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This crypto winter is becoming worse and worse as investors are losing hopes and selling their assets to flee from space. This has not only affected the tokens and coins in the market. The NFT sector has become the collateral damage in this fall. The space witnessed a considerable downfall in the Otherside NFT collection. It is the upcoming metaverse by BAYC creators Yuga Labs.
The collection was enjoying high volumes in sales after its launch. It even made its place among the top 10 NFT channels in the market in terms of trading volume. In just a couple of months, the channel witnessed $995.61 Million in integrated sales volume. But it dropped to $40.55 Million during June. A straight blow of over $900 Million.
The number might appear big because of diminished sales recorded by top collections like Mutant Ape Yacht Club, Moonbirds, Axie Infinity, NBA Top Shots, VeeFriends, and Meebits. It was a 95% plunge from May’s trading volume. Sales during that month were $943.71 Million.
Otherside was launched by Yuba Labs (creators of BAYC, MAYC, and ApeCoin) on 30th April 2022. It is going to be an online RPG game associated with the Bored Ape Ecosystem. It contains a potential to let 10,000 players enjoy the game at once. I guess you already know the reason behind this number. There are 10,000 collectibles in the Bored Ape collection.
But it is not confirmed, as when Yuga Labs dropped the trailer on Twitter, there were more collections in there. The trailer video ended with other collections like Meebits, CryptoPunks and others exploring the digital world in a submerged or floating vehicle. This increases the possibility that holders of those NFTs may get the access to this upcoming metaverse.
By shedding over $900 Million in June, Otherside NFT collection has now touched a new low this year. Average trade volume ofthe channel dropped by 27% too. It went down from $22,417 during May to $$6,102 during June.
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