Otherside NFTs fall below mint price while cheaper ETH sees sales volume boost

The controversial floor price of the Otherdeed for Otherside nonfungible token (NFT) has dropped below its determined price to 2.45 ETH worth about $ 5,713, as other major collections are also affected.

The Otherdeed for Otherside collection from Yuga Labs, the makers of the Bored Ape Yacht Club (BAYC) collection, was an NFT coin that was highly anticipated to land on their upcoming Metaverse platform. Users paid for the land with 20 Apecoin (APE) tokens and paid Ether gas fees (ETH).

However, the hype about the fresh mint seems to have eroded already as the floor price of the collection dropped to 2.45 ETH before stabilizing again according to NFTGO in the NFT market. Each Otherside item cost about $ 6,000 by nature, or 2.5 ETH at launch.

The price of the floor has been down since May 4, when it hovered around 3.5 ETH, which was then worth almost $ 10,000.

Otherdeed caused a stir in the market during its preparation day when it blocked the ETH network and raised fuel prices to astronomical levels, which led Yuga Labs to admit there was a problem as it reimbursed gas costs for all failed transactions.

In addition to Yuga’s Otherdeed collection, the floor price of the BAYC collection that has been everywhere has taken a big hit over the last seven days. Since May 4, the floor price of BAYC has dropped by 15% to 91 ETH. While it still comes out to about $ 212,000, it’s almost $ 100,000 less than a week ago.

Another major collection that has suffered from a declining floor price is Azuki, the anime-inspired artistic NFT devices. Since May 4, Azuki’s floor price has shrunk by more than 50% from 30.5 ETH to 15 ETH.

Each of BAYC, Otherdeed and Azuki is traded among the top ten collections in the largest NFT market OpenSea.

Related: The NFT market is well positioned to grow by 35% to an industry of $ 13.6 billion by 2027

The main reason for the decline in floor prices may be the slow sales volumes throughout the NFT market. While the seven-day volume for NFTs is in sharp decline until May 9th.

However, in the last 24 hours there has been an almost equal and opposite response from the market. Since yesterday, sales volume has jumped 32% according to NFTGO.

By collection, Otherdeeds’ 24-hour sales volume increased by 52%, BAYC increased by 30.5%, and Azuki increased by 1802%. Low ETH prices may signal a deal for NFT collectors.