NFT projects such as Otherdeed by Yuga Labs were highly anticipated in 2022. Despite its high initial cost, which was approximately 5,800 USD at the time of minting, when the project was launched in May 2022, it caused a lot of excitement. Within 24 hours of the collection’s release, over $318M was generated in sales.
In light of the current severe bear market conditions, the Otherdeed floor price has fallen to its lowest level ever. While the floor price dropped by 25% in the last 30 days alone, it remains among the most traded collections on OpenSea. The purpose of these days is to spot and purchase undervalued NFTs from credible projects. One of them, without a doubt, is Otherdeed.
When picking Otherdeed NFTs from the secondary market, what should be considered? Make reasonable comparisons with NFT tracking and statistics tools by knowing the basics of the project and understanding the essential factors that can affect future prices.
Otherdeed by Otherside 101
Otherside is the upcoming metaverse from Yuga Labs. They represent lands in the Otherside metaverse. Metaverses consist of galaxies and islands. Otherdeeds lands NFTs span five sediments and total 100,000. Among these sediments, natural resources, artifacts, and Kodas, each NFT has its own unique characteristics. According to the project’s backstory, a Koda is an alien creature that propels users into the Otherside metaverse.
There are, however, some NFTs that do not possess these traits. Therefore, some have a higher value than others. The Otherdeed #52732, for example, does not include any artefacts or Kodas. Due to this, the owner included a floor price in the listing. Conversely, #7906 is very rare. The Mirror Mirror artefact is a rare trait in this NFT; it is a 1/1 asset. Additionally, Koda is present. This NFT has a list of over $2M at the time of writing.
These factors may influence the future prices of Otherdeeds NFTs.
- Otherdeed NFTs have been valued critically by Kodas in the past and may do so again in the future. There are only 10 Kodas in the entire collection. The Otherwise metaverse experiences will be characterized by their scarcity, in addition to their role as central components.
- In the metaverse, Otherdeed NFTs will vary based on the interactions and performances of users. As a result, Otherdeed NFTs can take advantage of future developments in blockchain technology; their status is not static. Phygital items and experiences can be created using them, for example.
- Here’s a word of caution. Besides the asset’s regular digital ownership, Yuga Labs does not transfer any special NFT IP rights for this collection. Therefore, you cannot create your own creations. The future prices of Otherdeed NFTs may be adversely affected by this aspect.
Use NFT tools to track the project
To discover an NFT with an attractive price, follow the Otherdeed project closely using NFT tools. You can compare the rarity of multiple NFTs from the same collection using rarity.tools and identify the most undervalued one. Using OpenSea, you can quickly view the latest sales statistics of the collection based on fundamental statistical data on dappradar. In addition, Nansen is the ideal resource for in-depth data analysis.
