The controversial minimum price of the non-fungible token (NFT) Otherdeed for Otherside has fallen below its minting price to 2.45 Ether (ETH); It has a current price of about USD 5,713 at the time of this writing, and other major collections are also being affected.
The Otherdeed for Otherside Collection from Yuga Labs, makers of the Bored Ape Yacht Club (BAYC) Collection, was a long-awaited NFT mint for the grounds of their soon-to-come metaverse platform.. Users paid for the land with 20 Apecoin tokens (APE) 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
— APE_G4NG (@ape_g4ng) May 9, 2022
The Otherside is now below the mint price (including gas)… If you had gas rate issues or failed KYC, here’s your chance again… #TheOtherSide #BAYC pic.twitter.com /qnDJi2DOvh
Nevertheless, the hype for fresh minting seems to have eroded, as the minimum collection price dropped to 2.45 ETH before leveling off again, according to the NFTGo market. Each Otherside item cost about $6,000 to mint, or 2.5 ETH at launch.
The price floor has been going down since Wednesday, when it hovered around 3.5 ETH, then worth nearly $10,000..
Otherdeed caused a market stir on its minting day when it clogged the ETH network and drove gas prices to astronomical levelsprompting Yuga Labs to admit there was a problem, and refund gas costs for all failed transactions.
In addition to Yuga’s Otherdeed raiser, the ubiquitous BAYC raiser price floor has taken a major hit over the past seven days. Since Wednesday, the BAYC price floor is down 15% to 91 ETH. While it is true that the dollar value is still around $212,000, it is almost $100,000 less than a week ago.
Another major set that has seen a minimum price decrease is Azuki, the anime-inspired art NFTs.. Since May 4, the Azuki price floor has been reduced by more than 50%, from 30.5 ETH to 15 ETH.
The BAYC, Otherdeed, and Azuki are each trading in the top ten collections on the largest NFT market, OpenSea..
The main cause of the drop in minimum prices may be the low volume of sales in the entire NFT market. Meanwhile, the seven-day volume for NFTs has been on a steep decline through Monday.
Nevertheless, in the last 24 hours the market has reacted in an almost identical and opposite way. Since Monday, sales volume has soared 32%according to NFTGo.
For its part, Otherdeeds’ 24-hour sales volume is up 52%, BAYC’s is up 30.5%, and Azuki’s is up 1,802%. Low ETH prices may be drawing the attention of NFT collectors.
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