NFT Collection has been able to print $5822,323 in seven day sales, an increase of 121.08% from last week. However, overall NFT sales across 17 blockchains tracked by cryptoslam.io have fallen 10.88% from last week.
Solana (SOL), which had the highest number of digital collectibles sales, was second with Ethereum (ETH) taking the top spot in NFT sales. ETH-based NFT sales fell 1.66% from last week, with $79.05m in seven-day sales. SOL-based NFTs sales are down 42.11% this week, with $23.71million. NFT sales saw an increase in both Immutable X and Flow. Sales of Flow NFT increased by 59.42%, while ImmutableX NFT sales rose by a substantial 790.96%.
Bored Ape #441 and Bored Ape #2987 were the most valuable NFTs this week. They also included Bored Ape #5733 and Bored Ape #5733. Bored Ape #4179 and Bored Ape #11846. Bored Ape #441 was sold for 351,000 DAI, and Bored Ape #297 sold for 215.38ether or $296,000.404. Bored Ape #5733 sold three days ago for 120ether or $176.458, while Bored Ape #4179 was sold for 123ether or $176.307. The fifth most expensive Bored Ape #1846, which was purchased for 106ether or $151,939, was sold four days ago.
What do you think of this week's NFT sales falling more than 10% compared to last week? Please comment below to let us know your thoughts on this topic.
Frequently Asked Questions
How does a gold IRA work?
Individuals who want to invest with precious metals may use the Gold Ira accounts, which are tax-free.
You can buy physical gold bullion coins at any time. You don’t have a retirement date to invest in gold.
Owning gold as an IRA has the advantage of allowing you to keep it forever. When you die, your gold assets won’t be subjected to taxes.
Your heirs will inherit your gold, and not pay capital gains taxes. And because your gold remains outside of the estate, you aren’t required to include it in your final estate report.
You’ll first have to set up an individual retirement account (IRA) to open a gold IRA. After you have done this, an IRA custodian will be assigned to you. This company acts as a mediator between you, the IRS.
Your gold IRA custodian can handle all paperwork and submit necessary forms to IRS. This includes filing annual reports.
Once you’ve established your gold IRA, you’ll be able to purchase gold bullion coins. The minimum deposit required for gold bullion coins purchase is $1,000 However, you’ll receive a higher interest rate if you put in more.
You will pay taxes when you withdraw your gold from your IRA. If you are withdrawing your entire balance, you will owe income tax plus a 10% penalty.
A small percentage may mean that you don’t have to pay taxes. There are some exceptions, though. There are some exceptions. For instance, if you take out 30% or more from your total IRA assets, federal income taxes will apply plus a 20 percent penalty.
It’s best not to take out more 50% of your total IRA investments each year. Otherwise, you’ll face steep financial consequences.
How much of your portfolio should be in precious metals?
Before we can answer this question, it is important to understand what precious metals actually are. Precious Metals are elements that have a very high relative value to other commodities. This makes them highly valuable for both investment and trading. Gold is by far the most common precious metal traded today.
But, there are other types of precious metals available, including platinum and silver. 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.
In general, all precious metals have a tendency to go up with the market. However, the prices of precious metals do not always move in sync with one another. For instance, gold’s price will rise when the economy is weak, while precious metals prices will fall. This is because investors expect lower rates of interest, which makes bonds less attractive investments.
In contrast, when the economy is strong, the opposite effect occurs. Investors are more inclined to invest in safe assets, such as Treasury Bonds, and they will not demand precious metals. Because they are rare, they become more pricey and lose value.
You must therefore diversify your investments in precious metals to reap the maximum profits. You should also diversify because precious metal prices can fluctuate and it is better to invest in multiple types of precious metals than in one.
What are the pros and cons of a gold IRA?
An Individual Retirement Account is a more beneficial option than regular savings accounts. You don’t pay taxes on any interest earned. An IRA is a great option for those who want to save money, but don’t want tax on any interest earned. However, there are also disadvantages to this type of investment.
To give an example, if your IRA is withdrawn too often, you can lose all your accumulated funds. Also, the IRS may not allow you to make withdrawals from your IRA until you’re 59 1/2 years old. You will likely have to pay a penalty fee if you withdraw funds from an IRA.
Another disadvantage is that you must pay fees to manage your IRA. Many banks charge between 0.5%-2.0% per year. Other providers charge monthly management fees ranging 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.
If you decide to open a gold IRA, it is important to know how much you can use. Some providers limit how many ounces you can keep. Others allow you the freedom to choose your own weight.
Also, you will need to decide if you want to buy physical gold futures contracts or physical gold. Physical gold is more costly than gold futures. Futures contracts provide flexibility for purchasing gold. They allow you to set up a contract with a specific expiration date.
Also, you will need to decide on the type of insurance coverage you would like. The standard policy doesn’t provide theft protection or loss due fire, flood, or earthquake. The policy does not cover natural disasters. If you live in a high-risk area, you may want to add additional coverage.
Insurance is not enough. You also need to think about the cost of gold storage. Storage costs are not covered by insurance. Banks charge between $25 and $40 per month for safekeeping.
You must first contact a qualified custodian before you open a gold IRA. A custodian helps you keep track of your investments, and ensures compliance with federal regulations. Custodians are not allowed to sell your assets. Instead, they must retain them for as long and as you require.
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. The company will then review your application and mail you a letter of confirmation.
You should consult a financial planner before 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 also help reduce your costs by suggesting cheaper options for purchasing insurance.
What are the benefits to having a gold IRA
It is best to put your retirement money in an Individual Retirement Account (IRA). It is tax-deferred until it’s withdrawn. You can decide how much money you withdraw each year. There are many types to choose from when it comes to IRAs. Some are better suited to college savings. Others are designed for investors looking for higher returns. For example, Roth IRAs allow individuals to contribute after age 59 1/2 and pay taxes on any earnings at retirement. Once they start withdrawing money, however, the earnings aren’t subject to tax again. So if you’re planning to retire early, this type of account may make sense.
Because it allows you money to be invested in multiple asset classes, a ‘gold IRA’ is similar to any other IRAs. Unlike a regular IRA where you pay taxes on gains, a gold IRA doesn’t require you to worry about taxation while you wait to get them. For people who would rather invest than spend their money, gold IRA accounts are a good option.
Another benefit to owning IRA gold is the ability to withdraw automatically. That means you won’t have to think about making deposits every month. To avoid missing a payment, direct debits can be set up.
Gold is one of today’s most safest investments. It is not tied to any country so its value tends stay steady. Even in times of economic turmoil, gold prices tend not to fluctuate. This makes it a great investment option to protect your savings from inflation.
Can I hold a gold ETF in a Roth IRA?
While a 401k may not offer this option for you, it is worth considering other options, such an Individual Retirement Plan (IRA).
An IRA traditional allows both employees and employers to contribute. You can also invest in publicly traded businesses by creating an Employee Stock Ownership Plan (ESOP).
An ESOP provides tax advantages because employees share ownership of company stock and profits the business generates. The money you invest in the ESOP will be taxed at a lower rate than if it were directly held by the employee.
You can also get an Individual Retirement Annuity, or IRA. An IRA allows you to make regular payments throughout your life and earn income in retirement. Contributions made to IRAs are not taxable.
Is it a good idea to open a Precious Metal IRA
The most important thing you should know before opening an IRA account is that precious metals are not covered by insurance. There are no ways to recover the money you lost in an investment. This includes all investments that are lost to theft, fire, flood, or other causes.
Protect yourself against this type of loss by investing in physical gold or silver coins. These coins have been around for thousands and represent a real asset that can never be lost. These items are worth more today than they were when first produced.
Consider a reputable business that offers low rates and good products when opening an IRA. You should also consider using a third party custodian to protect your assets and give you access at any time.
If you decide to open an account, remember that you won’t see any returns until after you retire. Remember the future.
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)
- 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)
- 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)
- 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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
External Links
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement account
finance.yahoo.com
wsj.com
- Saddam Hussein’s Invasion Helped Uncage a Bear In 1990 – WSJ
- Do you want to keep your IRA gold at home? It’s Not Exactly Legal – WSJ
investopedia.com
How To
A growing trend: Gold IRAs
Investors are increasingly turning to gold IRAs as a way to diversify and protect their portfolios from inflation.
Gold IRA owners can now invest in physical gold bullion or bars. This IRA can be used to grow your wealth tax-free and is an alternative option to stocks and bonds.
An investor can use a gold IRA to manage their assets and not worry about market volatility. Investors can protect themselves from inflation and other possible problems by using the gold IRA.
Investors also benefit from physical gold’s unique properties, such as durability and portability.
Additionally, the gold IRA has many benefits. It allows you to quickly transfer your gold ownership to your heirs. The IRS doesn’t consider gold a commodity or currency.
This is why the gold IRA has become increasingly popular with investors looking to provide financial security during times of financial uncertainty.
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By: Jamie Redman
Title: This Week’s NFT Sales Slide, Bored Ape Market Cap Drops 21%, Floor Prices Sink Lower
Sourced From: news.bitcoin.com/this-weeks-nft-sales-slide-bored-ape-market-cap-drops-21-floor-prices-sink-lower/
Published Date: Thu, 22 Sep 2022 05:30:33 +0000
