The floor price of the Bored Ape Yacht Club (BAYC) collection of non-fungible tokens (NFT) fell below 30 ETH (about $58,700), marking a new low not seen since October 2021.
According to OpenSea, Bored Ape Yacht Club has seen a decrease in the average price of its NFTs. This is due to a general cooling of the NFT market as well as a protracted crypto winter that has affected the price of Ethereum, the fuel for many NFT collections. Other top NFT collections, including MoonBirds, Azuki and Doodles have also experienced dips in recent months.
Doodles, Azuki, and MoonBirds, three other notable NFT collections, have also seen declines lately.
On Sunday night, the floor price of BAYC fell to a low of 27.4 ETH, or around $53,000, before marginally rising. This is according to data analytics website CoinGecko.
Ahead of its floor price skyrocketing to new highs during the NFT boom, BAYC’s floor price last fell below 30 ETH in October 2021. According to CoinGecko, in April 2022, BAYC had a floor price of 153.7 ETH, or almost $430,000.
The floor price of the collection has decreased by half since April of this year; at the beginning of the month, it was trading for 64 ETH, or $126,000. According to OpenSea, at the time of writing, the floor price of the collection has slightly increased to 29.5 ETH, or roughly $57,800.
A common criterion for determining how popular an NFT project is at any particular time is the floor price. It gauges a seller’s lowest price.
Content Source: coindesk.com