Otherside NFTs fall below mint price while cheaper ETH sees sales volume boost
The contentious Otherdeed for Otherside nonfungible token (NFT) floor price has dropped below its mint price to 2.45 ETH worth about $5,713 as other major collections are also getting hit.
The Otherdeed for Otherside collection from Yuga Labs, makers of the Bored Ape Yacht Club (BAYC) collection, was a highly anticipated NFT mint for land in their upcoming Metaverse platform. Users paid for the land with 20 Apecoin (APE) tokens and paid gas fees in Ether (ETH).
The Otherside is now below mint price (including gas)...If you got gassed out or failed to KYC... Well here's your chance again... #TheOtherSide #BAYC pic.twitter.com/qnDJi2DOvh
However, the hype over the fresh mint seems to have corroded already as the collection’s floor price dipped to 2.45 ETH before stabilizing again according to NFT market NFTGO. Each Otherside item cost about $6,000 to mint, or 2.5 ETH at the time of launch.
The floor price has been slipping since May 4 when it hovered at about 3.5 ETH, which then was worth nearly $10,000.
Otherdeed caused a stir in the market during its mint day when it clogged up the ETH network and drove gas prices to astronomical levels, leading Yuga Labs to admit there was a problem as it refunded gas costs for all failed transactions.
In addition to Yuga’s Otherdeed collection, the ubiquitous BAYC collection floor price has taken a big hit over the past 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.
Another major collection that has suffered from a diminishing floor price is Azuki, the anime-inspired art NFTs. Since May 4, Azuki floor price has shrunk by over 50% from 30.5 ETH to 15 ETH.
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