The Otherdeed NFTs drop caught massive attention from the industry last week as high demand triggered unprecedented Ethereum fees.
Otherdeeds are the NFT collection for claiming virtual land in Otherside, the metaverse space created by Yuga Labs – the parent company behind Bored Apes Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC)
However, as the crypto bloodbath continues with Bitcoin dumping to the lowest point since last July, the transaction volume for blue-chips NFT projects has also slid significantly.
The trading volumes of Yuga Labs’s famed collections, including Otherside, BAYC, and MAYC, all dropped considerably, though they are still ranked as the top NFT projects by market caps.
Otherdeed’s floor price has declined below 3 ETH, and its daily trading volume has remained beneath $7 million – both numbers have recorded the lowest points since Otherside was launched on May 1st. On the launch day, Otherdeed’s daily transaction volume shot up to over $375M.
According to NFTs analytics platform NFTGO, the average price of a BAYC has dropped over 23% in the past seven days, with each worth roughly 118 ETH.
Similar to Otherdeed, the asset’s transaction volume has decreased significantly since May 1st. BAYC is still the second most valuable NFT project – right after Cryptopunks – despite such a decline, whose market cap remains above $1.1 billion.
Yuga Labs’s second-largest NFT project MAYC also encountered a great deal of downward pressure in the past week. Its daily trading volume as of May.9th sits at $2.9 million – a striking decrease compared to the ATH recorded at $43 million on the day Otherside was launched.
The NFT market seems to calm down from the prior hype driven by the highly-anticipated and speculative virtual land sale exemplified by Otherside. NAFGO’s data indicates that when the crypto nosedive deepened in the past week, the total trading volume of NFT transactions was down nearly 30%.
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