May 10, 2022 04:00 AM ET
By: AnalysisWatch
The base prices of some of the most popular NFT collections have fallen to their lowest levels in over a week, including the most sought-after Otherdeed in the Otherside metaverse.
The floor price of the controversial Otherdeed for Otherside nonfungible token (NFT) has fallen below its mentality price to 2.45 Ether (ETH), worth around $5713 at the time of writing, as other major collections have suffered.
The Otherdeed for Otherside collection by Yuga Labs, makers of the Bored Ape Yacht Club (BAYC) collection, was the highly anticipated NFT mint to land on their upcoming Metaverse platform. Users paid for the land with 20 Apecoin (APE) tokens and paid for gas in Ether (ETH).
However, the hype around the fresh mint seems to have already rusted, as the collection's floor price fell to 2.45 ETH before stabilizing again, according to NFT market NFTGo. Each Otherside item cost around $6,000 to mint, which was equivalent to 2.5 ETH at launch.
The floor price has been sliding since Wednesday, when it hovered around ETH 3.5, which was worth nearly $10,000 at the time.
The Otherdeed caused turmoil in the market during its mint day when it clogged the ETH network and pushed gas prices to astronomical levels, prompting Yuga Labs to admit it had a problem by refunding the gas cost of any failed transactions.
In addition to Yuga Otherdeed's collection, the floor price of the ubiquitous BAYC collection has also plummeted in the past seven days. Since Wednesday, the BAYC floor price has fallen 15% to ETH 91. While this still represents a value of about $212,000, it is nearly $100,000 less than a week ago.
Another big collection that has suffered from the falling floor price is Azuki, the anime-inspired art NFTs. Since May 4, the Azuki floor price has shrunk by more than 50%, from ETH 30.5 to ETH 15.