When Otherdeed for Otherside launched its metaverse project, people got very excited. It is one of the utility use cases for ApeCoin and ties into BAYC/MAYC, along with other collections. However, the overall momentum has reversed course for this project recently, and there is still much unease.
Otherdeed for Otherside Crumbles A Bit
Like other virtual worlds, Otherdeed for Otherside aims to establish its foothold in the interconnected metaverse. To do so, users need to obtain Otherdeed NFTs, which are crucial to claiming land in the Otherside metaverse. Every land NFT has a unique mix of environments, sediments, resources (or lack thereof), etc. The collection gained popularity during the launch as it offered ApeCoin holders much-needed utility.
More specifically, Otherdeed for Otherside consists of 100,000 virtual land pots. A total of 55,000 units were subject to a KYC mint. Users paid big money to get in on the action, spending over $177 million on Ethereum gas fees alone. Moreover, the all-time high value for Otherdeed NFTs surged to 5.45 ETH, as optimism was high. All looked well at the time, even if the number of virtual land plots will eventually be increased to 200,000.
As expected, the land sale negatively impacted the ApeCoin price. Not just from holders but also by the OtherDeed team converting those assets to ETH relatively quickly. Retaining value is tricky in the crypto space, and ETH has a better shot at doing so than nearly all other altcoins or tokens.
Fast forward to today, and the Otherdeed for Otherside NFT price floor looks very different. All-time high values of 5.45 ETH are well out of reach. Instead, the average price floor hovers below 1.8 ETH, confirming a 66% retrace. Unfortunately, it is hard to say anything about active users as the project is not live yet. However, there are over 150 daily traders for NFTs.
Weekly Sales Still Go Strong
Compared to other metaverse projects, Otherdeed for Otherside holds its own in terms of weekly sales. More specifically, the project had 30 sales this past week. That is well ahead of Aether, Arcade Land, Decentraland, MatrixWorld, Mavia Land, NFT Worlds, Netvrk Land, FLUF World, etc. It only trails Metroverse in overall sales, confirming there is still much appeal to Otherdeed NFTs.
That said, one cannot deny how far the project is from its all-time high values. A 68% deficit seems relatively normal, given the market conditions in 2022. However, competitors like Netvrk and The Sandbox note smaller losses. Everything else is down by up to 96.4% from its all-time high. Metaverse land isn’t a hot investment right now, although there may be some bargain prices.
Otherdeed For Otherside Social Sentiment
It has been a rough month for Otherdeed NFTs, at least for the social sentiment. The floor price change is something many people watch. However, a near 50% decrease in social mentions and social dominance in the past month is problematic. In addition, social engagement is down by 35.5%, and there are 16.7% fewer contributors. Those numbers can all rebound, though.
Furthermore, bullish sentiment is down by over 45% this month. Interestingly, bearish sentiment is down by nearly 58%, which may spark some hope. Sadly, twitter volume is also down by over 49%, yet there is a hefty 200% increase in YouTube activity. Overall, Otherdeed for Otherside is in an exciting place, yet the future outlook can go either way.
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