Yuga Labs’ Otherdeed NFT collection sees a serious fall in its mint price

As more big collections are hit, the controversial Otherdeed NFT collection by Yuga Labs’ Otherside metaverse project is seeing a drop in the floor price below its mint price to 2.45 Ether (ETH), worth roughly $5,800 at the time of writing.

Yuga Labs’ Otherdeed for Otherside 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).

A major fall in floor price of famous NFT collections

The excitement surrounding 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 a new ATH during its mint day, prompting Yuga Labs to concede there was a problem and refund all rejected transactions’ gas fees. Following the major backlash, Yuga Labs integrated Polygon into its ApeCoin.

In addition to Yuga’s Otherdeed collection, the floor price of the ubiquitous BAYC collection has fallen 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 seen its floor price decline. Azuki’s floor price has dropped by more than half since May 4, from 30.5 ETH to 15 ETH.

Sluggish sales volumes across the entire NFT market may be the main reason for the reduction in floor prices. Up until Monday, the seven-day volume for NFTs had been steadily declining. Before this, as TheCoinRise reported, DappRadar’s monthly report revealed that the NFT market recently saw a month-high trading volume.