The selling price of some significant non-fungible tokens series is reportedly falling to their cheapest rates in more than seven days. Notably, Otherdeed non-fungible tokens are among the non-fungible assets whose prices dipped.
Market figures show that Otherdeed non-fungible token sells at about $5,713, which is lower than its mint cost. Additionally, other significant non-fungible series experienced similar price falls.
The minting of digital land, otherwise called Otherdeed, was a well-anticipated non-fungible tokens’ mint. Interested investors reportedly paid 20 ApeCoins for the token and settled gas costs in ETH.
The well-known Otherdeed series had a momentous mint session with a record of a historic non-fungible tokens’ mint in its category.
However, the excitement over the non-fungible tokens’ mint is dipping as the assets’ selling price falls to around $5.7k. At the inception of the mint, each Otherdeed sold for about $6k. Afterward, the digital assets’ price rose to almost $10k on the 4th of May.
During the mint of the digital asset, the ETH network experienced a glitch that reportedly prevented users of other apps from carrying out the most basic deal. Also, gas fees skyrocketed during the mint, which led the creators to refund gas fees for bounced transactions and start making plans for their blockchain network.
Asides from the digital land non-fungible tokens’ assets, the well-known Bored Ape Yacht Club non-fungible tokens’ assets fell in price within the past week. Since the 4th of May, the selling price of these Bored Apes has dipped. The prices fell from $300k+ to about $200k over the last seven days.
Moreover, the Azuki non-fungible tokens have seen their market prices fall since the 4th of this month. The non-fungible assets’ costs have dipped by more than half of their initial cost to 15 Ether.
All Bored Ape Yacht Club, Otherwise series, and Azuki tokens currently sell among the ten most traded non-fungible token series on OpenSea. OpenSea is the most voluminous marketplace for non-fungible collectibles.
Concerning the potential cause of the price dip, analysts say the widespread drop in the trading events across the overall non-fungible tokens world. Moreover, the week-long price fall continued until the 9th of May.
However, the market has reportedly experienced a reverse trend within the last 24 hours, as trading volumes of non-fungible tokens rose by just over 30%, according to reports.
The reports on market trading volumes show that the trading volume of Otherdeed increased by more than half its initial volume. Bored Ape Yacht Club tokens spiked in the number of exchanged assets by 30.5% over the last 24 hours.
Azuki non-fungible tokens have seen the highest spike in exchanged assets. Market reports show that Azuki’s trading volume increased by 1802% over the last day. There’s a possibility that non-fungible token buyers prefer the less expensive ETH tokens.