The Otherside
The Otherside is the metaverse project brought to us by Yuga Labs, the team critically successful for the Bored Apes Yacht Club. The project has land plots that are sold as NFTs titled “Otherdeed.” Recently the volume of the Otherdeed NFT has risen and the prices are down well below 1.65 ETH signaling a crash in the floor price.
Otherdeed Drop
The floor price of the project has taken a 16% dive in the past 24 hours with the past few days showing a dip of more than 25%. The collection has now been pushed beneath 1.398 ETH for the very first time.
When the project first came out the NFTs sold for as much as $7000 each but this new dip shows the floor way below $2000. It is not clear what has made this situation come to pass but there are many factors currently that may have attributed to it.
Otherside drop reasons
The current crypto market is in a downturn with this bear market being extremely rough. With many new regulations coming, the United states cracking down on crypto and the SEC declaring all things Ethereum falling under its jurisdiction, some of the glow may be coming off of the project. Another reason could be the fact that even though players are able to venture to the Otherside the project is not complete with possibly years worth of work still needed before a finished project is available.
There are a lot of projects that are feeling the squeeze of the current crypto market and issues within, perhaps the main reason people are selling is the need for liquidity, money is tight all around perhaps real-life issues trump promises that have yet to be fulfilled, either way, the Otherside project is not the only project from Yuga Labs to take a dip as the Bored Apes NFT and Apecoin have all taken some hits as well during this bear market.
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