The contentious Otherdeed for Otherside nonfungible token (NFT) floor price has dropped below its mint price to 2.45 Ether (ETH), worth about $5,713 at the time of writing, 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).
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 Wednesday 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 Wednesday, the 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.
Each of BAYC, Otherdeed and Azuki are trading among the top ten collections on the largest NFT marketplace OpenSea.
The major cause for the drop in floor prices may be the sluggish sales volumes across the entire NFT market. Whereas the seven-day volume for NFTs has been on a steep decline up to Monday.
The past 24 hours have seen a nearly equal and opposite reaction from the market, however. Since Monday, sales volume has spiked by 32%, according to NFTGo.
By collection, 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 are signaling a deal for NFT collectors.