A Week of Battering
The floor price for a number of widely known NFTs is dropping to the lowest point they would in more than a week. This includes the well-traded Otherdeed being sold for land in the Otherside Metaverse.
The controversial Otherdeed NFTs up for Otherside has its floor price dropping under the price it costs to mint it. It now stands at 2.45 ETH, which is worth about $5,713 while other top NFT collections are equally taking a hit.
Otherdeed NFTs selling land on the Otherside Metaverse is a collection created by Yuga Labs, the creators of the Bored Ape Yacht Club collection. The Otherdeed collection was a widely expected NFT minted for access to land in their forthcoming Metaverse. It was designed for users to pay 20 Apecoin tokens for land and pay their gas fees in Ethereum.
But now, it looks like the early excitement around the new mint has been eroded with the floor price of the collection dropping to 2.45 ETH. According to NFTGO, the current drop in the NTF’s floor price is coming before it stabilizes later. Each item on the Otherside was minted at $6,000 or 2.5 ETH when it was launched.
The NFT’s floor price had started to slide steadily since the 4th of May when it was rotating around 3.5 ETH, worth about $10,000 then. Otherdeed drew a lot of attention in the market on the day it was launched as the Ethereum network was congested and gas fees increased astronomically. Yuga Labs later admitted that there were problems in the process and it refunded gas fees paid on every transaction that failed.
In the same manner, as the new Otherdeed collection, Yuga Lab’s universal Bored Ape Yacht Club collection also took a hit as its floor price has been falling over the last week. Since the 4th of May, the floor price of the Bored Ape Yacht Club has fallen by up to 15% to about 91 ETH. While it is still amounting to some $212,000 in fiat money, it is almost $100,000 below its value just a week ago.
Another Victim of the Times
Azuki is another leading NFT collection that is suffering the effect of declining floor prices. Since the 4th of May, the anime art collection has had its floor price shrinking by more than 50%. Initially, at 30.5 ETH, it is now at 15 ETH.
Every Azuki and BAYC Otherdeed collection is up for trading in the top ten NFT collections on OpenSea. The leading cause of the drop in the floor price of NFTs could be associated with the slow volume of sales throughout the NFT market. Meanwhile, NFTs’ sevens day volume has been falling sharply up till the 9th of May.
The last 24 hours saw an almost equal as well as opposite reaction from the crypto market. The volume of sales has improves by 32% since Monday, according to reports from NFTGO.
Otherdeed’s sales have gone up by 52%, while BAYC went up by 30.55, and Azuki is recording up to 1802%. It might be that the reduced price of ETH has given signs of a deal for collectors in the NFT space.
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