BAYC’s Otherside NFTs Floor Price Now Fall Below The Mint Price

BAYC’s Otherside NFTs Floor Price Now Fall Below The Mint Price

The Otherdeed for Otherside NFT floor price has plummeted below its mint price to 2.45 ETH, valued roughly $5,836 at the time of writing.

Yuga Labs’ Otherside collection, which includes the Bored Ape Yacht Club (BAYC) collection, featured a highly awaited NFT mint for land on their planned metaverse platform. The land was purchased with 20 APE tokens, and the gas fees were paid in ETH.

The excitement around the latest mint, however, appears to have gone off, as the collection’s floor price fell to 2.45 ETH before stabilizing. At the time of launch, each Otherside item cost around $6,000 to mint, or 2.5 ETH.

Otherdeed caused a buzz in the market when it overloaded the ETH network and drove gas prices to ridiculously high levels during its mint day, prompting Yuga Labs to admit there was a problem and refund all failed transactions’ gas fees.

In addition to Yuga’s Otherdeed collection, the floor price of the 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 had its floor price decline. 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.

Sluggish sales volumes throughout the whole NFT market may be the main reason for the reduction in floor pricing. 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.

Otherdeeds’ 24 hour sales volume is up 52%, BAYC’s is up 30.5%, and Azuki’s is up a massive 1802%, according to data. It’s likely that the decreased ETH prices signal a deal for NFT collectors.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Hazel

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