Cheaper ETH sees sales volume boost while Otherside NFTs fall below mint price
Base prices for some of the most common NFT collections are gliding to their lowermost levels in over a week, including the top-traded Otherdeed for Otherside Metaverse land.
The controversial Otherdeed for Otherside nonfungible token (NFT) base price has dropped below its mint price to 2.45 ETH worth about $5,713 as other major collections are also getting hit.
It was a highly anticipated NFT mint for landing in their upcoming Metaverse platform that is the Otherdeed for Otherside collection from Yuga Labs, makers of the Bored Ape Yacht Club (BAYC) collection. Users paid for the land with 20 Apecoin (APE) tokens and paid gas fees in Ether (ETH).
Nevertheless, according to NFT market NFTGO, the excitement over the fresh mint seems to be spoiled as the collection’s floor price dipped to 2.45 ETH before stabilizing again. Each Otherside item cost about $6,000 to mint, or 2.5 ETH at the time of launch respectively.
Since May 4 The floor price has been gliding when it hovered at about 3.5 ETH, which then was worth nearly $10,000.
Otherdeed led Yuga Labs to admit there was a problem as it refunded gas costs for all failed transactions. It caused a stir in the market during its mint day when it clogged up the ETH network and drove gas prices to astronomical levels,.
Adding to Yuga’s Otherdeed collection, the global BAYC collection floor price has taken a big hit over the last seven days. Since May 4, BAYC floor price has dropped by 15% to 91 ETH. While that still comes out to a dollar value of about $212,000, it is nearly $100,000 less than a week ago.
Azuki , the anime-inspired art NFTs, is another major collection that has suffered from a diminishing floor price. floor price has withered by over 50% from 30.5 ETH to 15 ETH since May 4
BAYC, Otherdeed, and Azuki are the largest trading among the top ten collections on the NFT marketplace OpenSea.
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The main reason for the drop in floor prices may be the sluggish sales volumes across the entire NFT market. Whereas the seven-day volume for NFTs has been on a steep deterioration up to May 9.
The past 24 hours has seen a nearly equal and opposite reaction from the market, however. From yesterday onwards, according to NFTGO sales volume has spiked by 32%
By collection, Otherdeeds 24-hour sales volume is up 52%, BAYC is up 30.5%, and Azuki is up a whopping 1802%. Possibly the lower ETH prices are signaling a deal for NFT collectors.
