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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.