📈 Bored Ape's Otherside Pulls In $285 MILLION - 2nd May, 2022

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24hr Market Overview 📈

NFT Market Recap

As expected, the surge in demand for Otherdeeds on the secondary market and the vast collection size resulted in incredible trading volume. Opensea closed the day with $476.14 million in sales, this figure is nearly 6x higher than the lows of last month and over 2x the volume that Moonbirds traded in its first 24 hrs. A very impressive yet expected feat.

Yesterday evening, Otherdeeds were revealed so that holders could see which traits their land had. The floor has since settled at 4.15 ETH for the most basic pieces of land, however, there is a big discrepancy in pricing between different traits.

5% of the land contains Koda's, with a floor of 20 ETH. Yuga Labs have created a map of the Otherside which you can explore. Check it out!

In total the project traded 114,384 ETH in its first 24 hours, breaking a record for the most NFT trading volume in 1 day!

Both Bored Ape Yacht Club (120 ETH, -10.11%) and Mutant Ape Yacht Club (26.50 ETH, -9.86%) sustained further losses over the past 24 hours now that the airdrop has passed. Both projects had pumped considerably for the past few weeks leading up to the launch of Otherdeeds, it isn't a surprise that some of these gains are now retracing as liquidity moves into the land deeds.

It was also great to see how other projects reacted yesterday, there were initially fears in the market that Otherdeed would suck all of the liquidity away from other projects, however, this was not the case.

Doodles (22.45 ETH, +36.89%) saw really strong gains, breaking its previous all-time highs with a 1000% surge in volume. This comes as holders are expecting a big announcement from the project which was likely put on hold until Yuga Labs completed their sale.

Other projects which saw a strong flow of liquidity include:

• Azuki | 28.75 ETH, +15%

• CLONE X | 17.99 ETH, +9.03%

• BEANZ | 6.50 ETH, +22.64%

• Meebits | 6.94 ETH, +39.12%

Biggest Purchases

🥇 #1) Otherdeed #9 bought for 300 ETH ($852,531.81)| Link

🥈 #2) Otherdeed #10 bought for 250 ETH ($709,831.38)| Link

🥉 #3) Otherdeed #8 bought for 242.069 ETH ($679,083.63)| Link

Latest NFT News 📰

🐒 Yuga Labs launched its' long-anticipated and much hyped digital land sale - Otherside - on Saturday evening, with seemingly all of the NFT world watching. The Otherside sale brought in over $285 million for the company, but the resulting strain on the Ethereum network led to the highest transaction fees in the history of Ethereum - $175 million was spent on fees alone during that period! Due to the controversy of the Otherside sale, Yuga Labs tweeted an official announcement detailing some key points from the launch, and during this thread, they took aim at the Ethereum network, suggesting that it may look into building it's own chain:

Scam Warnings 🚨

❌ With the scale of the Otherside mint, multiple scammers appeared to take advantage of the situation, with some stealing up to $5 million worth of NFTs. This thread by on chain sleuth, @zachxbt details these:

Today's Biggest Drops 👀

Ragnarok Public Mint:Socials: Discord - Twitter - WebsiteWhen: 2nd May 13:00 EST / 18:00 GMTPrice: 0.77 ETH / 7,777Notes: Only 58 NFTs are left for the public mint. Good luck!Hype: 🟩🟩⬛

Meme of the Day 🤣

Credit: (twitter.com/CryptoDripped)

That's all from us! Happy minting!

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Disclaimer: The NFT Minter Daily DOES NOT provide financial advice. All content within this newsletter is for informational and entertainment purposes only. The NFT Minter Daily is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.