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.

AccessTimeIconOct 21, 2022 at 4:56 p.m. UTC
Updated Oct 21, 2022 at 6:43 p.m. UTC

Danny is CoinDesk's deputy business editor. He owns BTC, ETH and SOL.

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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Danny is CoinDesk's deputy business editor. He owns BTC, ETH and SOL.

CoinDesk - Unknown

Danny is CoinDesk's deputy business editor. He owns BTC, ETH and SOL.