Otherdeed NFT unique buyer numbers plunge in Q3, will the bearish trend continue?
Otherdeed unique buyers plunged below 2,000 in August, signaling a significant decline in investor interest in the Otherside Metaverse and broader NFT market.
Otherdeed has broken several records in the non-fungible token (NFT) sector since its launch in May. In its first month as a tradable NFT, the virtual land project generated approximately $943 million in sales.
During the period, 20,519 unique buyers completed 42,098 transactions.
Unfortunately, the project, like others in the NFT and crypto space, has been affected by the lack of investor interest in recent months.
This culminated in the sharp drop in unique buyers to 1,934 in August. August’s value was down 90% from May, 40% below June, and down 22% from July’s 2510, data from CryptoSlam showed.
Sales volume in August 2022 was around $23 million.
Total transactions and average sales correlate with unique buyers
Most NFTs do not get the hype that Otherdeed received from market analysts, traders and investors due to its direct association with the popular Bored Ape Yacht Club movement.
This explains why the NFTs saw more than 42,000 sales in May. Since then, there has been a sharp drop in monthly total transactions.
Total transactions in June were 6,646 – an 84% decrease in 30 days.
To make matters worse, NFT’s global market sales have fallen over the past three months to new lows reflecting the smaller number of total transactions Otherdeeds is involved in.
Average sales value decreased by more than $16,000
Otherdeed’s average sale value was $6,059 in August, down 72% from May’s $22,417
Despite the decline, Otherdeed’s average sales were higher than popular collectibles such as Axie Infinity, Art Blocks, and NBA Top Shots, but fell below Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and CryptoPunks.
Why the decline in Yuga Labs’ NFT projects?
Yuga Labs is the development team behind BAYC, MAYC and Bored Ape Kennel Club (BAKC) as well as Otherdeeds. Some stakeholders believe the company’s struggles in the past month combined with the unprofitability of digital collectibles are to blame for the declining statistics.
Fitburn CEO Ferhat Kacmaz told Be[In]Crypto,” Yuga Labs is at a disadvantage for a number of reasons, including the ongoing class-action lawsuit it’s fighting. A group of investors accuses the startup of inducing buyers to buy Bored Apes at inflated prices. While Bored Apes and its associated Metaverse project Otherdeeds remain one of the most valuable digital collectibles today, the dedicated community appears to be shifting gears to other equally valuable collections.It is no surprise that the broader NFT market is declining, given that investors are taking a more conservative approach to risky assets in the face of raging inflation.”
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