Otherdeed unique buyers plunged below 2,000 in August signaling a substantial decline in investor interests in the Otherside Metaverse and broader NFT market.
Otherdeed has broken several records in the non-fungible token (NFT) sector since it hit the markets in May. In its first month as a tradable NFT, the virtual land project generated approximately $943 million in sales.
Within 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 decline of unique buyers to 1,934 in August. August’s value was a 90% dip from May, 40% below June, and a 22% drop from July’s 2,510, data from CryptoSlam showed.
Sales volume in August 2022 was around $23 million.
Total transactions and average sales correlate to unique buyers
Most NFTs do not get the hype 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 global market sales have declined in the last three months to new lows which have reflected the smaller number of total
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