The controversial Otherdeed for Otherside Nonfungible Token (NFT) reserve price has fallen below its coin price to 2.45 ETH worth about $5,713 as other large collections are also impacted.
The Otherdeed for Otherside collection from Yuga Labs, creators of the Bored Ape Yacht Club (BAYC) collection, was a highly anticipated NFT coin for land in their upcoming Metaverse platform. Users paid the country with 20 Apecoin (APE) tokens and paid gas fees in Ether (ETH).
The Otherside is now below mint price (gas included)…
If you have been gassed or failed KYC…
— APE_G4NG (@ape_g4ng) May 9, 2022
However, the fresh mint hype already seems to have been corroded as the collection’s minimum price fell to 2.45 ETH before stabilizing again, according to NFT market NFTGO. Each Otherside item cost around $6,000 or 2.5 ETH at the time of launch.
The floor price has been falling since May 4 when it was hovering around 3.5 ETH, which was worth almost $10,000 at the time.
Otherdeed caused quite a stir in the market during its minting period when it clogged the ETH network and drove gas prices to astronomical heights, leading Yuga Labs to admit there was a problem as it reimbursed gas costs for all failed transactions.
Alongside Yuga’s Otherdeed collection, the ubiquitous reserve price of BAYC collection has suffered a huge hit in the past seven days. Since May 4, the BAYC floor price has fallen by 15% to 91 ETH. While that still equates to roughly $212,000 in dollar value, it’s almost $100,000 less than a week ago.
Another major collection that has suffered from a falling reserve price is Azuki, the anime-inspired art NFTs. Since May 4th, the Azuki floor price has shrunk by over 50% from 30.5 ETH to 15 ETH.
BAYC, Otherdeed and Azuki each trade among the top ten collections on the largest NFT marketplace OpenSea.
Related: The NFT market is well positioned to grow 35% to a $13.6 billion industry by 2027
The main reason behind the fall in reserve prices could be the sluggish sales volumes across the NFT market. While the 7-day volume for NFTs is down sharply through May 9th.
However, over the past 24 hours, the market has seen an almost equal and opposite reaction. As of yesterday, sales volume is up 32% according to NFCGO.
As per survey, Otherdeeds 24-hour sales volume is up 52%, BAYC is up 30.5%, and Azuki is up a whopping 1802%. It is possible that the lower ETH prices will signal a deal for NFT collectors.
https://cointelegraph.com/news/otherside-nfts-fall-below-mint-price-while-cheaper-eth-sees-sales-volume-boost On the other hand, NFTs are falling below the mint price while cheaper ETH is seeing an increase in sales volume