Otherdeed NFTs Sale Drop by 25%, Pushing Buyers Further Underwater

cryptonews.com:

Most buyers of the hotly-anticipated Otherdeed non-fungible tokens (NFTs) drop are not able to sell their digital land deeds at a profit, due to the high Ethereum (ETH) gas fees they paid during minting, as well as the decreasing demand.

According to NFT data aggregator CryptoSlam, Otherdeed NFTs sales are down by 24.6% over the past 24 hours, with nearly a 45% decline in the number of new buyers.

The floor price of the collection, the smallest amount of money you can spend to purchase an Otherdeed NFT, has also taken a hit, dropping by 9.46% from ETH 3.7 (USD 10,532) to ETH 3.35 (USD 9,536).

Given that the majority of users paid exorbitant gas fees during the mint, the decreasing demand further pushes them underwater.

As per Etherscan data, users paid anywhere between ETH 2.6 (USD 7,356) to ETH 5 (USD 14,147) in gas fees. The NFTs were minted at APE 305 each, which means each Otherdeed cost about USD 5,800 (ETH 2) given Apecoin’s price (USD 19) at mint time.

Subtracting the minting price of ETH 2 from the current floor price of ETH 3.38, it turns out that any buyer who paid more than ETH 1.38 in gas fees is currently in the red.

Notably, some have turned to wash trading in order to artificially increase prices and paint a misleading picture of their NFTs’ value. According to CryptoSlam, Otherdeed wash sales have increased by a whopping 13,203,094% over the past 24 hours.

Launched by Yuga Labs, the startup behind the popular NFT collection Bored Ape Yacht Club (BAYC), Otherdeed NFTs went live on Saturday night. The NFTs are supposed to be “the key to claiming land in Otherside,” Yuga Labs’ upcoming metaverse game.

The Otherdeed mint attracted huge attention, clogging the Ethereum mainnet and leading gas prices to skyrocket. The