Značka: Otherdeed

Otherside NFTs fall below mint price while cheaper ETH sees sales volume boost

The contentious Otherdeed for Otherside nonfungible token (NFT) floor price has dropped below its mint price to 2.45 ETH worth about $5,713 as other major collections are also getting hit.The Otherdeed for Otherside collection from Yuga Labs, makers of the Bored Ape Yacht Club (BAYC) collection, was a highly anticipated NFT mint for land in their upcoming Metaverse platform. Users paid for the land with 20 Apecoin (APE) tokens 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, 2022However, the hype over the 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 NFTGO. Each Otherside item cost about $6,000 to mint, or 2.5 ETH at the time of launch.The floor price has been slipping since May 4 when it hovered at about 3.5 ETH, which then was worth nearly $10,000. Otherdeed caused a stir in the market during its mint day when it clogged up the ETH network and drove gas prices to astronomical levels, leading Yuga Labs to admit there was a problem as it refunded gas costs for all failed transactions.In addition to Yuga’s Otherdeed collection, the ubiquitous BAYC collection floor price has taken a big hit over the past seven days. Since May 4, 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.Another 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.Related: NFT market well-positioned to grow 35% into a $13.6B industry by 2027The major cause for the drop in floor prices may be the sluggish sales volumes across the entire NFT market. Whereas the seven day volume for NFTs has been on a steep decline up to May 9.The past 24 hours has seen a nearly equal and opposite reaction from the market, however. Since yesterday, 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 signalling a deal for NFT collectors.

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Ethereum burning spikes to new high on Yuga Labs’ NFT hype

The burning rate of Ethereum (ETH) has spiked to new all-time high (ATH) levels following the heavily anticipated sale of tokenized land plots in Yuga Labs’ upcoming Metaverse project the “Otherside.”Yuga Labs, the creators of the Bored Ape Yacht Club (BAYC) sold 55,000 virtual land NFTs dubbed “Otherdeeds” on May 1. The overwhelming demand for the tokens saw Ethereum gas fees shoot up so high that a handful of users paid as high as 2.6 ETH ($7,400) to 5 ETH ($14,270) just to get their transactions through. A base fee of ETH is burned during each transaction on the network following the implementation of the London hard fork or EIP 1559 upgrade last year. According to data compiled from Glassnode and Data Always, nearly 70,000 ETH was burned on May 1, which is more than triple the previous ATH of around 20,000 in mid-January. This is approximating the rest of the day as normal burn. We could easily see the number go above 70k as other transactions need to catch up on missed blockspace. It’s just incomparable to anything we’ve seen before.— T. | dataalways.eth (@Data_Always) May 1, 2022Data from Ultrasound.Money shows that since the integration of EIP 1559 on August 5, 2021, the average burn rate has been 5.81 ETH per minute. However, amid the Otherdeed NFT sale, that figure jumped to 9.83 ETH per minute for a total of 99,084.65 ETH over the past seven days. Since then the burn rate has dropped back down to around 3.9 ETH per minute. Related: Ethereum gas fees drop to lowest levels since August 2021While other platforms and projects accounted for this figure, it’s notable that Otherdeed NFTs top the “burn leaderboard” over the past seven days at roughly 55,817 ETH or 56% of all burns during that period. This figure is significantly ahead of second-placed OpenSea at 7,152 ETH. Seven day ETH burn leaderboard: Ultrasound.MoneyThis may be the last time Yuga Labs clogs EthereumWith the demand for the sale temporarily overwhelming the Ethereum network, and many users losing funds on gas fees for failed ETH transactions, Yuga Labs has outlined intentions to build a blockchain and port its BAYC affiliated ApeCoin over. In a Twitter post yesterday, Yuga Labs stated that it will be refunding user’s gas fees, and noted that:“We’re sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We’d like to encourage the DAO to start thinking in this direction.”

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