NFT News: Otherside NFTs Fall Below Mint Price As Cheaper ETH Sales Volume Boost

NFT News – Otherdeed for Otherside nonfungible token (NFT) floor price has dropped below its mint price to 2.45 ETH worth about $5,713 as other major collections are also getting hit.

iexclusivenews reports that Yuga Labs’ Otherdeed for Otherside collection. Which included the Bored Ape Yacht Club (BAYC) collection. Was a much-anticipated NFT mint for their planned Metaverse platform.

The land was purchased using 20 Apecoin (APE) tokens, and the gas fees were paid in Ether (ETH).

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However, this online news outlet understands that the excitement surrounding the new mint appears to have worn off.

As the collection’s floor price fell to 2.45 ETH before stabilizing, according to NFT market NFTGO.

At the time of debut, each Otherside item cost around $6,000 to mint, or 2.5 ETH.

Since May 4, when it was hovering around 3.5 ETH. Which was worth nearly $10,000 at the time, the floor price has been falling.

What You Need To Know

Otherdeed generated a commotion in the market when it choked the ETH network and drove gas prices to absurdly high levels during its mint day. Prompting Yuga Labs to concede there was a problem and refund all rejected transactions’ gas fees.

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In addition to Yuga’s Otherdeed collection, the floor price of the ubiquitous BAYC collection has plummeted in the last seven days.

BAYC’s floor price has plummeted 15% to 91 ETH since May 4.

While this still amounts to around $212,000, it is about $100,000 less than it was a week ago.

Azuki, the anime-inspired art NFTs, is another prominent collection that has seen its floor price decline.

iexclusivenews reports that Azuki’s floor price has dropped by more than half since May 4, from 30.5 ETH to 15 ETH.

On the largest NFT marketplace OpenSea, BAYC, Otherdeed, and Azuki are all trading among the top 10 collections.

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Sluggish sales volumes across the entire NFT market may be the main reason for the reduction in floor prices.

Up until May 9, the seven-day volume for NFTs had been steadily declining.

The market, on the other hand, has had a roughly equal and opposite reaction in the last 24 hours.

According to NFTGO, sales volume has increased by 32% since yesterday.

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Meanwhile, iexclusivenews Nigeria reports that Otherdeeds’ 24 hour sales volume is up 52%.

BAYC’s is up 30.5 percent, and Azuki’s is up a massive 1802 percent, according to data.

It’s possible that the decreased ETH prices indicate a bargain for NFT collectors.