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The Floor Price for Bored Ape’s Otherdeed NFTs Is Crashing
Volume is up and prices are down as sellers dump them well below 1.65 ETH.
By Danny Nelson
Updated Oct 21, 2022, 6:43 p.m. Published Oct 21, 2022, 4:56 p.m. 1 min read
Non-fungible tokens (NFT) from Bored Ape Yacht Club’s metaverse project Otherdeed are plunging fast, though it’s not immediately clear why.
The Otherdeed floor price – the minimum amount you must pay to get into an NFT collection – has dropped 16% in the past 24 hours and crashed more than 25% in three days, according to data site Nansen. Sellers pushed the collection beneath 1.65 ether (ETH) for the first time amid a spike in trading volume.
When BAYC creator Yuga Labs debuted its hype-laden metaverse project earlier this year, it sold land rights as NFTs for about $7,000 each (buyers paid thousands more in gas fees). Now, with much of the excitement drained from crypto markets, they’re fetching about 1.25 ETH, or roughly $1,600 at current market prices. Before today’s crash, the project had held its 1.65 ETH floor for the past three weeks amid ETH’s own bottoming out in the $1,200-to-$1,300 range.
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