The controversial minimum price of the Otherdeed for Otherside non-fungible token (NFT) has fallen below its minting price to 2.45 ETH worth approximately $5,713, as other major collections are also being affected.
The Otherdeed for Otherside collection from Yuga Labs, makers of the Bored Ape Yacht Club (BAYC) collection, was a long-awaited NFT mint for earth in their upcoming Metaverse platform. Users paid for the land with 20 Apecoin tokens (APE) and paid gas fees in Ether (ETH).
The Otherside is now below mint price (gas included)…
If you got gassed or failed KYC…May 9, 2022
However, the hype about fresh mint appears to have eroded as the collection’s minimum price dipped to 2.45 ETH before leveling off again according to the NFT NFTGO market. Each Otherside item costs around $6,000 to mint, or 2.5 ETH at launch.
The price floor has been falling since May 4 when it hovered around 3.5 ETH, which was then worth nearly $10,000.
Otherdeed caused a stir in the market during its minting day when it clogged the ETH network and drove gas prices to astronomical levels, prompting Yuga Labs to admit there was a problem refunding gas costs for all failed transactions.
In addition to Yuga’s Otherdeed collection, the ubiquitous BAYC collection price floor has been hit hard in the last seven days. Since May 4, the BAYC price floor is down 15% to 91 ETH. While that still has a dollar value of about $212,000, it’s almost $100,000 less than it was a week ago.
Another major set that has suffered from a declining price floor is Azuki, the anime-inspired art NFTs. Since May 4, the Azuki price floor has been reduced by more than 50%, from 30.5 ETH to 15 ETH.
BAYC, Otherdeed, and Azuki are listed in the top ten collections on the largest NFT marketplace, OpenSea.
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The main cause of the drop in price floors may be slow sales volumes across the NFT market. While the seven-day volume for NFT has declined sharply through May 9.
However, the last 24 hours have seen an almost equal and opposite reaction from the market. Since yesterday, sales volume has shot up 32% according to NFTGO.
By collection, Otherdeeds 24-hour sales volume was up 52%, BAYC was up 30.5%, and Azuki was up 1,802%. Lower ETH prices may be signaling a deal for NFT collectors.