Otherdeed: A guide to discovering undervalued NFTs
The Otherdeed NFT collection by Yuga Labs was one of the most anticipated projects of 2022. Here's how to discover undervalued land NFTs.
The Otherdeed NFT collection by Yuga Labs was one of the most anticipated NFT projects of 2022. When the project was launched in May 2022, it caused a lot of excitement despite its high initial cost, which was circa 5,800 USD at the time of minting. To nobody's surprise, the collection was sold out immediately and generated over $318M in sales within the first 24 hours.
However, the floor price of the Otherdeed is falling to its lowest levels due to the current severe bear market conditions.
The collection is still among the top-traded NFT collections on OpenSea, although the floor price dropped by 25% in the last 30 days alone at the time of writing. Because, for many, these days are for spotting and purchasing undervalued NFTs from credible projects. And, Otherdeed is, without a doubt, one of them.
How to pick Otherdeed NFTs from the secondary market, then? Know the basics of the project, learn about the essential factors that can affect future prices, and use NFT tracking and statistics tools to make reasonable comparisons.
Otherdeed by Otherside 101
Otherdeed NFTs represent lands in the Yuga Labs' upcoming metaverse, Otherside. The metaverse will be comprised of a galaxy and a group of islands. There are a total of 100,000 Otherdeed lands NFTs, which are spread across five sediments. Each NFT is a unique combination of these sediments, natural resources, artifacts, and Kodas. According to the project's backstory, Kodas refer to the alien creatures that bring users to the Otherside metaverse.
Not all NFTs have traits from these categories, though. As a result, some are much more valuable than others. Take, for example, Otherdeed #52732, which doesn't include any artifacts or Kodas. Hence, the owner listed it with a floor price. On the other hand, #7906 is very rare. This NFT includes so many rare traits; one of them is the Mirror Mirror artifact, which is a 1/1 asset. It also has Koda. At the time of writing, the list price of this NFT is over $2M.
These factors may influence the future prices of Otherdeed NFTs.
- Kodas have played a critical role in how the market valued Otherdeed NFTs in the past, and they may continue to do so in the future as well. Only 10% of the whole collection has Kodas. Apart from this scarcity aspect, it is also expected that they will play central roles in the Otherwise metaverse experiences.
- Otherdeed NFTs are designed as dynamics NFTs that will alter depending on users' interactions and performances in the metaverse games. This means that Otherdeed NFTs may benefit from all future developments in blockchain technology; they are not static. For example, they can be used to create a diverse range of phygital items and experiences.
- And a word of caution. Yuga Labs doesn't transfer any special NFT IP rights for this collection yet, other than the regular digital ownership of the asset. So, you can't build your own creations. This aspect may negatively affect the future prices of Otherdeed NFTs.
Use NFT tools to track the project.
You can use NFT tools to follow the Otherdeed project closely to discover an NFT with an attractive price. One of them is rarity.tools that you can use to compare the rarity of multiple NFTs from the same collection and spot the most undervalued asset among them. On dappradar, you can quickly glimpse into the recent sales statistics of the collection. In order to compare Otherdeed NFTs with those from other collections based on fundamental statistical data, you can use the stats page on OpenSea. And if you like to carry out in-depth data analysis, Nansen is the go-to resource.
