Floor prices for several of the most popular NFT collections, including the top-traded Otherdeed for Otherside metaverse land, are falling to their lowest levels in over a week.
As more big collections are hit, the disputed Otherdeed for Otherside nonfungible token (NFT) floor price has plummeted below its mint price to 2.45 Ether (ETH), worth roughly $5,713 at the time of writing.
Yuga Labs’ Otherdeed for Otherside collection, which included the Bored Ape Yacht Club (BAYC) collection, was a much-anticipated NFT mint for their planned metaverse platform. The land was purchased using 20 Apecoin (APE) tokens, and the gas fees were paid in Ether (ETH).
The excitement around the new mint appears to have worn off, as the collection’s floor price fell to 2.45 ETH before stabilizing, according to NFT market NFTGo. At the time of debut, each Otherside item cost around $6,000 to mint, or 2.5 ETH.
Since Wednesday, when it was hovering at 3.5 ETH, which was worth over $10,000, the floor price has been falling.
Otherdeed generated a commotion in the market when it choked the ETH network and drove gas prices to absurdly high levels during its mint day, prompting Yuga Labs to concede there was a problem and refund all rejected transactions’ gas fees.
In addition to Yuga’s Otherdeed collection, the floor price of the omnipresent BAYC collection has plummeted in the last seven days. The BAYC floor price has plummeted by 15% to 91 ETH since Wednesday. While this still amounts to around $212,000, it is about $100,000 less than it was a week ago.
Azuki, the anime-inspired art NFTs, is another prominent collection that has had its floor price decline. Azuki’s floor price has dropped by more than half since May 4, from 30.5 ETH to 15 ETH.
On the largest NFT marketplace OpenSea, BAYC, Otherdeed, and Azuki are all trading among the top 10 collections.
Sluggish sales volumes throughout the whole NFT market may be the main reason for the reduction in floor pricing. Up until Monday, the seven-day volume for NFTs had been steadily declining.
The market, on the other hand, has had a roughly equal and opposite reaction in the last 24 hours. According to NFTGo, sales volume has increased by 32% since Monday.
Otherdeeds’ 24 hour sales volume is up 52 percent, BAYC’s is up 30.5 percent, and Azuki’s is up a staggering 1802 percent by collection. It’s likely that the decreased ETH prices indicate a bargain for NFT collectors.