Otherdeed NFT Collection Falls to All-Time Low
Some of the top NFT collections, including the most popular Otherdeed for metaverse land, have dropped to their all-time low in more than a week.
At the time of writing, the ETH value has dropped to $5,713, placing the floor price of the controversial Otherside NFT below the mint price of 2.45 ETH.
Otherside collection was a much-anticipated NFT mint for land on Yuga Labs’ future metaverse platform, developed by the creators of the BAYC collection popularly known as Bored Apes. The land was acquired with 20 Apecoin, and the gas fee was paid for using Ether (ETH).
In accordance with NFT market NFTGo, the early enthusiasm around the fresh mint has dissipated as the collection’s floor price plummeted to 2.45 ETH before it became stabilized. At the time of its launch, the cost of minting an Otherside NFT was roughly $6,000.
Recently, the floor price has significantly dropped from about $10,000, which was worth roughly 3.5 ETH at the time.
Top Three NFT Collections have taken a Major Hit
Otherdeed’s company caused were at the receiving end of outrage from the NFT community on the item’s mint day by pushing up gas prices and requiring Yuga Labs to pay gas fees for all unsuccessful transactions.
But it’s not only Yuga’s Otherdeed collection that’s taken a hit in the past week. Since last week, the BAYC floor price has dropped to 91Eth. So despite the fact that it is still over $212,000 in dollars, it is over $90,000 less than it was a week ago.
A notable NFT collection that has received a drop in its floor price is Azuki, the Nft art that was inspired by anime. Since May 4, the floor price has plummeted by more than half, it currently sits at 15 ETH, a lot less than it was previously at 30 ETH.
Is it a Good time for Potential Investors to Buy from the Otherdeed NFT Collection?
The Otherside is now below mint price (including gas)…
If you got gassed out or failed to KYC…
— APE_G4NG (@ape_g4ng) May 9, 2022
The decline in floor pricing may be due to weak NFT market sales volumes. NFTs, on the other hand, have seen their massive volume drop precipitously since last Monday.
However, the market’s response has been roughly identical in the last 24 hours. NFTGo reports a 32% increase in sales volume since Monday.
Azuki has grown by 1802 percent, BAYC has increased by 30.5 percent, and Otherdeeds has grown by 52 percent in terms of collecting. So if floor prices are falling, it may be an indication of a bargain for NFT investors to buy the dip as it fondly said.