Weekly NFT Sales Reach $311 Million With Bitcoin Leading, Ethereum and Polygon See Impressive Growth


In the past week, the non-fungible token (NFT) market recorded sales amounting to $311.31 million, with a minimal increase of 0.05% compared to the previous week. Notably, Bitcoin NFT sales have consistently outperformed other blockchain networks since November 2023. However, there has been a decline of 19.12% in NFT sales on the Bitcoin blockchain compared to the previous week.

Decline in Market Participation

Data from cryptoslam.io reveals that NFT sales reached $311.31 million in the past seven days. However, there was a significant decrease in market participation, with the number of NFT buyers falling by 69.40% and the number of sellers declining by 68.09% during the same period.

Bitcoin Dominates NFT Sales

Sales of NFTs from the Bitcoin blockchain accounted for $107.16 million, representing 34.42% of the total sales across 21 distinct blockchain networks. Despite this dominance, Bitcoin-based NFT sales experienced a decline of over 19% compared to the previous week.

Growth on Ethereum and Polygon

NFT sales on the Ethereum blockchain witnessed a growth of 18.29%, reaching approximately $84,622,852. On the other hand, Polygon NFTs saw a more substantial increase of 81.33%, totaling $44.67 million. This surge secured Polygon's position as the third highest-selling blockchain network.

Other Blockchain Networks

Solana NFT sales experienced a downturn, declining by 19.47% from the previous week, with total sales amounting to $41.48 million. Avalanche NFTs, on the other hand, saw an increase of 46.83%, while Flow-based NFTs jumped by 25.65%.

Top NFT Collections and Sales

The leading NFT collection in terms of total sales over the past seven days was Uncategorized Ordinals, with sales amounting to $22.68 million. However, this collection experienced a decrease of 53.70% compared to the previous week.

The Gas Hero Common Hero NFTs from Polygon ranked second in digital collectible sales, achieving $18.82 million in sales, marking a significant 261% increase. Notable activity was also observed in the sales of Gas Hero items and weapon NFTs.

Bored Ape Yacht Club (BAYC) NFTs enjoyed a substantial 170% surge in sales compared to the previous week. The highest-priced NFT sale during this period originated from the BNB chain, with the "Lock Deal" collectible selling for $452K. Other significant NFT sales occurred on networks including Arbitrum, Bitcoin, and Cardano.

Share your Thoughts

What are your thoughts on this week's NFT statistics? Feel free to share your opinions and insights in the comments section below.

Frequently Asked Questions

What are the fees for an IRA that holds gold?

Six dollars per month is the fee for an Individual Retirement Account (IRA). This includes account maintenance and any investment costs.

To diversify your portfolio you might need to pay additional charges. These fees will vary depending upon the type of IRA chosen. Some companies offer checking accounts for free, while others charge monthly fees for IRA account.

In addition, most providers charge annual management fees. These fees are usually between 0% and 1%. The average rate for a year is.25%. These rates can often be waived if a broker, such as TD Ameritrade, is involved.

How much gold should your portfolio contain?

The amount you make will depend on the amount of capital you have. If you want to start small, then $5k-$10k would be great. Then as you grow, you could move into an office space and rent out desks, etc. Renting out desks and other equipment is a great way to save money on rent. You just pay per month.

Consider what type of business your company will be running. In my case, we charge clients between $1000-2000/month, depending on what they order. If you are doing this type of thing, it is important to think about how much you can expect from each client.

As freelance work requires you to be paid freelancers, your monthly salary won't be as high as mine. So you might only get paid once every 6 months or so.

You must first decide what kind and amount of income you are looking to generate before you can calculate how much gold will be needed.

I recommend starting with $1k-$2k of gold and growing from there.

What amount should I invest in my Roth IRA?

Roth IRAs are retirement accounts where you deposit your own money tax-free. These accounts are not allowed to be withdrawn before the age of 59 1/2. However, if you do decide to take out some of your contributions before then, there are specific rules you must follow. First, your principal (the original deposit amount) cannot be touched. This means that regardless of how much you contribute to an account, you cannot take out any more than you initially contributed. If you take out more than the initial contribution, you must pay tax.

The second rule is that you cannot withdraw your earnings without paying income taxes. Also, taxes will be due on any earnings you take. Let's suppose that you contribute $5,000 annually to your Roth IRA. Let's also say that you earn $10,000 per annum after contributing. On the earnings, you would be responsible for $3,500 federal income taxes. You would have $6,500 less. Because you can only withdraw what you have initially contributed, this is all you can take out.

So, if you were to take out $4,000 of your earnings, you'd still owe taxes on the remaining $1,500. You'd also lose half the earnings that you took out, as they would be subject to a second 50% tax (half of 40%). So even though you received $7,000 in Roth IRA contributions, you only received $4,000.

There are two types if Roth IRAs: Roth and Traditional. A traditional IRA allows you to deduct pre-tax contributions from your taxable income. When you retire, you can use your traditional IRA to withdraw your contribution balance plus interest. You can withdraw as much as you want from a traditional IRA.

Roth IRAs don't allow you deduct contributions. You can withdraw your entire contribution, plus accrued interests, after you retire. There is no minimum withdrawal limit, unlike traditional IRAs. You don't have to wait until you turn 70 1/2 years old before withdrawing your contribution.

Should you open a Precious Metal IRA

Before opening an IRA, it is important to understand that precious metals aren't covered by insurance. There are no ways to recover the money you lost in an investment. This includes losing all your investments due to theft, fire, flood, etc.

Investing in physical gold and silver coins is the best way to protect yourself from this type of loss. These items can be lost because they have real value and have been around for thousands years. If you were to offer them for sale today, they would likely fetch you more than you paid when you bought them.

Consider a reputable business that offers low rates and good products when opening an IRA. Consider using a third-party custody company to keep your assets safe and allow you to access them at any time.

Remember that you will not see any returns unless you are retired if you open an Account. Remember the future.


  • Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (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)
  • You can only purchase gold bars at least 99.5% purity. (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)
  • Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)

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How To

Investing in gold vs. investing in stocks

These days, it might seem quite risky to invest your money in gold. Many people believe that investing in gold is not profitable. This belief is due to the fact that many people see gold prices dropping because of the global economy. They think that they would lose money if they invested in gold. In reality, though, gold investment can offer significant benefits. Below are some of them.

Gold is the oldest known form of currency. There are thousands of records that show gold was used over the years. People around the world have used it as a store of value. As a means of payment, South Africa and many other countries still rely on it.

The first point to consider when deciding whether or not you should invest in gold is what price you want to pay per gram. When looking into buying gold bullion, you must decide how much you are willing to spend per gram. You could contact a local jeweler to find out what their current market rate is.

It is important to remember that even though gold prices have dropped in recent times, the cost of making gold has risen. Although the price of gold has dropped, production costs have not.

When deciding whether to buy gold, another thing to consider is how much gold you intend on buying. For example, if you only intend to purchase enough to cover your wedding rings, it probably makes sense to hold off on buying any gold. This is not a wise decision if you're looking to invest in long-term assets. Selling your gold at a higher value than what you bought can help you make money.

We hope our article has given you a better understanding of gold as an investment tool. We recommend that you investigate all options before making any major decisions. Only after doing so can you make an informed decision.

By: Jamie Redman
Title: Weekly NFT Sales Reach $311 Million With Bitcoin Leading, Ethereum and Polygon See Impressive Growth
Sourced From: news.bitcoin.com/311-million-in-nft-sales-amidst-fluctuating-blockchain-and-collection-performances/
Published Date: Sat, 13 Jan 2024 18:30:26 +0000

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