Otherside fell below the foundry price, while some top NFT floor prices plummeted

The floor price of the controversial Otherdeed's Otherside NFT has fallen below the minting price to 2.45 ETH, worth about $5,713, and other major collectibles have also been hit.

Yuga Labs' Otherside Collectibles are the makers of BAYC Collectibles, Otherside Collectibles, the highly anticipated NFT mint on their upcoming Metaverse platform. Users buy land with 20 Apecoin (APE) tokens and pay gas fees in Ethereum (ETH).

However, the hype seems to have faded as the collectible’s floor price hit a floor of 2.45 ETH before stabilizing again, according to NFTmarket NFTGO. The casting cost for each Otherside item is approximately $6,000.

The floor price has been falling since May 4, when it hovered around 3.5 ETH, worth nearly $10,000.

Otherdeed caused a market stir during its minting day when it clogged the ETH network and drove gas prices to astronomical levels, leading Yuga Labs to admit there was a problem and refund the gas cost for all failed transactions.

In addition to Yuga's Otherdeed collectibles, BAYC collectibles floor prices have also been hit hard in the past 7 days. Since May 4th, the BAYC floor price has dropped by 15% to 91 ETH. While that still equates to $212,000, it's nearly $100,000 less than a week ago.

Another major collectible affected by the floor price drop is Azuki, which is an NFT of anime-inspired art. Since May 4th, the Azuki floor price has shrunk by more than 50% from 30.5 ETH to 15 ETH.

BAYC, Otherdeed, and Azuki are all among the top ten traded on OpenSea, the largest NFT marketplace.

The main reason for the decline in floor prices may be the sluggish sales in the entire NFT market. And as of May 9, the 7-day trading volume of NFT has been declining sharply.

Over the past 24 hours, however, the market has reacted in much the same and opposite ways. Sales have soared 32% since yesterday, according to NFTGO.

Looking at collectibles, Otherdeeds saw a 52% increase in 24-hour sales, BAYC was up 30.5%, and Azuki was up a staggering 1,802%. A lower ETH price could be a signal for NFT collectors to trade.