Title: Otherside NFTs fall below mint price while cheaper ETH sees sales volume boost
May 11, 2022 04:20AM ET
Floor prices for some of NFT's most beloved collections dropped to their weakest points in a week, including the most traded Otherside for metaverse land.
The controversial floor price of Otherdeed for Otherside nonfunctional token (NFT) has fallen under its coin price to 2.45 ether (ETH), worth around $5,713 at the time of writing, as other major collections are affected.
Otherside Users paid for land in 20 Apecoin (APE) tokens and gas fees were paid in Ethereum (ETH).
However, the hype around the new coin seems to have died down as the price of the land collection dropped to 2.45 ETH before stabilizing again, according to the NFTGo marketplace. Each additional lot cost approximately $6,000, or 2.5 ETH, at launch.
As of Wednesday, the price of a floor item was approximately ETH 3.5, which at the time was worth nearly $10,000, and the price has dropped.
Otherdeed caused a stir in the market on the first day when it clogged the ETH network and drove gas prices to astronomical levels, prompting Yuga Labs to admit there was a problem and refund the cost of gas for any failed transactions.
In addition to Yuga's Otherdeed collection, the price of the ubiquitous BAYC collection has also dropped significantly in the last seven days. As of Wednesday, BAYC's base price has dropped 15% to 91 ETH. That still equates to a dollar value of approximately $212,000, but it's a drop of nearly $100,000 from a week ago.