Otherside NFT price falls down and ETH price boost up

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The contentious Otherdeed for Otherside NFT floor price has dropped below its mint price to 2.45 ETH, worth about $5,713. The Otherdeed for Otherside collection from Yuga Labs, makers of the Bored Ape Yacht Club (BAYC) collection, was a highly hopes for mint of NFT for lands in their upcoming metaverse platform. Users paid for the land with 20 Apecoin tokens and paid gas fees in ETH.

the news over 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- The floor price has been slipping since Wednesday when it hovered at about 3.5 ETH, which then was worth nearly $10,000.NFTGo. Each Otherside item cost about $6,000 to mint, or 2.5 ETH at the time of launch.

along with this

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.

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 stagnant sales volumes across the entire NFT market but the 7 days sales volume for NFTs are on steep decline upto 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.

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