Saturday, June 10, 2023

Otherdeed NFT Sold for $1.5M


On Sunday, a record 625 ETH ($1.5 million) paid for Otherdeed #59906 on the NFT marketplace X2Y2. It’s one of Yuga Labs’ Otherside metaverse project’s eight rarest virtual land pieces.

The item purchased by “n0b0dy.eth,” an ardent NFT collector. The vendor generated a profit of more than $1.49 million using the name brickandmorty.eth. This came after a week of minting the NFT for 305 apecoins (approximately $6,000 at the time).

Gaming Metaverse

Yuga Labs revealed the details of Otherside, its gaming metaverse concept, in late April. It accomplished by selling 55,000 “Otherdeeds,”a one-of-a-kind virtual plots of land required to claim territory in Otherside.

Yuga made almost $320 million selling these Otherdeeds, making it the most profitable NFT project ever.

In addition, 45,000 Otherdeeds made public. 10,000 will give to members of the Bored Ape Yacht Club (BAYC) (1 BAYC = 1 Otherdeed). At the same time, 20,000 will distribute to Mutant Ape Yacht Club (MAYC) members (1 MAYC = 1 Otherdeed). Finally, 15,000 will give to Yuga and other project developers who assisted in the creation of Otherside.

There will be 200,000 Otherdeeds accessible. The remaining 100,000 will give to “Voyagers” who perform Otherdeeds and help Otherside expand.

Otherdeed NFTs are currently among the top 10 collections by sales volume, according to CryptoSlam. It rakes in roughly $833 million within days of introduction.

Generous Bonus

Otherdeeds’ current floor price, according to OpenSea, is 2.8 ETH ($5,694) at the time of writing. That indicates the Otherdeed #59906 NFT cost n0b0dy.eth a lot of money.

This could be because the NFT is placed seventh on Rarity Sniper in terms of rarity. It includes a one-of-a-kind item, a mystery elixir, seen in the promotional trailer for Otherside.

Otherside is developed by Yuga Labs in collaboration with gaming companies Improbable and Animoca Brands. However, there are little specifics left.

Otherside combines elements from MMORPGs and Web3-enabled virtual worlds to create a unique experience. Improbable recently stated this in a blog post. Yuga Labs hopes to develop a MetaRPG universe where players own the planet in collaboration with Improbable, a metaverse technology business. It’s where any NFT may be turned into a playable character, and thousands of players can play at once.

Trading Volumes Plummet

Yuga Labs’ notable collections, including Otherside, BAYC, and MAYC, have all seen major drops in trade volumes. However, in terms of market capitalization, they remain the most valuable NFT ventures.

Otherdeed’s floor price is currently less than 3 ETH, and its daily trading volume is less than $7 million. The lowest point since May 1st, when Otherside was formed. On launch day, Otherdeed’s daily transaction volume surpassed $375 million.

In the previous seven days, the average price of a BAYC has dropped by over 23%. According to NFT’s analytics platform NFTGO, each one is worth around 118 ETH.

Since May 1, the asset’s transaction activity has decreased significantly. Despite the drop, BAYC’s market capitalization remains above $1.1 billion, making it the second most valuable NFT project after Cryptopunks.

Ivan Cruz
Ivan Cruz
Ivan Cruz is a writer for Cryptoconstellation. He has his Masters in Applied Research in Economics & Business. Ivan has been trading crypto for the past 7 years himself and feels it is his duty to bring you all the latest news.

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